Brief
 

February 15, 2024

 
 
Licensing link

Better Know Your CEO: New York Issues Final Guidance on Character and Fitness

The NYDFS issued final supervisory guidance requiring New York-licensed or chartered banking institutions and financial services companies to establish and maintain a framework for assessing the character and fitness of their directors, senior officers, and managers. Covered institutions must conduct initial and ongoing reviews, tailor assessments based on risk profiles, and promptly report adverse findings. Read more>>

 
 
 

The State of Play on EWA

Legislation to regulate earned wage access (EWA) providers is rapidly increasing across states, with recent bills introduced in Arizona, Florida, Hawaii, and Kentucky in January 2024, following Nevada and Missouri's lead from June 2023. These bills outline differing approaches to regulating EWA transactions, particularly regarding whether they are considered loans or credit, prompting calls for a unified regulatory framework from industry associations. 
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Licensing
 
 
 

Licensing Link and Mayer Brown’s Licensing Team

Licensing Link is a periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on important issues related to state licensing across the spectrum of asset classes and financial services activities. We hope you’ll join us for future editions and don’t forget to subscribe at the button link below.

For more information about the licensing topics discussed, please contact the editors, Krista Cooley, Partner, Washington DC at kcooley@mayerbrown.com and +1 202 263 3315 and Frank Doorley, Partner, Washington DC at fdoorley@mayerbrown.com and +1 202 263 3409.

For more than 20 years, our Financial Services Regulatory and Enforcement practice’s licensing team has helped clients engaged in lending and other consumer credit activities navigate every aspect of state licensing. We routinely undertake nationwide licensing and renewal efforts involving all manner of professional licenses for consumer credit-related activities, including mortgage lending, brokering or servicing, consumer lending and brokering, commercial mortgage and non-real estate-secured commercial or business activities, collections, money services or money transmitter businesses, sales finance activities, and real estate broker activities. We not only help companies evaluate the need for and obtain state licenses but also help steer them through license renewals, examinations and required reporting, changes of control, and license surrenders and provide other services that help companies remain in good standing with state licensing regulators.

 
 
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Accolades
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Chambers Fintech 2024

 Ranked Band 1 in FinTech: Payments & Lending (US) and in FinTech: Corporate, Securities & Financing (US); also ranked in FinTech: Legal (US) and FinTech: Data Protection & Cyber Security (US).

Chambers USA 2023

Ranked Band 1 in: Financial Services Regulation Consumer Finance (Compliance)—also ranked in: Financial Services Regulation: Consumer Finance (Enforcement & Investigations) and Consumer Finance (Litigation).

Law360

8 Practice Groups of the Year in 2022, including Banking, Class Action, and Cybersecurity and Privacy; Firm of the Year 2016-2020.