News Topic: State regulators
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Citi's muni bond business shrinks in Texas after gun law's passage
New York regulator resigning after report ties her to Cuomo PR effort
State regulator group issues standards for nonbank mortgage servicers
California's top financial regulator is stepping down
California regulator hires consumer advocate to lead fintech office
More states poised to overhaul their credit union charters
Early-pay providers get more clarity from CFPB (for now)
New guidance from the Consumer Financial Protection Bureau shows how companies that offer workers early access to their wages can avoid being regulated as lenders. But the incoming Biden administration could add new complications. ... Read full article
OCC’s preemption letter opens new front in battle with states
In the waning days of the Trump administration, the agency issued a new legal theory of its power to let national banks evade state consumer protection laws. But some state attorneys general and consumer groups charge the federal regulator is attempting to ... Read full article
Mr. Cooper to pay $91 million to settle CFPB servicing case
The complaint dates back to 2014 state regulator examinations when the company was known as Nationstar. ... Read full article
Kansas credit union regulator to retire this month
Gov. Laura Kelly has nominated Vickie Hurt to succeed Jerel Wright, who will step down Nov. 28. ... Read full article
N.Y. regulator is first to issue climate guidance for banks, credit unions
The New York State Department of Financial Services says banks and credit unions under its supervision should limit loan concentrations in vulnerable geographic areas, avoid overexposure to fossil fuel and other legacy businesses and develop financial ... Read full article
State regulator group offers guidance for mortgage servicing oversight
The proposed best practices would be modeled after federal servicing standards and be used to supervise nonbanks firms subject to state regimes. ... Read full article
States are well equipped to regulate fintechs
The OCC is trying to seize jurisdiction by arguing that current supervision is haphazard. But states are already working together to streamline regulation while continuing to enforce consumer protections and encourage innovation. ... Read full article
OCC chief goes too far reimagining national bank charter
Acting Comptroller of the Currency Brian Brooks’ focus on allowing fintech firms into the federal banking sphere appears to have a more ambitious and risky goal: redefining the agency’s regulatory focus. ... Read full article
OCC chief, N.Y. regulator dig in on fintech chartering, preemption
Acting Comptroller of the Currency Brian Brooks and Department of Financial Services Superintendent Linda Lacewell stuck to opposing scripts on whether federal or state regulators are best equipped to protect consumers and supervise new entrants into the ... Read full article
As states and OCC keep butting heads, does innovation suffer?
Backers of lawsuits challenging federal charter and interest rate policies for nonbanks say states are sticking up for consumer protection. Others say the legal quagmire could slow efforts to improve the regulatory framework. ... Read full article
Banks, consumer groups both got what they wanted in ‘mini-CFPB’ bill
The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms. ... Read full article
Student borrower protection bill on verge of passage in California
The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur. ... Read full article
States sue FDIC over 'rent-a-bank' partnerships
A group of eight Attorneys General filed suit against an FDIC final rule related to ‘rent-a-bank’ partnerships, mirroring a similar suit filed against the Office of the Comptroller of the Currency last month. ... Read full article