Category Archives: Compliance

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CFPB’s Debt Collection Rules May Be Coming Sooner Than Some in the Industry Anticipated

Yesterday, at the Consumer Advisory Board Meeting in Washington D.C., Consumer Financial Protection Bureau (CFPB) Director Richard Cordray provided an update on one of the most highly anticipated areas in the debt collection industry – the CFPB’s intentions with respect to its proposed debt collection rulemaking. The biggest news from the meeting was that the … Continue Reading

Recent Cases Highlight Latest Potential Foreclosure Evidentiary Pitfall

Over the last few years, financial institutions have been forced to modify their policies and procedures to ensure that they are able to demonstrate compliance with notice provisions contained in residential mortgages prior to initiating foreclosure actions. Several recent decisions have addressed the issue of whether sufficient evidence was presented to establish that the creditor … Continue Reading

If the CFPB’s Protection Power Weakens, Who Will Fill the Void?

As rumors circulate about the potential diminishing role of the Consumer Financial Protection Bureau (CFPB) within the new administration, one might wonder if the consumer financial lending space will become a lawless void. However, like a vigilante for justice, the state financial regulators are ready to step up and protect consumers in the financial space … Continue Reading

Additional State Agencies Jump on the ESB Bandwagon

NMLS recently announced that twelve additional state agencies (with 44 license types) would jump on the Electronic Surety Bond (ESB) bandwagon as of January 23, 2017. These additions bring the total number of agencies using ESB within NMLS to 21 (with 81 license types.) Jurisdictions that will begin using ESB for licensing in NMLS include … Continue Reading

Is Your Data Ready to Move to a Uniform Report Submission? NMLS MSB Call Report Adopted for 23 Licenses as of January 1st

Eighteen state agencies, affecting 23 license types, have currently committed to adopt the NMLS MSB Call report for Q1 2017 reporting. The NMLS MSB Call Report applies to licensees who conduct the following activities: money transmission, check cashing, issuing or selling travelers checks, issuing or selling drafts, foreign currency dealing and exchange, issuing or selling money … Continue Reading

Don’t Get Caught By Surprise: NMLS Adds New Requirements in Connection with Renewal

If a company is keeping its Nationwide Multistate Licensing System (NMLS) record current, the renewal season should be a relatively painless exercise in fee collection. However, in addition to the normal renewal housekeeping measures, there are a few new twists to the 2016-2017 NMLS renewal process that you should be aware of so that you … Continue Reading

Preparing for FHA PACE: What Mortgagees Need To Know Before September 17

The U.S. Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA) issued Mortgagee Letter 2016-11, which specifically permits properties encumbered with a Property Assessed Clean Energy (PACE) obligation to be eligible for FHA-insured mortgage financing, whether for new purchases or refinancing. The guidance goes into effect this week on September 17, 2016. … Continue Reading

OCC Outlines its 2016 Operating Plan to Set Forth the Agency’s Supervision Priorities and Objectives

The Office of the Comptroller of the Currency (OCC) released its bank supervision operating plan for fiscal year 2016 on September 25th. The operating plan sets forth the agency’s supervision priorities and objectives as related to national banks and federal savings associations. Large and midsize financial institutions, however, will be subject to individually approved supervisory … Continue Reading
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