Pennsylvania regulators hit SoFi with enforcement action
The San Francisco fintech company has agreed to pay a $110,000 fine for failing to comply with a 2017 state law that requires mortgage servicers to be licensed.
State regulators
CFPB moves to ease fintechs’ regulatory fears
The bureau issued three policies removing the threat of legal liability for approved companies that test new products.
Judge dismisses CFPB’s case against Ocwen, but will let it refile
A federal judge in Florida dismissed the Consumer Financial Protection Bureau's lawsuit against Ocwen Financial Services, stating the agency improperly asserted an excessive number of claims without specifying the particular count to which they applied.
N.Y. regulator’s suit to stop fintech charter gets green light
The Office of the Comptroller of the Currency had sought to dismiss the case, but a court ruling suggested that the state regulator’s claim may have merit.
Caliber settles Massachusetts loan modification complaint
Caliber Home Loans settled a grievance with the Massachusetts attorney general over allegations of providing distressed borrowers with unaffordable loan modifications.
Ocwen whittles servicing suits down to two with latest settlement
Now that Ocwen settled the servicing practices lawsuit brought by the Massachusetts attorney general, just two outstanding complaints remain from the 30 filed nearly two years ago.
California lawmaker considers statewide CFPB
Assemblywoman Monique Limon is in the “early stages” of exploring how to create a state-level Consumer Financial Protection Bureau as part of a broader push for more consumer protection for state residents.
California seeks to revoke auto title lender’s license
The state's financial regulator says Fast Money Loan charged consumers interest rates and fees above the state's usury cap, and operated unlicensed storefronts.
State AGs assail CFPB plan to build fintech sandbox
The bureau wants to further remove the threat of legal liability for firms that test products benefiting consumers, but the attorneys general say the agency cannot provide immunity from state law.
CFPB’s No. 3 to depart, join New York AG
Chris D’Angelo, the CFPB's associate director of supervision, enforcement and fair lending, is leaving the bureau after eight years to become a chief deputy attorney general in New York state.
OCC seeks dismissal of states’ lawsuit opposing fintech charter
The agency refuted claims by the Conference of State Bank Supervisors that the OCC was overstepping its authority.
Calif. investigating role of lead generators in high-cost lending
Gov. Jerry Brown’s administration sent letters Wednesday to 20 nonbank lenders that charge triple-digit annual percentage rates to try to determine if their use of online referrals is steering borrowers into larger loans than they want or need.
Can state AGs really serve as ‘mini-CFPBs’?
Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary.
Online lenders should have same disclosure rules as banks: N.Y. State
The New York State Department of Financial Services report recommended putting online lenders on a more equal playing field with traditional firms.
Pressure mounts on FDIC, Fed to follow OCC’s small-dollar lead
The Office of the Comptroller of the Currency’s bulletin is seen as just one piece of the regulatory puzzle to coax banks into installment lending.
State AGs urge Senate to reject ‘Madden Fix’ bills
Attorneys general from 21 states say the measures would undermine their ability to enforce consumer protection laws.
Equifax data breach leads to new credit reporting rules in New York
Credit reporting firms with significant operations in New York will face new cybersecurity and registration requirements to stave off concerns related to a breach of Equifax's systems last year.
CFPB retreat may only go so far to ease mortgage rules
Although the Consumer Financial Protection Bureau is loosening certain mortgage rules, others such as restrictions on loan officer compensation and state-level regulation will likely persist, according to industry attorneys.
Ocwen Financial gets closer to detente with the states
A new settlement with Massachusetts resolves all outstanding administrative actions against Ocwen Financial Corp. by a group of 30 states, but two states' legal actions against the servicer remain outstanding.
3 conditions before Ocwen and PHH are clear to close
From investor angst to regulatory scrutiny, here's a look at three obstacles that must be addressed before Ocwen Financial can acquire PHH Mortgage.
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