A new legislation in New York expands the enforcement power of the state’s attorney general.

CSBS is working on prudential standards for nonbank servicers, a framework for safeguarding sensitive information at nonbanks, and standards to modernize supervision and regulation of money transmitters.

Brody Gapp will focus on assisting financial entities with CFPB compliance, loss mitigation and employee poaching, among other issues.

Nonbanks are especially vulnerable and at-risk in the absence of consistent federal regulation, according to panelists at the Conference of State Bank Supervisors’ mortgage symposium.

The move is unlikely to have much impact on states, according to industry attorneys.

According to industry insiders, there is room for state and federal regulators while also supporting the independence of federal agencies.

California’s new climate-disclosure reporting requirements are set to take effect next year and will change reporting standards for covered entities. The MBA is seeking some changes to the standards.

The Mortgage Bankers Association has some concerns regarding the latest rollout of updates to the mortgage call report.

The Mortgage Bankers Association continues to push back against most state CRA legislation that would apply to nonbank mortgage companies.

Federal regulation is needed for data privacy, earned wage access products and artificial intelligence, industry experts say. But states may end up carrying the ball on some of these issues plus others.