Licensing Link is a periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on important issues related to state licensing across the...more
Licensing Link is a periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on important issues related to state licensing across the...more
On May 14, 2025, Governor Brian Kemp signed Georgia House Bill 15 into law. House Bill 15, which will take effect on July 1, 2025, will implement several major changes to Georgia’s residential mortgage licensing law, the...more
6/11/2025
/ Board of Directors ,
Corporate Governance ,
Financial Institutions ,
Georgia ,
Loans ,
Mortgage Lenders ,
Mortgages ,
New Legislation ,
Prudential Standards ,
Regulatory Reform ,
Regulatory Requirements
Shortly after Mayer Brown published an update on legislation introduced to exempt passive trusts and other assignees of certain Maryland loans from licensing, Governor Wes Moore signed the legislation into law. The Maryland...more
In a prior Legal Update, we discussed the introduction of legislation in the Maryland General Assembly that would amend Maryland law to address guidance issued by the Maryland Office of Financial Regulation (“OFR”). That...more
Just days apart, Arkansas and Utah enacted laws to regulate providers of earned wage access (“EWA”) services, joining the handful of states that have enacted legislation to regulate these products since 2022. Arkansas House...more
4/22/2025
/ Consumer Financial Products ,
Consumer Protection Laws ,
Disclosure Requirements ,
Earned Wage Access ,
Fees ,
FinTech ,
New Legislation ,
Popular ,
Regulatory Reform ,
Regulatory Requirements ,
State Legislatures
With the currently revolving door of directors at the federal Consumer Financial Protection Bureau (CFPB)—which may soon be on its fourth director in 2025 alone—and an order issued by Acting CFPB Director Russell Vought to...more
3/4/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Earned Wage Access ,
Enforcement Actions ,
Financial Services Industry ,
Home Equity ,
Homeowners ,
Licensing Rules ,
Nonbank Firms ,
Regulatory Agenda ,
Student Loans ,
True Lender
AT A GLANCE - In response to market concerns regarding licensing guidance for assignees of certain residential mortgage loans and installment loans released by the Maryland Office of Financial Regulation in January, that...more
On January 15, 2025, the Consumer Financial Protection Bureau (“CPFB” or the “Bureau”) took three coordinated actions related to home equity contracts (also referred to as “home equity investments,” “home equity agreements,”...more
1/24/2025
/ Amicus Briefs ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Enforcement Actions ,
Home Equity ,
Loans ,
Mortgages ,
Real Estate Transactions ,
Regulation Z ,
Truth in Lending Act (TILA)
On January 10, 2025, the Maryland Office of Financial Regulation (OFR) issued formal guidance asserting that assignees of residential mortgage loans—including certain “passive trusts” that acquire or obtain assignments of...more
1/22/2025
/ Financial Institutions ,
Financial Services Industry ,
Foreclosure ,
Licensing Rules ,
Maryland ,
Mortgage Lenders ,
Mortgages ,
Real Estate Transactions ,
Regulatory Requirements ,
Secondary Markets ,
State and Local Government ,
Trusts
Washington recently enacted significant changes to its Consumer Loan Act that may bring certain nonbank loan marketers and program managers within its scope. The Consumer Loan Act requires a license to make consumer loans of...more
In addition to the states that, similar to Washington, have adopted “true lender” provisions, several states have recently enacted changes to their consumer loan licensing laws that expand the scope of the licensing...more
Members of Mayer Brown’s Financial Services team summarize the main takeaways of the CFPB’s proposal to amend the Regulation X mortgage servicing rules. We focus on the proposal to amend the requirements for mortgage...more
Join us for this episode of Financial Services Focus, where Lauren Pryor, Eric Edwardson, Haukur Gudmundsson and Krista Cooley dive into considerations for MSR (Mortgage Servicing Rights) fund investments and outline the...more
In an effort to help struggling borrowers stay in their homes, the US Department of Housing and Urban Development’s (“HUD” or “Department”) Federal Housing Administration (“FHA”) recently introduced its newest loss mitigation...more
4/10/2024
/ Borrowers ,
Consumer Financial Products ,
Federal Housing Administration (FHA) ,
Financial Distress ,
Financial Services Industry ,
HUD ,
Lenders ,
Loan Payments ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgages
We are pleased to introduce the latest episode of Navigating Mortgage M&A, a collaborative effort between Mayer Brown and Mortgage Advisory Partners. In this episode, Third Party Consents – Warehouse Facilities and Regulatory...more
Federal Housing Administration (“FHA”) approved lenders and mortgagees will no longer be required to register their branch offices. The US Department of Housing and Urban Development (“HUD”) published a final rule (the “Final...more
2/28/2024
/ Branch Offices ,
Consumer Financial Products ,
Federal Housing Administration (FHA) ,
Final Rules ,
Financial Services Industry ,
HUD ,
Mortgage Lenders ,
Mortgagee Letters ,
Mortgages ,
Real Estate Transactions ,
Registration ,
Regulatory Requirements
Like a snowball rolling down a hill, the push to pass legislation to regulate earned wage access (EWA) providers is growing. In June 2023, Nevada became the first state to officially regulate earned wage access providers, and...more
The New York Department of Financial Services (NYDFS) issued final supervisory guidance on January 22, 2024, to New York banking institutions and financial services companies licensed by the NYDFS. The guidance sets forth the...more
Mere days before Halloween, California enacted California Senate Bill 666, imposing a set of restrictions on the fees that commercial financers may charge their small business customers. Signed by the governor on October 13,...more
While residential mortgage lenders are facing tough headwinds driven by rising interest rates and low housing volume, the current market presents opportunities for savvy investors looking at mortgage servicing rights...more
10/20/2023
/ Consumer Financial Products ,
Financial Services Industry ,
Investment Adviser ,
Investment Management ,
Lenders ,
Licensing Rules ,
Loans ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Non-Bank Lenders ,
Structured Finance
While residential mortgage lenders are facing tough headwinds driven by rising interest rates and low housing volume, the current market presents opportunities for savvy investors looking at mortgage servicing rights...more
10/19/2023
/ Consumer Financial Products ,
Financial Services Industry ,
Investment Adviser ,
Investment Funds ,
Investment Management ,
Licensing Rules ,
Loans ,
Mortgage Servicers ,
Mortgages ,
Non-Bank Lenders ,
Structured Finance
Following closely on the heels of a Georgia law enacted in May, Connecticut and Florida have become the latest states to enact laws requiring providers of small business financing to provide disclosures to recipients—and in...more
The US Consumer Financial Protection Bureau (CFPB) has finalized its December 2022 preliminary determination that commercial finance disclosure laws recently enacted in California, New York, Utah and Virginia are not...more
Welcome -
Welcome to the first edition of Licensing Link, a new periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on...more