Photo of Stacey Riggin

Mayer Brown is pleased to announce that Krista Cooley, a partner in our Financial Services Regulatory and Enforcement group, has recently expanded her existing practice to take the lead in managing our state licensing practice.  Krista is an experienced Consumer Financial Services attorney with over 19 years of experience.  In this role, Krista advises clients on compliance with the requirements of federal and state laws governing the licensing, approvals and practices of brokers, lenders, purchasers and servicers of mortgages and other consumer loan products, as well as sales finance companies, money service businesses and collection agencies. She also assists clients in navigating the complex state and federal licensing and approval process in connection with, among others, new business lines, legal entity conversions, restructuring and change of control transactions.

Stacey Riggin, one of our Government Affairs Advisors, and Dana Lopez, our Licensing Manager, work closely with Krista and will continue to oversee our team of five regulatory compliance analysts, each of whom has over ten years of experience working together on licensing matters.  Our team has decades of experience in managing nationwide licensing projects and assisting clients in obtaining approval with state and federal government agencies to engage in a variety of financial services related activities.  Our team also coordinates regulatory approvals needed to facilitate mergers, equity investments, stock and asset acquisitions, and servicing sales and transfers.


Continue Reading Mayer Brown Announces Consumer Finance Licensing Team Transition

Two days after its original announcement, the NMLS Policy Committee has amended its previously announced 60-day temporary deadline extension for certain types of reporting submitted in NMLS. According to the current posting on the NMLS website, it appears that because the Federal Financial Institutions Examination Council announced there would be a 30-day extension for certain reports, the NMLS Policy Committee reduced its extension for filing financial statements and certain other reports from 60 days to 30 days. The revised reporting due date table has also been amended to reflect the new 30-day temporary deadline extension. We do not know the consideration(s) that went into this new decision.

Plus, the NMLS Policy Committee is now encouraging
Continue Reading NMLS Amends Extension to State Reporting Due Dates, as Coronavirus Still Plagues the Land

The next test for mortgage finance companies licensed through the NMLS is the requirement of a number of states to provide financial statements through the NMLS within 90 days of the licensee’s fiscal year end.  We brought this issue to the attention of the Conference of State Bank Supervisors (“CSBS”) two weeks ago, and this was considered by the NMLS Policy Committee last week. No decision was made at that time, but the Policy Committee agreed to consider the matter further this week. As we understand, after the meeting of the Policy Committee on Tuesday, it was decided that while financial statements are still due, there will be a 60 day grace period to provide the financial statements, and certain other required filings of state licensed entities. Specifically, the NMLS Policy Committee issued the following yesterday:

“In response to the COVID-19 pandemic and its impact on state regulated entities, the NMLS Policy Committee has implemented a 60-Day deadline extension for the following types of reporting submitted in NMLS:

  • Money Services Business Call Report
  • Mortgage Call Report
  • Financial Statement


Continue Reading Coronavirus Still Plagues the Land, but State Regulators Step Up and Provide Some Temporary Relief from Certain State Filings

Last week was busy for the financial technology industry (Fintechs) and non-bank regulators.

New York joined the Conference of State Bank Supervisors (CSBS) in filing a lawsuit against the Office of the Comptroller of the Currency (OCC), and announced plans to adopt a uniform licensing system for Fintechs. CSBS issued its support of the lawsuit,

It’s fall, Halloween is over, and the scary clowns (other than those vying for political office) will recede into the forests next to small communities.  Now it’s time to look forward.  Many, we hear tell, cannot do so with joy as they plan for Thanksgiving and the year-end holidays.  Rather, there is a sense of dread and foreboding as mortgage companies, money transmitters, and collection agencies, among others, begin the annual license renewal process through the NMLS.  Before too many deficiencies start haunting your NMLS Account Records, the Consumer Financial Services practice group at Mayer Brown wishes to offer you some cheer to keep your spirits up and 12 terrific tips (indeed, huuuuuge ideas) to help you slog through renewals and minimize deficiencies.
Continue Reading A Dozen Tips for Less Stress During the License Renewal Season*