Regulatory Updates

A rule proposed by the Consumer Financial Protection Bureau (“CFPB”) aims to establish a public registry of terms and conditions used by supervised nonbanks that waive or limit consumer rights in non-negotiable form contracts. The rule would require supervised nonbanks to submit information on terms and conditions in so-called “take it or leave it” form […]

The CFPB’s first lawsuit against a nonbank mortgage lender for redlining has been dismissed byan Illinois federal Court. The Court held that the protections offered to actual loan applicants arenot extended to prospective applicants. Bureau of Consumer Fin. Prot. V. Townstone Fin., Inc.,2023 U.S. Dist. LEXIS 18405, 2023 WL 1766484 (N.D. Ill. Feb. 3, 2023). […]

In late-December 2022, Fannie Mae and Freddie Mac officially announced that SOFR (Secured Overnight Financing Rate) will serve as the replacement index for their legacy LIBOR-based adjustable rate loans.  A follow-up announcement was issued by each of the GSE’s on January 25, 2023, providing more clarity on the SOFR transition for legacy single-family ARM loans […]

This past fall (2022), the IRS published a new version of Form 4506-C, Request for Transcript of Tax Return.  This new revised version initially was scheduled to become effective December 1, 2022.  However, because the IRS did not publish the final version until November 1, 2022, the required effective date was extended to March 1, […]

The Federal Housing Administration (‘FHA”) announced last week that it is increasing the options available to borrowers unable to make their payments on FHA-insured mortgages. FHA is now making COVID-19 loss mitigation options available to all eligible borrowers, regardless of the reason for their delinquency. FHA is also raising the maximum partial claim amount from […]

On September 23, 2022, the United States District Court for the District of Columbia entered a judgment invalidating the CFPB’s rule raising the HMDA reporting threshold to 100 covered loans. The court's decision returns the operative HMDA reporting threshold to 25 closed-end loans originated. Notably, the court’s ruling did not alter the reporting threshold for […]

The CFPB’s sense is that a sharper focus on relationship-based banking could play a critical role in fostering a fair, transparent, and competitive marketplace.

The IRS is modernizing the Income Verification Express Service (“IVES”) used by mortgage lenders to confirm the income of a borrower by adding Optical Character Recognition (“OCR”) software. The new software will read Form 4506-C, the form submitted by lenders to request a borrower’s transcripts, which will automate what was previously a manual process. In […]

The CFPB announced lenders must provide applicants with an accurate statement of the specific, principal reasons for any adverse action determination.

The CFPB recently announced an initiative to stop lenders from charging potentially excessive and exploitative ancillary “junk” fees.

The CFPB announced separate initiatives designed to ensure that home valuations used by lenders are fair and accurate, and not discriminatory.

The CFPB announced a new process to receive public petitions for rulemaking or regulatory changes.

On January 6, 2022, the CFPB issued its Fall 2021 Supervisory Highlights. It found that lenders may have violated ECOA. Learn more.

Appraisers must be knowledgeable about these anti-discrimination requirements and must generate appraisals in conformity with USPAP requirements.

Compliance requirements are ever-changing, and it’s crucial for banking, lending, and other financial institutions to not only stay up to date with the latest regulatory updates and changes, but also have access to a comprehensive — and flexible — regulatory compliance analytics platform. Regulatory agencies, such as the Consumer Financial Protection Bureau (CFPB) and Federal […]

On September 23, 2021, the CFPB issued a report on complaint submission patterns by census tract.

The CFPB issued a report on HMDA data collected in 2018, 2019, and 2020 that outlines a number of trends in residential mortgage originations.

On April 1, 2021, the U.S. Supreme Court issued a decision in Facebook v. Duguid. Learn how the ‘autodialer’ TCPA decision will affect residential mortgage loan originators.

On March 31, 2021, the CFPB announced that it will rescind seven separate policy statements issued last year, each meant to provide temporary flexibility to financial institutions, as they do business during the COVID-19 pandemic.

On March 3, 2021, the CFPB issued a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date for the revised General Qualified Mortgage Rule from applications received on or after July 1, 2021 to applications received on or after October 1, 2022

On December 10th, the Consumer Financial Protection Bureau (CFPB) announced two final rules to complete its planned revisions to the TILA ability-to-repay (ATR) rule.

The CFPB published an assessment of the TRID Integrated Disclosures Rule. The Dodd-Frank Act requires the CFPB to assess each ‘significant rule’ created by the Dodd-Frank Act and to publish the results of the assessment within five years of the rule’s effective date.

On July 24th, the CFPB announced plans to issue an advance notice of proposed rulemaking later this year implementing a section of the 2010 Dodd-Frank Act regarding consumer access to financial records held by, among others, residential mortgage lenders.

The CFPB announced two separate notices of proposed rulemaking to address the coming expiration of TILA qualified mortgage (QM) status for the ‘GSE Patch.

The CFPB recently published two Factsheets outlining lender obligations under the Equal Credit Opportunity Act (ECOA) Valuations Rule.

On March 27th, the CFPB issued a public request for information (RFI) to obtain input on areas where it should focus its research and analysis. The comment period ends on June 1, 2020.

Texas Amends Conditional Approval and Conditional Pre-Qualification Letter The Texas Finance Commission has amended the loan status forms to be provided as written confirmation of conditional qualification (“Conditional Pre-Qualification Letter”) and of loan application approval on the basis of credit worthiness (“Conditional Approval Letter”), effective May 1, 2020. These loan status forms are not required. […]

On Thursday, April 16, the CFPB announced an amendment to Regulation C raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA).

The Consumer Financial Protection Bureau (“CFPB”) issued a policy statement outlining the responsibility of credit reporting companies and furnishers in light of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CFPB indicated it will take a “flexible supervisory and enforcement approach during this pandemic regarding compliance with the Fair Credit […]

On October 11, the CFPB announced a new task force to harmonize and modernize federal consumer financial laws.

The Tennessee legislature recently enacted the Online Notary Public Act, effective July 1, 2019.  In addition, the Tennessee Department of State has adopted rules for the commissioning of online notary publics and the standards for performing online notarizations.  TENNESSEE SENATE BILL 1758 A person may personally appear before the officer taking an acknowledgment by: Physically […]

The New Mexico legislature recently amended its laws to provide for the filing of duplicate documents.  The Rhode Island legislature has enacted the Uniform Real Property Electronic Recording Act (“Act”).  All the legislation discussed here is effective July 1, 2019. NEW MEXICO HOUSE BILL 293 Where an original instrument of writing is unavailable for filing […]

KENTUCKY HOUSE BILL 285 The Kentucky legislature recently amended several provisions of its Consumer Loan Company Act (“Act”), effective June 26, 2019. "Consumer loan company" means a person licensed to engage in the business of making loans to a consumer for personal, family, or household use in the amount or value of $15,000 or less. […]

The Nebraska legislature recently passed the Online Notary Public Act (“Act”), effective May 30, 2019.  The Nevada legislature recently amended its laws to permit an individual to simultaneously apply for appointment as a notary public and register as an electronic notary public, and amended the licensing requirements for mortgage loan originators effective July 1, 2019.  […]

The Georgia legislature recently amended provisions of its laws related to mortgage lenders and mortgage brokers, effective July 1, 2019. GEORGIA HOUSE BILL 185 A licensed mortgage lender is authorized to engage in all activities that are authorized for a mortgage broker and, as a result, is not required to obtain a mortgage broker license. […]

FEDERAL AGENCIES AMEND REGULATIONS REGARDING FLOOD HAZARD AREAS - 82 FEDERAL REGISTER 4953  The Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation (“FDIC”), the Farm Credit Administration (“FCA”), and the National Credit Union Administration (“NCUA”) are amending their regulations regarding […]

The Arizona legislature recently amended its recording fees, effective June 30, 2019.  The Arkansas legislature recently amended the Fair Mortgage Lending Act (the “Act”).  It also amended its laws to require closing agents to provide certain disclosures when closing a transaction involving rural and agricultural properties and amended its Personal Information Protection Act.  The Arkansas […]

The Florida legislature recently amended its laws regarding licensing exemptions, effective July 1, 2019, while the New Hampshire legislature amended provisions affecting non-depository mortgage bankers, brokers, and servicers, effective May 15, 2019. FLORIDA HOUSE BILL 935 An individual who does not hold himself or herself out to the public as being in the mortgage lending […]

ILLINOIS REGULATION 38 IL ADMIN CODE PART 1050 The Illinois Department of Financial and Professional Regulation recently amended certain rules related to the Residential Mortgage License Act (“Act”) related to independent loan processors and advertisements, effective May 10, 2019. "Independent loan processing entity" means an entity engaged solely in providing loan processing services through the […]

The New Jersey legislature recently revised the statute of limitations for foreclosures, amended its laws related to common interest associations regarding the recording of liens for unpaid assessments, amended its laws related to residential mortgage lending, all effective April 29, 2019.  In addition, the legislature amended its related to foreclosure and abandoned properties, effective May […]

The West Virginia legislature recently amended its laws related to financial institutions and to provide for out-of-state commissioners who may take acknowledgments of deeds and other writings to be admitted for recording in West Virginia.  The legislation discussed in this memorandum are effective May 30, and June 7, 2019 respectfully. WEST VIRGINIA SENATE BILL 453 […]

The Utah legislature has recently amended its mortgage loan originator licensing laws to allow temporary authority, the law setting recording fees; the law regarding notices filed with the State Construction Registry (“Registry”); the laws allowing remote notarization and liability for notarial acts of an employee.  All the laws discussed are effective May 13, 2019.  UTAH […]

OBDUSKEY V. MCCARTHY & HOLTHUS U.S. SUPREME COURT, CASE #17-1307 2018 The U.S. Supreme Court recently held in favor of law firms that handle foreclosures on behalf of lenders.  The opinion was issued March 20, 2019. Wells Fargo hired the law firm McCarthy & Holthus LLP to carry out a nonjudicial foreclosure on a Colorado […]

MASSACHUSETTS HOUSE BILL 4806   The Massachusetts legislature recently enacted legislation to protect consumer information, effective April 10, 2019.   “Breach of security” means the unauthorized acquisition or unauthorized use of unencrypted data or, encrypted electronic data and the confidential process or key that is capable of compromising the security, confidentiality, or integrity of personal […]

NEVADA TEMPORARY RULES CHAPTER 240   The Nevada Secretary of State recently issued temporary rules governing electronic notarizations, effective January 8, 2019.  The regulations relate to the legislation enacted in 2017 (Assembly Bill 413) providing for electronic notarizations.  See our memorandum dated June 7, 2018 for a discussion of the legislation.   "Principal" means the […]

The Illinois legislature recently amended provisions of its Residential Mortgage License Act (“Act”), effective December 19, 2018.  The Consumer Financial Protection Bureau (“CFPB”) announced the asset-size exemption thresholds for 2019 for Regulation C and Regulation Z.   ILLINOIS HOUSE BILL 5542   Licensees under the Act who are not filing a Mortgage Call Report with […]

DISTRICT OF COLUMBIA L22-0189   The Council of the District of Columbia recently enacted the Revised Uniform Law on Notarial Acts Act of 2018 (“Act”), effective December 4, 2018.   “Acknowledgment” means a declaration by an individual that states the individual has signed a record for the purposes stated in the record and, if the […]

MINNESOTA SENATE FILE 893   The Minnesota legislature recently adopted the Revised Uniform Law on Notarial Acts (“Act”).  The Act applies to a notarial act performed on or after January 1, 2019.   “Acknowledgment” means a declaration by an individual before a notarial officer stating that the individual has signed a record for the purpose […]

RHODE ISLAND SENATE BILL 2560 AND HOUSE BILL 7502   The Rhode Island legislature recently enacted a Uniform Law on Notarial Acts (“Act”), effective January 1, 2019.   “Acknowledgment” means a declaration by an individual before a notarial officer that the individual has signed a record for the purpose stated in the record and, if […]

The California Legislature has recently enacted legislation regarding closing an equity line of credit, amendments to the Survivor’s Bill of Rights, amendments to the Property Assessed Clean Energy (“PACE”) Program, amendments to the California Military Families Financial Relief Act (“ACT”) and amendments to the Right to Financial Privacy Act.  All the legislation discussed in this […]

The Alabama legislature recently amended provisions of its Uniform Condominium Act (“Act”) to clarify lien priority and what fees could be included in the lien, effective January 1, 2019.  The Connecticut legislature recently amended its laws related to pre-licensing education for mortgage loan originators, loan processors, and underwriters, effective January 1, 2019.  The Colorado Division […]

The Bureau of Consumer Financial Protection (“BCFP”) (also referred to as the “CFPB”) issued Compliance Bulletin 2018-01 on September 25, 2018, to announce changes to how it articulates supervisory expectations to institutions in connection with supervisory events.  The Connecticut Department of Banking, Consumer Credit Division (“Department”) issued a memorandum on August 22, 2018, to address […]

Pennsylvania Senate Bill 653   The Pennsylvania legislature recently enacted the Vacant and Abandoned Real Estate Foreclosure Act (“Act”) to accelerate foreclosure proceedings on vacant and abandoned properties, effective December 17, 2018.   “Former owner” means an owner or obligor, or a successor in interest of an owner or obligor, whose interest in a mortgaged […]

NEW JERSEY ASSEMBLY BILL 2035   The New Jersey legislature recently amended several provisions of its Residential Mortgage Lending Act (“Act”), effective November 22, 2018.   “Approved conditional status” means the status of the license of an individual who has satisfied all conditions for licensure as a mortgage loan originator or qualified individual licensee except […]

The Florida legislature recently amended its laws regarding bankruptcy matters in foreclosure proceedings, effective October 1, 2018.  The Florida Office of Financial Regulation recently amended its rules to allow military personnel, veterans, and spouses to receive reimbursement for application, renewal and reactivation fees for a loan origination license, effective September 25, 2018.  The Oklahoma legislature […]

INTERAGENCY STATEMENT CLARIFYING THE ROLE OF SUPERVISORY GUIDANCE   The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (collectively the “agencies”) issued an Interagency Statement Clarifying the Role of Supervisory Guidance on September 11, 2018 to explain the role […]

Maryland Senate Bill 848/House Bill 1048   The Maryland legislature recently amended its laws relating to notices of foreclosure, effective October 1, 2018.   “Department” means the Maryland Department of Labor, Licensing, and Regulation.   “Foreclosed Property Registry” means the Foreclosed Property Registry established by the Department.   “Local jurisdiction” means: A county; or A […]

The Connecticut legislature recently amended its laws related to foreclosure mediation and the Banking Law of Connecticut (“Act”).  All the legislation discussed in this memorandum is effective October 1, 2018.   Connecticut Senate Bill 391   The Connecticut legislature recently amended the law governing foreclosure mediation to remove the requirement that a borrower represented by […]

CFPB Interpretative and Procedural Rule:  Partial Exemptions from the Requirements of the Home Mortgage Disclosure Act under the Economic Growth, Regulatory Relief, and Consumer Protection Act   The Bureau of Consumer Financial Protection (“CFPB”) issued an interpretive and procedural rule (the “Rule”) to clarify provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act […]

Illinois Senate Bill 2432   The Illinois legislature recently amended provisions of its laws related to foreclosure, effective August 23, 2018.   A court’s jurisdiction is not affected by a technical error in format of a summons if the summons has been issued by a clerk of the court, the person or entity to be […]

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 […]

The Minnesota Department of Commerce (“Department”) recently issued Residential Mortgage Originator and Servicer Supervisory Guidance to bring attention to the most common deficiencies the Department has identified in examinations and investigations. The common deficiencies are as follows: Interest Rate Lock and Discount Point Agreements: Failure to properly disclose the five requirements of the agreement, complete […]

South Carolina House Bill 4628 The South Carolina legislature recently enacted the South Carolina Telephone Privacy Protection Act (“Act”), effective May 18, 2018. The Act applies to “Telephone solicitations” which means the initiation of a telephone call, or a text or media message sent, to a natural person’s residence in South Carolina, or to a […]

The Arizona legislature recently adjusted the licensing fees paid to the Department of Financial Institutions and amended its law related to data security breaches.  Both bills discussed in this memorandum are effective July 16, 2018. Arizona Senate Bill 1150 The following nonrefundable fees are payable to the Department of Financial Institutions: To apply for a […]

South Dakota Senate Bill 62 The South Dakota legislature recently amended its laws to address identity theft, effective July 1, 2018. "Breach of system security" means the unauthorized acquisition of unencrypted computerized data or encrypted computerized data and the encryption key by any person that materially compromises the security, confidentiality, or integrity of personal or […]

The Virginia legislature recently passed bills amending its laws related to foreclosure.  The bills are effective July 1, 2018. Virginia House Bill 311 If, on the date of a foreclosure sale of a single-family residential dwelling unit, the former owner remains in possession of the dwelling unit, such former owner becomes a tenant at sufferance. […]

The Iowa legislature recently amended its laws related to mortgage releases and to shorten the period of time for redeeming real property from foreclosure and delaying sale of foreclosed property and to adjust the statute of limitations period for executing judgments on claims for rent.  All the legislation discussed in this memorandum is effective July […]

Connecticut House Bill 7141 The Connecticut legislature recently amended its laws related to mortgage servicing, effective July 1, 2018. No mortgage servicer shall, directly or indirectly: Employ any scheme, device or artifice to defraud or mislead borrowers or mortgagees or to defraud any person; Engage in any unfair or deceptive practice toward any person or […]

Florida Rules 69B-186.010 The Florida Department of Financial Services Division of Insurance Agents and Agency Services (“Department”) recently amended its rules regarding unfair methods of competition and unfair or deceptive acts or practices in the transaction of title insurance, effective May 13, 2018. A “referrer of settlement service business” means any person who is in […]

Georgia House Bill 780 The Georgia legislature recently amended various laws governing financial institutions, effective May 3, 2018. A prohibition order, which prohibits an individual from participating in any capacity in the affairs of a financial institution, may be issued by the Commissioner in connection with a suspension order.  Such prohibition order may provide that […]

The Montana Department of Administration (“Department”) recently revised rules related to annual reporting for consumer loan licensees, mortgage definitions, mortgage renewal fees, and escrow funds held by mortgage companies, effective April 28, 2018.  The New Jersey Department of Banking and Insurance (“Department”) issued Bulletin 18-04, on April 10, 2018, warning consumers about the prevalence of […]

Washington House Bill 2057 The Washington legislature recently amended its laws related to foreclosure in the case of a deceased borrower or an abandoned property, effective June 7, 2018. The seeking of the appointment of a receiver, or the filing of a civil case to obtain court approval to access, secure, maintain, and preserve property […]

Oregon Senate Bill 1551 The Oregon legislature recently amended provisions of its laws related to breaches of security, effective June 2, 2018. In addition to specifically enumerated information, “personal information” now includes any information or combination of information that a person reasonably knows or should know would permit access to the consumer’s financial account. If […]

West Virginia has now enacted the Revised Uniform Fiduciary Access to Digital Assets Act, effective June 5, 2018 (the “West Virginia Act”).  The Wisconsin legislature recently amended its laws governing payoff statements and transfers by affidavit, effective April 18, 2018. WEST VIRGINIA SENATE BILL 102 The Uniform Fiduciary Access to Digital Assets Act (the “Act”) […]

Oregon Rules Chapters 850 and 890 The Oregon Department of Consumer and Business Services (“Department”) recently amended its rules related to mortgage lending and mortgage servicing, effective April 17, 2018. “Contract or agreement for servicing the residential mortgage loan” means an agreement for the ongoing servicing of a loan and does not include one-time transfers […]

The West Virginia legislature recently amended its application fee and education provisions of the Safe Mortgage Licensing Act (“Act”), effective May 18, 2018.  The Wisconsin legislature recently amended its laws governing confidentiality of financial information, effective April 18, 2018. West Virginia House Bill 4285 Applicants for a license must apply in a form as prescribed […]

Alabama Senate Bill 318 The Alabama legislature recently enacted the Data Breach Notification Act (“Act”), effective June 1, 2018. A “Breach of Security” or “Breach” is the unauthorized acquisition of data in electronic form containing sensitive personally identifying information.  Acquisition occurring over a period of time committed by the same entity constitutes one breach. The […]

Maine has now enacted the Revised Uniform Fiduciary Access to Digital Assets Act, effective April 4, 2018 (the “Maine Act”).  The Oregon legislature has enacted legislation setting fees for licensing mortgage servicers, effective April 3, 2018. The Utah Residential Mortgages Practices and Licensing Act (the “Utah Act”) was recently amended, effective May 8, 2018. Maine […]

Vermont Regulation B-2018-1 The Vermont Department of Financial Regulation recently issued revised regulations regarding annual privacy notices, effective March 15, 2018. A financial institution is not required to deliver an annual privacy notice if: The financial institution does not disclose the customer’s nonpublic personal information to nonaffiliated third parties other than for permitted purposes; The […]

Utah Legislative Update Leading document preparation solution provider MRG recently published an update concerning lending legislation in the state of Utah. Utah House Bill 196 extends the date that a citation may be issued following a violation from 6 months to 1 year after the occurrence of a violation. The bill also modifies the definition […]

Nevada The Foreclosure Mediation Program expires on June 30, 2017, and all mediations should have been completed by April 30, 2017. Utah Utah House Bill 13 recently passed, defining digital assets and parties involved for electronic loan compliance. Some measures include: Identifying custodians (persons/entities that carry, maintain, process, receive, or store digital assets for users) […]

This compliance update was originally published on www.mrgdocs.com: MRG Docs, a loan document prep provider that specializes in compliant loan documentation in all 50 United States, published an article highlighting recent regulatory changes in Alaska. Alaska House Bill 12 amended provisions regarding the requirements for registering a depository institution, including licensing fees, surety bond requirements, […]