CA DFPI Revokes CFL License of Crypto Lender
The California Department of Financial Protection and Innovation (DFPI) recently announced a settlement agreement with a crypto lender that, among other things, revoked the company’s... Read More
State Regulatory Developments
CA Enacts Laws Affecting NSF Fees Charged by Banks, Credit Unions
California recently enacted a law that prohibits banks and credit unions subject to the examination authority of the Commissioner of Financial Protection and Innovation from... Read More
Tennessee Increases License Fees for Non-Depositories
The Tennessee Department of Financial Institutions recently announced its 2024-2025 non-depository financial institution annual supervision fees, which are paid at either application or renewal of... Read More
CA DFPI Brings Enforcement Actions Against Student Loan Debt Relief Companies
The California Department of Financial Protection and Innovation (DFPI) recently announced that it has taken action against three student loan debt relief companies for (i)... Read More
NY DFS Issues Guidance on Strategies to Combat AI Risks
The New York Department of Financial Services (DFS) recently issued guidance on cybersecurity risks arising from artificial intelligence (AI) and provided strategies to combat related... Read More
CA Expands Debt Collection Law to Include Certain Commercial Debts
California has amended its Rosenthal Fair Debt Collection Practices Act so that many of the Act’s provisions governing debt collection procedures now cover certain commercial... Read More
CA Enacts Law Requiring Lenders to Allow Certain Mortgage Assumptions
California recently enacted a law that will require conventional mortgage loans secured by dwellings with multiple borrowers to include provisions allowing existing borrowers to assume... Read More
NYDFS Issues Cyber Threat Alert Regarding Targeting of IT Help Desk Personnel
The New York Department of Financial Services issued a cyber threat alert regarding activity targeting financial services companies’ IT help desks. Threat actors have been... Read More
Amended PA Breach of Personal Information Notification Act Effective
Pennsylvania’s amendment to its Breach of Personal Information Notification Act recently became effective. The amendment notably requires entities to give notice of a security breach... Read More
WA Issues Report on Home Equity Sharing Agreements
The Washington State Department of Financial Institutions (DFI) recently issued its report on Phase One of its study into Home Equity Sharing Agreements (HESAs). The... Read More
NH Amends Renewal Requirements for New Licensees
Under a recently-enacted New Hampshire law, newly licensed mortgage bankers, brokers, servicers, and loan originators who initially become licensed between November 1 and December 31... Read More
Ohio Amends Mortgage Company Regulations
The Ohio Division of Financial Institutions recently amended the regulations affecting mortgage companies. The amendments became effective September 1, 2024. Among other changes, the amendments... Read More
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