State regulators

The law would have expanded the state's 12% interest rate cap in a manner that would have effectively banned fintech lending in the state.

California's Department of Financial Protection and Innovation is requiring registration by mid-February of debt settlement firms, earned wage access providers, private secondary education financing and student debt relief services.

The memorandum creates channels for sharing information about nonbanks between the Federal Housing Finance Agency and the Conference of State Bank Supervisors.

The Old Dominion State has joined 30 others with pending or existing legal protections against the real estate agreements, which affect the right to sell.

States have the option of adopting the oversight framework issued by the Conference of State Bank Supervisors, which resembles capital and liquidity plan proposed by the Federal Housing Finance Agency.

Manny Alvarez, the head of California’s Department of Financial Protection and Innovation, told staff that he plans to leave on June 18. Chief Deputy Commissioner Chris Shultz will be appointed to lead the agency on an interim basis.

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 FHA’s deadline was extended as part of its latest renewal of other coronavirus-related contingencies. The move follows a request from state regulators to provide ample notice of the forbearance program’s expiration.

The complaint dates back to 2014 state regulator examinations when the Dallas company was known as Nationstar.