In November 2023, S.B. 668 was introduced in the Wisconsin Senate. S.B. 668 would make sweeping changes to the state laws governing financial service providers. The bill creates a pathway for the Wisconsin Department of...more
1/22/2024
/ Collection Agencies ,
Consumer Lenders ,
Debt Collection ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Legislative Agendas ,
Money Transmitter ,
Mortgage Brokers ,
Mortgages ,
NMLS ,
Proposed Legislation ,
Regulatory Agenda ,
Wisconsin
In November 2023, S.B. 668 was introduced in the Wisconsin Senate. S.B. 668 would make sweeping changes to the state laws governing financial service providers. The bill creates a pathway for the Wisconsin Department of...more
House Bill 1874 (H.B. 1874), denominated the “predatory loan prevention act”, was pre-filed for introduction in the Washington state legislature December 5, 2023, and referred to the House Committee on Consumer Protection and...more
1/10/2024
/ Consumer Financial Products ,
Consumer Loan Companies ,
Financial Regulatory Reform ,
Financial Services Industry ,
Legislative Agendas ,
Loans ,
Predatory Lending ,
Proposed Legislation ,
Regulatory Agenda ,
State and Local Government ,
Washington
On October 23, the Financial Crimes Enforcement Network (“FinCEN”) published a notice of proposed rulemaking (“NPRM”) entitled Proposal of Special Measure Regarding Convertible Virtual Currency Mixing, as a Class of...more
11/1/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Convertible Virtual Currencies (CVCs) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Money Laundering ,
NPRM ,
Recordkeeping Requirements ,
Virtual Currency
On October 13, 2023, the California Department of Financial Innovation (DFPI) published final regulations implementing the Student Loan Servicing Act (“SLSA”) and the Student Loans: Borrower Rights Law. The final regulations...more
10/30/2023
/ California ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Final Rules ,
Financial Aid ,
Financial Institutions ,
Financial Services Industry ,
Higher Education Act ,
Income Share Agreements ,
Reporting Requirements ,
Student Loan Servicers Regulation ,
Student Loans ,
Truth in Lending Act (TILA) ,
Tuition
The Connecticut Department of Banking (the “Department”) issued a guidance letter on September 11, 2023 (the “Guidance”) providing its position regarding the amendments to Connecticut’s Small Loan Lending and Related...more
As readers may recall, California previously attempted to enact a “Digital Financial Assets Law” with the introduction of AB 2269 in February 2022. In relevant part, AB 2269 proposed (1) a stringent licensing requirement for...more
9/19/2023
/ BitLicense ,
California ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Digital Assets ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Proposed Legislation ,
Regulatory Agenda ,
Stablecoins
The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more
9/11/2023
/ Amended Regulation ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Institutions ,
Financial Services Industry ,
Licensing Rules ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
New Legislation ,
Regulatory Requirements ,
Rulemaking Process ,
State and Local Government
On August 28, 2023 (the “Effective Date”), SB 103, signed into law by Missouri’s governor, will become the nation’s second statutory framework for earned wage access (EWA) providers. The Missouri law closely resembles...more
8/24/2023
/ Banks ,
Consumer Financial Products ,
Earned Wage Access ,
Employees ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Legislation ,
Wage and Hour ,
Wages
Earlier this month, the Maryland Office of Financial Regulation (“OFR”) issued guidance (the “Guidance”) to provide clarity on how the OFR views Earned Wage Access (“EWA”) products and describe the requirements entities...more
Last year, Kentucky enacted the Student Education Loan Servicing, Licensing, and Protection Act of 2022 (the “Act”), which requires student loan services to be licensed in Kentucky. The Act took effect on July 13, 2023 (the...more
Nebraska Governor, Jim Pillen, signed into law Legislative Bill 92 on June 6, 2023, which amended the Nebraska Installment Loan Act (the “Act”) effective June 7, 2023 (the “Effective Date”). As amended, the licensing...more
The Nevada Legislature recently passed Senate Bill 276 (“SB 276”), which permits employees of Collection Agencies to work from remote locations and exempts certain entities from qualifying as a “Collection Agency.” The...more
The Nevada Legislature recently passed Assembly Bill 332 (“AB 332”), which amends Nev. Rev. Stat. Title 55 relating to Banks and Related Organizations to add a new chapter regulating Private Education Lenders and Student Loan...more
New York Senator James Sanders Jr. recently proposed Senate Bill 1450A (“S1450”), which would require those making or soliciting “commercial financing products” in New York State to obtain a license and comply with specified...more
On April 12, North Dakota Governor Doug Burgum signed into law House Bill 1068, which creates a new statutory licensing scheme in North Dakota covering residential mortgage loan servicing activities. This follows on the heels...more
NYDFS recently issued Proposed Guidance “to New York State-regulated banking organizations and regulated non-depository financial institutions to notify them of the Department’s expectation that they update their framework...more
On April 12, North Dakota Governor Doug Burgum signed into law House Bill 1068, which creates a new statutory licensing scheme in North Dakota covering residential mortgage loan servicing activities. This follows on the...more
On April 17, the NYDFS announced the adoption of final regulations intended to shift the cost of supervision and examination of BitLicensees from the NYDFS via the implementation of direct assessments to licensees. The new...more
On February 24, 2023, the California Department of Financial Protection and Innovation (“DFPI”) released a Notice containing modifications to previously proposed regulations addressing the Consumer Financial Protection Law...more
On January 17, 2023, House Bill No 2389 was offered to re-enact sections 6.2-1600 (Definitions) and 6.2-1607 (Licenses; places of business; changes) of the Code of Virginia with proposed amendments that would permit employees...more
2/27/2023
/ Employer Liability Issues ,
Financial Services Industry ,
Labor Reform ,
Mortgage Brokers ,
Mortgage Lenders ,
Proposed Legislation ,
Regulatory Agenda ,
Remote Working ,
State Labor Laws ,
Telecommuting ,
Virginia
The Washington Department of Financial Institutions has adopted regulations effective December 31, 2022 to implement amendments to the Consumer Loan Act permitting licensed companies to allow licensed mortgage loan...more
New York Assembly Bill A3081, signed by Governor Kathy Hochul on November 21, effectively preempts any local law that would require mortgage lenders to register mortgages in default at any point prior to the filing of a...more
On December 12, 2022, the CFPB released a proposed rule that would require certain “covered nonbanks” to register with and submit information to the CFPB when they become subject to certain orders from local, state, or...more
We previously reported that the Oregon Division of Financial Regulation (the Division) amended its administrative rules pertaining to branch licensure to authorize remote work for licensed loan originators and employees. The...more