NY Governor Cuomo again advances licensing requirements for student loan...
Earlier this week, Governor Andrew Cuomo again advanced controversial legislation that would establish a state licensing regime for student loan servicers. The proposal, which is packaged as Part L of...
View ArticleCSBS agrees to implement recommendations from fintech advisory panel
The Conference of State Bank Supervisors (CSBS) announced last week that it has agreed to implement 14 recommendations made by its Fintech Industry Advisory Panel (Advisory Panel). The Advisory Panel...
View ArticleCalifornia Bill Would Cap Some Deregulated Interest Rates And Address...
A bill introduced last week in the California State Assembly could change the consumer lending landscape in California considerably. The bill, AB 539, would change several aspects of the California...
View ArticleCalifornia publishes final student loan servicer regulations; California bill...
The California Department of Business Oversight has sent an email to servicers notifying them of the publication of its final student loan servicer regulations, which became effective March 28, 2019....
View ArticleNYDFS Creates New “Powerhouse” Consumer Protection and Financial Enforcement...
The New York Department of Financial Services has announced the creation of a new “powerhouse” Consumer Protection and Financial Enforcement Division. The Division has been created by consolidating the...
View ArticleWashington, D.C. Publishes Bulletin Reminding Student Loan Servicers of...
The Washington, D.C. Department of Insurance, Securities, and Banking (DISB) has published a Bulletin reminding those who service student education loans in the District of Columbia of their obligation...
View ArticleWashington, D.C. Releases Annual Report Forms and Filing Deadlines
As recently reported, the Washington, D.C. Department of Insurance, Securities, and Banking (DISB) published a Bulletin in late April reminding those who service student education loans in the District...
View ArticleMaine Enacts Student Loan Servicing Law
We can add Maine to the list of states to have enacted a “Student Loan Bill of Rights” that requires student loan servicers to be licensed. On June 20th, Maine Governor Janet Mills signed into law LD...
View ArticleNew Jersey enacts licensing and other requirements for student loan servicers
On July 30, 2019, Acting New Jersey Governor Sheila Oliver signed into law SB 1149, which requires student loan servicers to be licensed, creates an Office of the Student Loan Ombudsman within the NJ...
View ArticleNY Dept. of Financial Services issues proposed student loan servicer regulations
The New York Department of Financial Services (NYDFS) has issued proposed regulations to implement the legislation enacted in April 2019 that requires servicers of student loans to be licensed, imposes...
View ArticleCA DBO concludes certain point-of-sale financing arrangements are loans, not...
On December 30, 2019, the California Department of Business Oversight (DBO) announced two actions regarding companies offering unregulated, point-of-sale financing to California residents. In the...
View ArticleVirginia enacts law requiring licensure of student loan servicers
One Wednesday, Virginia enacted a law that requires student loan servicers to be licensed. While Virginia opened its “Office of the Qualified Education Loan Ombudsman” in 2019, efforts to require...
View ArticleMore on Virginia’s new law requiring licensure of student loan servicers
We previously blogged about Virginia’s enactment last month of a law requiring student loan servicers to be licensed by the Virginia State Corporation Commission (“Commission”). As promised, we are...
View ArticleCalifornia legislature passes bills requiring licensure of debt collectors
As part of California’s recent triad of consumer financial services legislation, including AB-1864, which creates the Department of Financial Protection and Innovation and the California Financial...
View ArticleState Bank Regulators Launch Single-Exam Plan for Multistate Money...
The Conference of State Bank Supervisors (CSBS) recently announced plans to establish a program under which money transmitters licensed in multiple states will undergo a single comprehensive exam that...
View ArticleThis week’s podcast: A discussion of the initiatives and positions of the...
After looking at CSBS’s role in the system of state financial supervision, we discuss CSBS initiatives to coordinate state licensing and supervision of multi-state non-bank companies, such as by...
View ArticleCA DFPI provides assurance of no action to debt collection license applicants...
The California Department of Financial Protection and Innovation (DFPI) has published a notice on its website concerning delays that debt collectors and buyers seeking to comply with the new licensing...
View ArticleBill to impose 36% rate cap passes New Mexico House and Senate
The New Mexico House and Senate have both passed House Bill 132 which would create a 36% annual percentage rate (APR) cap on loans up to $10,000 made under the New Mexico Bank Installment Loan Act of...
View ArticleKentucky enacts licensing requirement for servicers of private and federal...
Kentucky recently enacted HB 494, titled the “Student Education Loan Servicing, Licensing, and Protection Act of 2022,” which will require student loan servicers to be licensed in Kentucky. The Act...
View ArticleConnecticut Banking Dept. issues cease and desist order to stop fintech loan...
The Connecticut Department of Banking (“Department”) has issued a temporary cease and desist order (“Order”) that directs SoLo Funds, Inc., (“SoLo”) a fintech company that uses peer-to-peer technology...
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