CSBS

The federal Project Fortress initiative provides defensive tools for banks. Community banking groups and regulators' associations say small banks in particular need the free and accessible help.

The proposal should be withdrawn or reworked around the needs of small players they impose a disproportionate burden on, the Community Home Lenders Association said.

The Conference of State Bank Supervisors filed a complaint arguing that the unique bid by the San Francisco fintech is "merely a thinly veiled effort" to evade legal challenges to the federal regulator's chartering of nonbanks.

Many states currently have temporary work-from-home guidance for licensed mortgage professionals that extends through at least Dec. 31, but some have fall expiration dates.

All states that had licensing restrictions related to remote work temporarily lifted them due to the pandemic, but whether those changes could become permanent remains to be seen.

Bank employment of mortgage loan officers rose slightly last year, but that was before the coronavirus spread and resulted in social distancing measures that raised questions about broader employment prospects.

Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," the regulators said.

The Conference of State Bank Supervisors on Friday launched a centralized link to state websites highlighting information relevant to business continuity plans for licensed mortgage loan officers.

State and federal officials committed to providing “appropriate regulatory assistance” to banks whose customers may be hurt by the coronavirus outbreak and said prudent measures would not be subject to criticism by examiners.

A Conference of State Bank Supervisors subsidiary settled a lawsuit with defendants who allegedly misused and reproduced copyrighted questions from a national exam mortgage loan officers take to obtain licenses.

Nearly half the nation's state regulators have agreed to a new multistate licensing business for money servicers, including fintechs.

The state became the first in the country to ask federal regulators for a temporary waiver, citing a shortage of available appraisers.

Lawmakers approved legislation to enable coordination between state and federal regulators on examining banks' third-party vendor relationships.

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 2012. The settlement comes as the nonbank mortgage company continues its legal challenge to a separate regulatory action by the CFPB.

In a recent letter, two trade groups representing that industry lobbied Treasury Secretary Steven Mnuchin to support a bill that would give oversight of nonbank mortgage lenders exclusively to state regulators.

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.

The deposit insurer has stayed out of the debate over how to regulate the online lending industry. But that may be about to change.