AMT

AMT

Wednesday, October 12, 2016 - 18:53

Eric C. Peck - NMP Editor in Chief

Read Original Article HERE.

Wells Fargo has announced that Chairman and Chief Executive Officer John Stumpf has informed the company’s Board of Directors that he is retiring effective immediately. The Board elected Tim Sloan, the company’s president and chief operating officer, to succeed him as CEO, and Stephen Sanger, its lead director, to serve as the Board’s non-executive chairman, and independent director Elizabeth Duke to serve as vice chair. Sloan also was elected to the Board.

Tuesday, October 11, 2016 - 15:09

Eric C. Peck - NMP Editor in Chief

Original article can be found HERE.

 

A three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit has called for the President to remove the single-director structure of the Consumer Financial Protection Bureau (CFPB), calling the appointment unconstitutional. In the 110-page ruling, the U.S. Court of Appeals called for limits to the power of the president, and disband the CFPB’s current single-director power structure.

CFPB levies $100 million fine against Wells Fargo

Employees opened more than 2 million fake accounts to get sales bonuses

CFPB's eRegulations is a web-based tool that makes regulations easier to find, read, and understand. The tool has been expanded to include three additional Bureau regulations. We are also updating an existing regulation to reflect changes that the Bureau has recently made.
We have added the following regulations to the website:
We have also updated Regulation Z (Truth in Lending Act) to reflect recent changes.

We expect to add additional regulations and to update existing regulations when they change! 

CO-DORA has updated the course content for the required 2 hours of pre-licensure education.  The outline has been updated to reflect recent changes approved by the Colorado Board of Mortgage Loan Originators to state specific regulation to comply with the federal integrated disclosure rules. Changes reflected in the course content outline include:

  • Strike all of CRS 12-61-914(2)- Written Disclosure of Fees
  • Strike all of CRS 38-40-102- Disclosure of Cost
  • Moved all deceptive practices from 12-61-911 to 12-61-905.5- Prohibited Conduct and Deceptive Practices
  • Strike all of 12-61-911- Prohibited Conduct

The revised content outline has been posted on the course provider page of the NMLS Resource Center.  It is requested that CO state-specific PE courses by updated no later than July 15, 2016 or upon course renewal, whichever is soonest.

NMLS has been informed that Kentucky is amending its annual continuing education (CE) requirement for MLO license renewal.  Beginning July 15, 2016 (anticipated effective date) Kentucky  will require 8 hours of annual CE which will also include 1 hour of KY state-specific education.  Accordingly, the number of hours of annual CE required for license renewal is being reduced from 12 to 8.  The requirement for 4 hours of KY state-specific education every-other-year is also being removed.  Additional details are available on the state’s web site.

NMLS has been informed that effective July 1, 2016, Mississippi will no longer require the completion of MS state-specific continuing education and that the number of  hours of annual education required for license renewal is being reduced from 12 to 8.  The requirement for 4 hours of MS state-specific pre-licensure education remains.   Additional details are available on the state’s web site.

Page 1 of 4