Following a trend started during the COVID pandemic, Virginia State Delegate Bill Wiley (R) introduced a bill, HB 2389 in the current legislative session of the Virginia General Assembly that would allow employees of a Virginia-licensed mortgage lender or broker (licensee) to work at an unlicensed remote location upon certain conditions being met. Specifically
On December 1, the Connecticut Department of Banking issued a cease and desist order to the Law Offices of David M. Katz mandating the law firm cease conducting collection activities in the state without a license. The law firm was also fined $100,000, the maximum allowed by law.
Earlier this year, the Department of Banking
On July 15, the California Department of Financial Protection and Innovation (DFPI) issued an invitation for comments on proposed additions to regulations implementing the Debt Collection Licensing Act (DCLA). According to the invitation, the new provisions pertain “to the scope, annual report, and document retention requirements of the DCLA.” For example, the proposed regulations define
On May 23, California’s Department of Financial Protection and Innovation (DFPI or Department) sent an email notifying license applicants and prospective license applicants that the issuance of licenses under the Debt Collection Licensing Act is unavoidably delayed at this time.
The original deadline for applicants was December 31, 2021; however, that deadline was extended to
On February 3, the Nevada Financial Institutions Division (NFID) issued a bulletin, stating that any licensed collection agency or manager must transition their license to the Nationwide Multistate Licensing System (NMLS) by June 30. Licensees that do not submit a request to transition by June 30 will see their licenses expire without an option for
2021 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions and stay ahead of the curve.
In this report, we share developments on auto finance, background screening, bankruptcy, consumer class actions, consumer
On December 8, 2021, the Consumer Financial Protection Bureau (CFPB) published the 25th edition of its Supervisory Highlights report, which summarized key findings from examinations completed between January 2021 and June 2021. While the report covers a number of areas of consumer finance, it specifically stated the CFPB “is prioritizing mortgage servicing supervision work
On December 1, Freddie Mac issued Bulletin 2021-36 to update lenders on changes in loan eligibility requirements. While it is not unusual for Freddie Mac to issue such bulletins, this bulletin contained changes pertaining to cryptocurrency.
Specifically, the bulletin stated that Freddie Mac updated its Seller/Servicer Guide (the Guide) to address “the use of cryptocurrency
Last month, industry saw the Consumer Financial Protection Bureau (CFPB) issue a number of compliance aids in anticipation of two CFPB Debt Collection Final Rules becoming effective on November 30. On October 1, the CFPB issued the Debt Collection Rule FAQs, which contained questions and answers pertaining to limited-content messages and telephone call
On October 4, the Consumer Financial Protection Bureau (CFPB) announced on its website that the deadline to request initial forbearance for a COVID-19 hardship for loans backed by the Federal Housing Administration (HUD/FHA), the U.S. Department of Agriculture (USDA), or the U.S. Department of Veterans Affairs (VA) has been extended. Specifically, the CFPB tells borrowers