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Regulatory Oversight State and Local Government Consumer Financial Products

Ballard Spahr LLP

NYC Comptroller calls for strengthening city, state consumer protection laws, regulations

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Accusing the Trump Administration of “dismantling” the CFPB, New York City Comptroller Brad Lander is calling on city and state officials to fill the void by strengthening consumer protection laws and rules in the city and...more

Sheppard Mullin Richter & Hampton LLP

California Governor Appoints New DFPI Commissioner

On February 7, California Governor Gavin Newsom announced the appointment of Khalil “KC” Mohseni as the new Commissioner of the California Department of Financial Protection and Innovation (DFPI). Mohseni has been serving as...more

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City of Baltimore and National Treasury Employees Union file separate suits to keep the CFPB funded and operating

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Accusing the CFPB of planning to use its funding mechanism to abolish the agency, the mayor and the city council of Baltimore (the “City of Baltimore”) and the Economic Action Maryland Fund (the “Economic Fund”), a nonprofit...more

Holland & Knight LLP

California Dreamin': The Golden State Launches New Mini-CFPB

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Amid wildfires and viral plague, a new consumer protection agency rises in the West: The California Department of Financial Protection and Innovation (DFPI). Holland & Knight recently noted that a bill was pending on...more

Morgan Lewis - All Things FinReg

California Means Business (Regulation) with New ‘Mini-CFPB’ Law

California’s governor is expected to sign into law soon a bill creating a state consumer financial protection agency, the Department of Financial Protection and Innovation (DFPI), which some have called California’s...more

Ballard Spahr LLP

CA and NY governors propose expansion of state consumer financial protection regimes

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The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator.  Both governors have framed their proposals as a response to what they...more

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NMLS Reinstatement Period Now Open Through February 29

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The NMLS Reinstatement Period began on January 2, 2020, and will end on February 29, 2020. This period allows individuals and companies that failed to renew their licenses by December 31 to request renewal. ...more

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CA DBO concludes certain point-of-sale financing arrangements are loans, not credit sales

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On December 30, 2019, the California Department of Business Oversight (DBO) announced two actions regarding companies offering unregulated, point-of-sale financing to California residents.  In the first action,  the DBO...more

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NMLS Renewal Underway and Renewal Changes for Nevada Licensees

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The NMLS renewal period for licensees began last week on November 1 and continues through December 31. For Nevada licensees, according to an update from the Nevada Division of Mortgage Lending...more

Allen Matkins

DBO Reports Record Number Of CFL Licensees

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California prohibits any person (unless exempt) from engaging in the business of a finance lender or broker without obtaining a license from the Commissioner of Business Oversight. Cal. Fin. Code § 22100(a). This applies to...more

Hudson Cook, LLP

Regulation of Student Loan Servicers - A Review of 2019 Legislation Enacted in Colorado, Maine, Maryland, and Nevada

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The May 2019 issue of Insights provided high-level background information about the recent trend of state legislation targeting student loan servicers. In the June 2019 issue of Insights, we took a deeper dive into New York's...more

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South Dakota Adds Non-Residential Mortgage Lender Licenses to NMLS

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South Dakota Adds Non-Residential Mortgage Lender Licenses to NMLS - South Dakota added its Non-Residential Mortgage Lender License to NMLS on July 15, 2019. ...more

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Utah’s new regulatory sandbox

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Utah Governor Gary Herbert signed H.B. 378, Regulatory Sandbox, into law on March 25, 2019.  This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona, which enacted sandbox legislation in...more

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Wyoming creates fintech sandbox

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Earlier this year, Wyoming became the second state to create a financial technology (fintech) sandbox by enacting the “Financial Technology Sandbox Act” (Sandbox Act).  (Arizona was the first state to create a fintech sandbox...more

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Minnesota Revises Licensing Requirements Effective August 1, 2019

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Minnesota has revised its Residential Mortgage Originator and Servicer Licensing Act to provide an exemption from residential mortgage originator licensure requirements for a "manufactured home dealer" and "manufactured home...more

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Colorado Enacts Student Loan Servicer Licensing Law and Maryland Expands Regulation of Servicers

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Colorado and Maryland have each enacted legislation regulating student loan servicers. On May 13, Colorado Governor Jared Polis (D) signed into law SB 19-002, and that same day, Maryland Governor Larry Hogan (R) signed HB...more

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Washington, D.C. Publishes Bulletin Reminding Student Loan Servicers of Annual Report

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The Washington, D.C. Department of Insurance, Securities, and Banking (DISB) has published a Bulletin reminding those who service student education loans in the District of Columbia of their obligation to file an annual...more

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NYDFS Creates New “Powerhouse” Consumer Protection and Financial Enforcement Division

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The New York Department of Financial Services has announced the creation of a new “powerhouse” Consumer Protection and Financial Enforcement Division. ...more

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California publishes final student loan servicer regulations; California bill introduced to require additional information in...

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The California Department of Business Oversight has sent an email to servicers notifying them of the publication of its final student loan servicer regulations, which became effective March 28, 2019....more

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Temporary Authority Update

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Both Virginia and Utah have enacted legislation to permit temporary authority to operate as a mortgage loan originator in their respective states pursuant to the SAFE Act....more

Perkins Coie

Fintech Regulatory Sandboxes: Update on Arizona’s Sandbox and Other Developments

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Arizona’s financial technology (“fintech”) sandbox (“Sandbox”), the first of its kind in the United States, has been open for several months and has accepted three participants. A month after the program’s launch, Arizona’s...more

Ballard Spahr LLP

Vermont exempts bank partners from loan solicitation license for commercial loans

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We have been following closely efforts by state regulators, state legislatures and the courts to restrict, or in some cases prohibit, bank model lending programs, so the recent guidance from the Vermont Department of...more

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Student loan servicers’ obligations under Maryland’s “Ombudsman Act” now in effect

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On September 28, 2018, the Maryland Commissioner of Financial Regulation issued a notice advising companies servicing student loans of Maryland borrowers to provide their contact information to the state’s new Student Loan...more

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The Maryland Financial Consumer Protection Act of 2018 significantly increases state regulation

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Noting, among other things, “retrenchment” on the federal level, the Maryland Financial Consumer Protection Act of 2018 (HB 1634) was signed into law on May 15, 2018. ...more

Snell & Wilmer

Emerging Trends in the Regulation of Fintech and Blockchain Technology: An Update on Regulatory Sandboxes

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According to a recent study published by PricewaterhouseCoopers (“PwC”), regulatory uncertainty is the biggest barriers to wider business adoption of blockchain technology. Given this problem, it should not be surprising that...more

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