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.
The next round of improvements is expected to go live during the third quarter and will include a new FBI identity verification requirement for some users.
A California law requiring interest to be paid on escrow account balances doesn’t “significantly interfere” with the powers of national banks, state regulators argue.
Oversight of nonbank mortgage servicers, support for community banks and reinvigoration of federal partnerships are among state regulators’ top priorities.
The enforcement action against Lakeview/Bayview Loan Servicing puts mortgage servicers on notice that they can no longer be lax about cybersecurity compliance.
Regulators in some states controlled by Democrats are poised to increase their oversight of consumer protection laws as the CFPB’s focus is expected to shift under the incoming Trump administration.
The state’s proposal to establish Community Reinvestment Act requirements for nonbank mortgage lenders was met with opposition from the Mortgage Bankers Association.
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