On February 27, the California Department of Financial Protection and Innovation (DFPI) issued new guidance with respect to the performance of remote work by mortgage loan originators.
California DFPI issues guidance with respect to performance of remote work by MLOs working for licensees under California Residential Mortgage Lending Act. CRMLA does not expressly prohibit employees of a licensee from working at a remote location, such as an employee’s home
On February 27, the California Department of Financial Protection and Innovation (DFPI) issued new guidance with respect to the performance of remote work by mortgage loan originators.
The Department of Financial Protection and Innovation (DFPI) of California entered a
settlement agreement with Chime Financial, Inc. (Chime), a fintech company that is not licensed to operate as a bank or otherwise exempt from licensure, but works with banking partners to issue consumer banking products. The DFPI found that Chime potentially violated California Financial Code Sections 561 and 563 by (1) using the website “
chimebank.com” and (2) using the words “bank” and “banking” in certain other aspects of its business.
As part of the settlement, Chime will stop using the website “
chimebank.com” in its business unless and until it becomes a licensed bank. Moreover, Chime is required to perform a review of its webpage and advertising to further clarify any references where the term “banking” is used and bolster its description of its role as a “technology, business processor, and marketing service provider to its Bank Partner(s).” It is required to mak