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 conspicuous notice to customers that accurately reflects the institution’s privacy […]

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 loan” means a person who […]

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.

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 and persons engaged in such business, […]

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 to the interpretation by the Federal […]

The North Carolina legislature recently amended its laws related to foreclosure. The amendments apply to foreclosure sales noticed on or after July 1, 2018.

The Colorado legislature recently amended its laws related to protections for consumer data privacy, effective September 1, 2018. The legislature also amended its laws related to the foreclosure process on property that is encumbered by a deed of trust, effective August 8, 2018.

The Colorado legislature recently amended its laws related to mortgage loan originator licensing, effective August 8, 2018. The Minnesota legislature recently amended its laws related to mortgage originator licensing, effective August 1, 2018. The New Hampshire legislature recently amended its laws related to mortgage licensing, and exemptions from licensing, effective August 7, 2018.

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 Act (“CRA”).  These […]

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: Failure to remedy any of the above deficiencies may result in administrative disciplinary action, including civil penalties of […]

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 wireless telephone with a South […]

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: Arizona House Bill 2154 […]