States

The California Department of Financial Protection and Innovation announced a series of desist-and-refrain orders against 11 different entities for violation of state securities laws. Read on for more details. Read on »

California Gov. Gavin Newsom vetoed a bill that would have required crypto financial services businesses to have a special license to operate. Newsom regarded the bill as being “premature and costly.”

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In a case from the Fifth Circuit Court of Appeals, the three-judge panel held that Article III standing cannot be established for a claim brought under the Fair Debt Collection Practices Act (FDCPA) merely because the defendant violated the FDCPA. The court relied heavily on a 2021 Supreme Court decision which denied standing based on the risk of future harm.

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In one of the final cases of the October 2021 term, the Supreme Court announced it is prepared to limit the authority of agencies to interpret their own authorizing statutes.

West Virginia, et al. v. EPA saw the high court move away from decades-old precedent in favor of an approach that limits the flexibility of agencies to adapt old statutes to modern problems.

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The American Law Institute made minor revisions to the second tentative draft of the Restatement of Law, Consumer Contracts.

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The Conference of State Banking Supervisors (CSBS) is urging Congress to pass the Secure and Fair Enforcement (SAFE) Banking Act as part of the final version of the America COMPETES Act.

Passage of the SAFE Banking Act has bipartisan support but it is still unlikely to make it to the final form of the bill in the Senate.

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The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule which describes states’ authority to engage in enforcement of consumer financial protection laws.

The interpretive rule clarifies what the CFPB sees as the role of states’ attorneys general and state regulators in enforcing the Consumer Financial Protection Act and related CFPB rules.

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Attorneys general from 21 states and Washington, D.C., are calling on the Consumer Financial Protection Bureau to stop servicers from charging consumers convenience fees for using convenient payment methods to pay bills.

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The 16th annual National Settlement Services Summit (NS3), slated for Sept. 1-3, will feature an entire compliance track this year, one of three tracks featured at the show.

Four top regulators will kick things off by participating in a panel discussion about how many of the regulations affecting the industry recently are coming from the state level.

Read on to see who is speaking, details about a vendor management session, what other compliance topics will be discussed and how you can register.

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As business processes have changed in the past week, with federal and state health officials issuing guidance and orders concerning public health, a number of mortgage loan officers have been asked to work from home or the process is being considered.

Many states have different rules on allowing loan officers to work from home when their home is not considered a branch office under regulations. But state banking and financial institution regulators have issued guidance in the past week or more on how to comply with standards and while working from home.

Read on for details and examples from some state regulators of their guidance.

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