Licenses and charters

The Biden administration may finally be close to naming an acting comptroller of the currency. Whoever gets the interim job or is confirmed to run the agency over the longer term will have a lengthy to-do list, from Community Reinvestment Act reform to deciding the fate of divisive Trump-era rules.

The CFPB’s allegations are similar to unresolved accusations Connecticut first levied against the company in 2018.

The new complaint filed by the lender in the state’s Superior Court is aimed at compelling a January decision on the 2018 allegations.

The Office of the Comptroller of the Currency appears intent on being the federal chartering agency for tech firms with banking ambitions. But some experts say the Consumer Financial Protection Bureau is better suited for the job.

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.

The decision is the latest development in an ongoing dispute between the shuttered company and its regulator.

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.

A mortgage company's dispute with Connecticut over what tasks a licensed loan officer needs to handle points to a potential compliance concern for direct and digital lenders seeking to maximize efficiencies.

1st Alliance has ceased lending activities following the loss of bonding in Connecticut, plus financial concerns it links to a state regulatory dispute, but it may later seek to recapitalize.

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

As suspense builds over which firm will be the first to seek the special-purpose charter, a side discussion has emerged over which financial services sector has the most to gain — or lose — from the new option.

1st Alliance Lending CEO John DiIorio explains why the mortgage lender turned down a consent order with the Connecticut Department of Banking and the high cost of fighting what he sees as an overreach of regulators' enforcement power.

1st Alliance Lending plans to cut up to 35 employees in Connecticut and terminate efforts to expand its East Hartford headquarters in order to prepare for an expected increase in regulatory costs.

Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary.

The House Financial Services Committee, by a vote of 60-0, approved a bill amending key provisions of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.