Attorney General Gordon J. MacDonald and New Hampshire Bank Commissioner Gerald H. Little announce that their agencies have joined with 52 other state regulators, 51 state attorneys general and the federal Consumer Financial Protection Bureau (CFPB) in a settlement agreement with Nationstar Mortgage LLC, d/b/a Mr. Cooper, one of the largest mortgage servicers in the nation, closing a multiyear investigation of the company.

 

The Joint Press Release may be found at: [https://www.doj.nh.gov/news/2020/20201210-nationstar-settlement.htm].

 

The settlement agreement and consent order may be found at: [www.csbs.org/2020-settlement-agreement-and-consent-order].

On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help consumers struggling with financial hardship due to the COVID-19 pandemic.

 

For consumers experiencing financial hardship that has made it difficult to maintain your mortgage payments, the following link provides important information about your rights to mortgage payment forbearance and foreclosure protection under the CARES Act.

 

https://www.csbs.org/system/files/2020-05/CSBS-CFPB_Consumers_Forbearance_Guide_May_2020_0.pdf

 

Please review this information carefully and reach out to your servicer for assistance with making your loan payments.

 

If you are having difficulty working with your servicer, you may contact the Department at 603-271-3561 for assistance with understanding your rights under the CARES Act.

Pursuant to state law and the Department's policy and procedure, the per diem fee for all state-chartered banks, credit unions, trust companies, and family trust companies has been calculated to be $1,074. Similarly, the per diem fee for all entities licensed under consumer credit laws has been calculated to be $955. This new per diem fee will be charged for all examinations commencing on or after October 1, 2020.

 

View Chartered Entity Memorandum and Licensed Entity Memorandum.

The escrow rate for the period August 1, 2020 through January 31, 2021 is 0.00%.

Pursuant to NH RSA 383-B:3-303(a)(7)(E), Emelia A.S. Galdieri, Deputy Bank Commissioner, announced the minimum interest rate payable on moneys on deposit in escrow accounts maintained for the payment of taxes or insurance premiums related to loans on property secured by real estate mortgages.

 

Said rate shall be 0.00% and shall be effective commencing August 1, 2020 and shall remain in effect until the next rate announcement on February 1, 2021.

The Consumer Financial Protection Bureau and the Conference of State Bank Supervisors have issued joint guidance for mortgage servicers that outlines servicing requirements for federally backed mortgages during the COVID-19 Outbreak. This guidance includes requirements under the CARES Act, federal regulations, and investor servicing guidelines. The guidance includes Q&As about servicing requirements. See this guidance at this link: https://www.csbs.org/cares-act-forbearance-foreclosure

The New Hampshire Banking Department is providing guidance concerning the reopening of branches or other financial institution offices that were temporarily closed due to the COVID-19 pandemic. View the Updated Guidance.

View this link to find important information provided by the U.S. Secret Service and U.S. Department of the Treasury to help you identify a counterfeit U.S. Treasury check, and who to contact if you receive a counterfeit check: https://www.secretservice.gov/data/press/releases/2020/20-APR/Check-Security-Features-for-Economic-Impact-Payments.pdf

The Conference of State Bank Supervisors ("CSBS") and the Consumer Financial Protection Bureau ("CFPB") released a Consumer Relief Guide with borrowers’ rights to mortgage payment forbearance and foreclosure protection under the federal CARES Act. View the link for information about your options for mortgage relief during the COVID-19 pandemic. Links are provided to explain what assistance is available under the CARES Act, how to file a consumer complaint, and other helpful information. [PDF] [link]

On March 27, 2020, the President signed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). Section 1102 of the CARES Act establishes the Paycheck Protection Program as a Small Business Administration 7(a) Loan Program. The Paycheck Protection Program provides loans to entities to enable them to cover payroll costs and other costs associated with payroll during the COVID-19 state of emergency. For further details about the Paycheck Protection Program, please visit the Small Business Administration website: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options.

The New Hampshire Banking Department has received requests for guidance from state-chartered banks as to whether loans made under the Paycheck Protection Program are exempt from the legal lending limit in RSA 383-B:3-303(a)(7)(A). For the reasons outlined in this Guidance, loans made under the Paycheck Protection Program are exempt from the legal lending limit in RSA 383-B:3-303(a)(7)(A).

Financial institutions are considered an essential business and remain open during the stay-at-home order. Please visit your financial institution’s website regarding changes in branch hours and branch closures. Many financial institutions have temporarily closed their lobbies but banking services are available through the drive-thru, ATM, or by appointment.
View the list of COVID-19 temporary branch closures.

Details about the Governor's Emergency Order #4 regarding foreclosures. View the Department's FAQs.

Attorney General Gordon J. MacDonald urges people in New Hampshire to be on the alert for charitable giving and consumer product scams related to the COVID-19 outbreak. View the Press Release. View the Charitable Giving Fraud Alert Flyer.

 

Also visit nh.gov/covid19 for up-to-date information about the COVID-19 outbreak in New Hampshire.

U.S. Attorney Scott W. Murrary of the District of New Hampshire today urged the public to report suspected fraud schemes related to COVID-19 (the Coronavirus) by calling the National Center for Disaster Fraud (NCDF) hotline (1-866-720-5721) or to the NCDF e-mail address disaster@leo.gov. The public can also report fraud to the FBI's Internet Crime Complaint Center at www.IC3.gov. View the Press Release.

 

To find more about Department of Justice resources and information, please visit www.justice.gov/coronavirus.

The Federal Trade Commissioner ("FTC") warns consumers to be aware of scammers asking you to pay to get your government issued check. FTC article Checks from the Government.

 

Be aware of this as well as other Coronavirus-related scams. Visit ftc.gov.

The New Hampshire Banking Department is providing further clarification on its guidance issued on March 13, 2020, concerning branch closings resulting from the COVID-19 pandemic. View Commissioner's Updated Memorandum.

The New Hampshire Banking Department encourages banks, credit unions, trust companies, and all licensed financial service institutions to work constructively with New Hampshire consumers who may experience difficulties beyond their control due to economic disruptions by the Novel Coronavirus 2019 (COVID-19).
View Commissioner's Memorandum to Chartered Entities.
View Commissioner's Memorandum to Licensed Financial Service Institutions.

The escrow rate for the period February 1, 2020 through July 31, 2020 is 0.00%.

 

Pursuant to NH RSA 383-B:3-303(a)(7)(E), Gerald H. Little,

Bank Commissioner, announced the minimum interest rate payable on moneys on deposit in escrow accounts maintained for the payment of taxes or insurance premiums related to loans on property secured by real estate mortgages.

 

Said rate shall be 0.00% and shall be effective commencing February 1, 2020 and shall remain in effect until the next rate announcement on August 1, 2020.

May 29, 2020

Request for Proposal Award

 

In response to the State Banking Commissioner Gerald H. Little’s and the PDIP Advisory Committee’s request for proposals to provide investment advisory and investment management services to the Pool, the Banking Department received one (1) proposal. The proposal was submitted by PFM Asset Management, LLC. The PDIP Advisory Committee reviewed the proposal on April 9, 2020, awarding PFM a score of 99.25% (119 points of 121 possible total points).

 

 

State Banking Commissioner Gerald H. Little and the PDIP Advisory Committee, on behalf of the Pool, are seeking competitive proposals from qualified providers to provide investment advisory and investment management services to the Pool. Deadline for final submission of proposals is Friday, February 21, 2020 at 3:00 p.m. EST. Late submissions will not be accepted. The Commissioner and the Committee anticipate the contract will be awarded in April. The contract would commence on June 22, 2020, for a period of up to five years.

The RFP may be found at: https://www.nh.gov/banking/bank-cu-trust/nh-public-depst-invest-pool.htm.

Pursuant to state law and the Department's policy and procedure, the per diem fee for all state-chartered banks, credit unions, trust companies, and family trust companies has been calculated to be $1,102. Similarly, the per diem fee for all entities licensed under consumer credit laws has been calculated to be $939. This new per diem fee will be charged for all examinations commencing after today's date.

 

View Chartered Entity Memorandum and Licensed Entity Memorandum.

The New Hampshire Banking Department’s Consumer Credit Division (CCD) has received reaccreditation by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). The CSBS/AAMR Mortgage Accreditation Program identifies agencies that serve the citizens of their State by demonstrating the adoption and use of professionally implemented best practices to protect consumers while maintaining a fair and competitive mortgage services market.

“CCD director Raeleen Schutte and her staff went through a rigorous survey and examination process that tested not just historical performance but proper planning for guiding this ever-changing industry. This accreditation was hard-earned,”, said Bank Commissioner Jerry Little. “Director Schutte has built the Consumer Credit Division into a strong and effective as well as compassionate team and we are all very proud to see their hard work recognized by this highly-regarding national accreditation program.”

On July 10, 2019, Governor Sununu signed NH House Bill 474 and House Bill 450. These bills included important elements affecting trust companies and family trust companies. All New Hampshire chartered trust companies and family trust companies are encouraged to review the bills as many sections have already taken effect. View Department Notice.

Bank Commissioner Gerald Little announces that the Banking Department has entered into a consent order with Respondents CashCall, Inc., WS Funding, LLC and the President and CEO of CashCall, Inc. and WS Funding, LLC, John Paul Reddam. View Press Release and Consent Order.

For additional information please visit www.nhcashcallsettlement.com.

Pursuant to state law and the Department's Per Diem Calculation Policy and Procedure, the per diem rate for all state-chartered banks, credit unions, trust companies, and family trust companies has been calculated to be $1,098. Similarly, the per diem rate for all entities licensed under consumer credit laws has been calculated to be $925. This new per diem rate will be charged for all examinations commencing after today's date.

 

View Chartered Entity Memorandum and Licensed Entity Memorandum.

The New Hampshire Banking Department encourages banks, credit unions, and licensed mortgage lenders to work constructively and prudently with federal employees and other consumers experiencing financial difficulties beyond their control because of the partial shutdown of the federal government. View Banking's Press Release

 

Federal regulators respond to the partial government shutdown. View the Federal Press Release

The Department issued Bulletin NHBD 2018-01 to provide guidance on Senate Bill 91, which amends RSA 399-A:19, II-III, effective August 7, 2018. Senate Bill 91 addresses title loan renewals. View Bulletin NHBD 2018-01

Senate Bill 92, a bill relative to the processing of consumer complaints or inquiries regarding New Hampshire chartered and licensed entities, was signed by Governor Sununu on June 8, 2018, and takes effect on August 7, 2018. View the Commissioner's letter regarding SB 92

View the text of SB 92

The New Hampshire Banking Department joined financial regulators from 46 other states today to announce a legal settlement with PHH Mortgage Corporation (NMLS #2726). The settlement will assist borrowers harmed by substandard mortgage servicing practices conducted by PHH Mortgage between 2009 and 2012. These deficiencies were identified during a multi-state examination of the company. View the Department's press release  

Starting August 1, 2017, money transmitters dealing solely in cryptocurrencies like Bitcoin are not required to be licensed by the Banking Department.

More information on Cryptocurrency Transmitters.

Congratulations to NHBD's Director of Operations, Dawn Allen and Licensing Supervisor, Nancy Burke, both recent graduates of the Certified Public Manager Program, a nationally accredited program designed to improve the performance of public sector managers and the organizational performance of the state.

View Deputy Commissioner announcement

The U.S. Consumer Financial Protection Bureau has announced legal action against Ocwen Financial Corporation and its subsidiaries alleging gross misconduct in the servicing of millions of home mortgages nationwide. Ocwen services many thousands of home loans for New Hampshire consumers. For more information about this action and how it might affect you or your Ocwen-serviced loan, visit the CFPB website or call the New Hampshire Banking Department at 1-800-437-5991. For general information on mortgage servicers visit the Federal Trade Commission.