CSBS

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.