October, 2016
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CFPB Outlines Next Priority Areas for Enforcement and Supervision
In a speech to the Mortgage Bankers Association October 25, Consumer Financial Protection Bureau Director Richard Cordray highlighted three priority areas for enforcement and supervision in the next year.
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Michigan Modification to Mortgage Loan Originator Fees
Michigan’s Department of Insurance and Financial Services updated its annual licensing fees for the Mortgage Brokers, Lenders and Servicers Licensing Act and the Secondary Mortgage Act. The current fees will remain in place for the remainder of 2016. The new fees, as outlined below, will be effective between January 1 and December 31, 2017.
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NCUA Launches Interactive Online Examination Guide
October 24, 2016, the National Credit Union Administration (NCUA) launched the online Examiner’s Guide, which is an interactive tool allowing examiners to provide up-to-date, comprehensive supervisory guidance on certain regulatory and supervisory issues affecting credit unions.
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CFPB Issues Updated TRID Compliance Guides
October 2016, the Consumer Financial Protection Bureau (CFPB) published two updated guides pertaining to the Truth in Lending Integrated Disclosure (TRID) rule, a Guide to Forms booklet and a Small Entity Compliance Guide. The Small Entity Compliance Guide reflects a number of changes made since the original publication was issued in April 2014.
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Montana Implements Provisions Concerning Renewal Fees and Licensing Definition
The Montana Department of Administration amended its provisions by reducing its licensing renewal fees for 2017 by 50%. This temporary rule is set to expire on March 1, 2017. In addition, the Department also adopted a new rule pertaining to the clarification of the definition of “regularly engage.” The provision regarding this new rule is effective on October 15, 2016.
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Tennessee Announces Annual Supervision Fees
The Tennessee Department of Financial Institutions has announced the annual supervision fees for non-depository financial institutions for fiscal year 2016-2017, which become effective on October 14, 2016. The purpose of these fees is to cover the annual licensing or registration fees, as well as the costs of routine examinations and investigations.
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Pennsylvania Amends Provisions Concerning Powers of Attorney
Pennsylvania recently amended certain provisions regarding powers of attorney. These changes take effect immediately.
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New York Enacts Provisions Concerning Administration of Digital Assets
New York recently enacted provisions concerning the administration of digital assets which take effect immediately.
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Oregon Implements Provisions Concerning Commercial Construction Lending Exemption
The Oregon Department of Consumer and Business Services implemented provisions concerning commercial construction lending exemption under its licensing of mortgage loan originator regulation. These provisions are effective immediately.
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California Adopts Several Provisions affecting Mortgage Lenders, Mortgage Servicers, and Fiduciaries
California adopts several provisions affecting mortgage lenders, mortgage servicers, and fiduciaries.