The South Dakota Division of Banking issued a Memorandum notifying all licensed money lenders and non-residential mortgage lenders of their Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) obligations under a 2020 Final Rule published by the Financial Crimes Enforcement Network (“FinCEN”). The final rule became effective in 2020, and the Memorandum requires licensees to comply by March 31, 2024.… Continue Reading

The CFPB has issued two more Small Entity Compliance Guides on its mortgage-related rules.  The latest guides cover the mortgage servicing rule and loan originator compensation rule finalized by the CFPB in January 2013. 

As did the CFPB’s previously-released guides, the new guides caution that they are not substitutes for the underlying rules.… Continue Reading