On Wednesday, June 26, 2019, the California Senate Banking Committee will take up AB 642, which would add certain lead generation activities to the definition of “broker” under the California Financing Law (Cal. Fin. Code § 22004 et seq.). If passed, companies that engage in lead generation (“lead generators”) would be required to
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
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
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
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