News Topic: State regulators

California officials had accused Advance America of wrongly assessing Department of Motor Vehicles fees on its payday loans to skirt the state's interest rate cap. ... Read full article

The Dodd-Frank Act consolidated massive authority under the Consumer Financial Protection Bureau, but acting Director Mick Mulvaney wants the bureau to take a back seat to states and other federal regulators. ... Read full article

Royal Bank of Scotland Group has agreed to pay $500 million to the state of New York after a $5.5B agreement last year with the FHA, and another probe is pending. ... Read full article

From investor angst to regulatory scrutiny, here's a look at three obstacles that must be addressed before Ocwen Financial can acquire PHH Mortgage. ... Read full article

The interim head of the Consumer Financial Protection Bureau said the agency may allow prudential regulators to take the lead on more supervisory matters to cut down on duplication. ... Read full article

Ocwen Financial Corp.'s acquisition of PHH Corp. will help the nonbank servicer rebuild scale that's been diminished by years of regulatory restrictions and the decline in distressed mortgage volume brought about by improvements in the overall ... Read full article

“Why we think we know better or how to protect consumers in your state surprises me,” acting CFPB Director Mick Mulvaney told a group of state attorneys general. “I don’t think we’ll being do much of that anymore.” ... Read full article

From accelerating its subservicing transformation to overcoming regulatory obstacles, here's a look at three reasons behind Ocwen Financial Corp.'s $360 million acquisition of PHH Corp. ... Read full article

Fintech firms and industry watchers hope the pilot program will help fix a balkanized chartering system, but getting enough states on board to expand the plan's reach could be a challenge. ... Read full article

Lobbyists for the payday loan industry are getting a warmer reception in state capitals in 2018 than they did last year. One of their key arguments is that the federal crackdown on payday loans, which is now on hold, requires a response from the states. ... Read full article

The House Financial Services Committee held a hearing Tuesday on the fintech industry as Congress is still beginning the conversation about what a legislative approach should look like. ... Read full article

Fears about regulators coming down on digital currency trading caused an epic crash in the market this week. But reining in this evolving asset class won't be easy. ... Read full article

PHH Corp. agreed to a $45 million settlement to resolve allegations from 49 states and the District of Columbia that it engaged in "foreclosure process abuses" involving "inconsistent signatures" in its servicing business from 2009 to ... Read full article

A bill that would ensure fintechs can continue to partner with banks to make loans at interest rates that exceed state caps drew some bipartisan support on Wednesday, despite opposition by consumer groups. ... Read full article

The House passed an appropriations bill that on the surface advanced key regulatory relief provisions sought by banks, but it could also open the door to higher examination fees, particularly for state-chartered banks. ... Read full article

The changes to the National Multistate Licensing System will include a more customized user experience for companies and functionality for states to share examination data. ... Read full article

The first compliance deadline fell last week for the state’s strict new regulation. Banks are struggling with certain elements, such as multifactor authentication. ... Read full article

States must recognize how their patchwork of different regimes stifles innovation, but they also have an opportunity to help maintain U.S. competitiveness in the global fintech marketplace. ... Read full article