California’s leadership of a multi-state mortgage origination investigation marks the arrival of the state’s new financial regulator as a national leader on consumer protection efforts. The California Department of Financial Protection and Innovation led 41 other states in bringing a Tuesday action alleging that 400 mortgage loan originators got fake certifications for completing mandatory continuing education courses. Allison Schoenthal, the co-chair of Goodwin's Consumer Financial Services practice, says this would push California in the direction of becoming a leader in enforcement as a change. Read the Bloomberg Law article here.
In The Press January 18, 2022