Idaho Department of Finance Policy Statement 2018-01 The Idaho Department of Finance (“Department”) recently issued a policy statement on July 1, 2018 concerning the requirement of financial responsibility/fitness of mortgage loan originators, qualified persons in charge, and designated control persons of mortgage brokers and lenders under the Idaho Residential Mortgage Practices Act. The policy […]
Annual Privacy Notice - 83 FEDERAL REGISTER 40945 The Bureau of Consumer Financial Protection (“CFPB”) recently amended provisions of Regulation P (which implements the Gramm-Leach-Bliley Act) related to the annual privacy notice, effective September 17, 2018. Unless otherwise provided, a financial institution for which the CFPB has authority must provide a clear and […]
Washington Rules 208-620-010 The Washington Department of Financial Institutions (“Department”) recently revised rules related to the Consumer Loan Act (“Act”). The Act applies to each loan made to a resident of Washington by a licensee under the Act or persons subject to the Act, effective September 1, 2018. “Individual servicing a residential mortgage […]
The Illinois legislature, Rhode Island Department of Business Regulation, Banking Division, and Utah Department of Commerce, Division of Real Estate, recently released new regulatory updates.
Arizona House Bill 2434 The Arizona legislature recently enacted a regulatory sandbox program (see definition below) to allow companies to test innovative financial service products without a licensing requirement, effective August 3, 2018. “Applicable agency” means an Arizona department or agency established by law to regulate certain types of business activity in Arizona […]
District of Columbia B22-0185 The Council of the District of Columbia recently enacted the Consumer Protection Clarification and Enhancement Amendment Act of 2018 (“Act”) to provide clarification on unfair or deceptive trade practices, effective July 17, 2018. In construing the term “unfair or deceptive trade practice” due consideration and weight must be given […]
The North Carolina legislature recently amended its laws related to foreclosure. The amendments apply to foreclosure sales noticed on or after July 1, 2018.
Colorado House Bill 18-1128 “Biometric data” means unique biometric data generated from measurements or analysis of human body characteristics for the purpose of authenticating the individual when he or she accesses an online account. “Covered entity” means a person (defined as an individual, corporation, business trust, estate, trust, partnership, unincorporated association, or two or […]
Colorado House Bill 1174 The law requiring the licensing of mortgage loan originators was scheduled to be repealed on September 1, 2018. This has been extended to September 1, 2029. Each individual applicant for initial licensing as a mortgage loan originator must have satisfactorily completed: At least twenty hours of education (previously nine hours) as […]
OCC Bulletin 2018-17 The Office of the Comptroller of the Currency (“OCC”) recently issued a bulletin on June 15, 2018 to provide national banks, federal savings associations, and federal branches and agencies (collectively the “banks”) with clarification regarding OCC supervisory policies and processes on how examiners evaluate and communicate bank performance under the Community Reinvestment […]
