State Banking

Pomelo Two US LLC Consent Order - Unlicensed Money Transmission

The New Hampshire Banking Department issued a Consent Order against Pomelo Two US LLC for conducting unlicensed money transmission activity in New Hampshire between July 2022 and February 2023. The company conducted a pilot test involving 8 transactions totaling $32,888 before obtaining its license, which was subsequently approved on February 10, 2025. Pomelo self-disclosed the activity and fully cooperated with the investigation.

Clarity Debt Resolution Consent Order - Debt Adjustment

The State of New Hampshire Banking Department issued a consent order against Clarity Debt Resolution, Inc. for charging New Hampshire consumers fees exceeding the statutory 15% maximum permitted under RSA 399-D:16. The Department ordered Clarity to remit $191,460.31 in total restitution to 133 affected consumers and to cease and desist from material violations of RSA Chapter 399-D. Failure to comply with the consent order may result in additional administrative action including license revocation and monetary penalties.

Michigan Celebrates Financial Services Jobs, 6,400 Added in 2025

The Michigan Department of Insurance and Financial Services released a press release celebrating Michigan Open Account Coalition (MOAC) Month and National Financial Literacy Month. The release highlights that Michigan's financial activities sector, which includes both insurance and financial services industries, added 6,400 jobs in 2025 according to data from the Michigan Center for Data and Analytics. The notice promotes the MOAC initiative launched in 2022 to expand access to low-cost banking accounts for underserved communities.

Farmers Insurance Group Stipulation Consent Order, Docket 26-008-I

Vermont Department of Financial Regulation issued a Stipulation and Consent Order against Farmers Insurance Group in Docket 26-008-I, dated April 17, 2026. The specific regulatory violations cited and any associated penalties are contained in the attached consent order document. Insurance companies operating in Vermont should monitor for updates related to this enforcement action.

NH Highlights Children's Financial Education Tools for April

The New Hampshire Banking Department announced the availability of financial education tools for children as part of Financial Empowerment Month. The announcement links to resources from Jump$start, FDIC, CFPB, ABA, and FTC, including lesson plans, activities, and glossaries for K-12 financial education. No new compliance obligations or regulatory requirements are imposed.

Athletic Commission Regular Commission Meeting

The New Mexico Athletic Commission has scheduled a Regular Meeting for Wednesday, April 29, 2026, at 10:00 a.m. The meeting will be held at the Regulation and Licensing Department, 5500 San Antonio Dr. NE, Albuquerque, NM, 87109 in the Sandia Conference Room, with virtual attendance available via Microsoft Teams. The agenda will be posted at least 72 hours before the meeting.

Clarity Debt Resolution Inc, Consent Order 2025-0276, Consumer Restitution List

The NH Banking Department issued Consent Order 2025-0276 against Clarity Debt Resolution Inc, requiring the company to pay $191,460.31 in consumer restitution to 133 consumers. The exhibit lists individual restitution amounts ranging from $92.60 to $6,046.01 per consumer.

Clarity Debt Resolution Inc Consent Order 2025-0276

The New Hampshire Banking Department issued Consent Order 2025-0276 against Clarity Debt Resolution Inc, a debt resolution services provider. The order establishes binding compliance requirements and may include restrictions on the company's operations within New Hampshire. The specific terms, penalties, or corrective actions are determined by the consent order provisions.

BAN 100 Readoption Hearing - Organizational Rules

The New Hampshire Banking Department announces a public hearing on May 14, 2026 from 11:00 AM to 12:00 PM regarding the readoption of BAN 100 with amendment. BAN 100 establishes the general course of the Department's operations and the methods by which the public may obtain information or make submissions or requests. The hearing will take place at 53 Regional Drive, Suite 200, Concord, NH 03301. Proposed rule changes are available on the Department's Laws, Rules and Guidance page.

Public Hearing on BAN 1450 Readoption Regarding Risk Classification and Acceptable Collateral for Public Funds Deposits

The New Hampshire Banking Department proposes to readopt with amendment BAN 1450, which classifies deposits by risk level and defines acceptable collateral for securing public funds deposits. A public hearing is scheduled for May 14, 2026 from 1:00 PM to 2:00 PM at the department's Concord office. The proposed rule changes are available on the department's Laws, Rules and Guidance webpage.

NH Banking Dept Launches Budgeting Video for Young Adults

The New Hampshire Banking Department has created a budgeting video for young adults as part of Financial Empowerment Month. The video features James Kelleher, a university student from New Hampshire, and is aimed at high school and college-aged young adults. The Department also maintains a repository of financial education resources covering topics such as credit cards, loans, scams, and budgeting.

Kolbrt Audisho Order Accepting Stipulation

The Michigan Department of Insurance and Financial Services issued a Directors Order accepting a stipulation in case 25-18845 involving Kolbrt Audisho. The order resolves an enforcement matter before the department. The specific terms and conditions of the stipulation were accepted by the Director as final resolution of the matter.

Ali Sharif Insurance License Revocation for Exam Fraud

MI DIFS issued Order Accepting Stipulation (Case No. 26-18920) revoking the insurance license of Ali Sharif (System ID No. 1315812) effective April 13, 2026. The revocation follows respondent's admission to obtaining an insurance license through misrepresentation or fraud under MCL 500.1239(1)(a) and using fraudulent or dishonest practices demonstrating untrustworthiness under MCL 500.1239(1)(g).

Lavonne Yousif Insurance License Revoked for Fraud and Misrepresentation

MI DIFS issued an Order Accepting Stipulation revoking Lavonne Yousif's insurance license (Enforcement Case No. 25-18794) effective April 8, 2026. The respondent admitted to obtaining a license through misrepresentation or fraud under MCL 500.1239(1)(a) and engaging in fraudulent or dishonest practices demonstrating untrustworthiness under MCL 500.1239(1)(g). The order permanently bars Yousif from reapplying for any DIFS-administered license.

Elidad Kado Insurance License Revoked for Fraud

The Michigan Department of Insurance and Financial Services (DIFS) issued an Order Accepting Stipulation revoking the insurance license of Elidad Kado (Case No. 26-18896, System ID No. 1308492) effective immediately on April 13, 2026. The revocation is based on findings that Kado attempted to obtain a license through misrepresentation or fraud and engaged in fraudulent or dishonest practices demonstrating untrustworthiness, in violation of Sections 1239(1)(a) and 1239(1)(g) of the Michigan Insurance Code.

Express1 LLC License Revoked by DIFS for Deferred Presentment Violations

Michigan DIFS issued an Order Accepting Stipulation revoking Express1 LLC's three licenses (DP-0025514, DP-0025515, DP-0025516) under the Deferred Presentment Service Transactions Act. The revocation follows a Notice of Opportunity to Show Compliance served on November 5, 2025, alleging the company's conduct failed to meet requirements under the Act. Sole officer and member George Yusubov is also barred from future licensure applications under any financial licensing acts administered by DIFS' Office of Consumer Finance.

Patrick Skorupski Insurance License Revoked for Exam Cheating, Fraud

Michigan DIFS issued an Order Accepting Stipulation revoking Patrick Skorupski's insurance license (Enforcement Case No. 26-18922) effective April 13, 2026. DIFS found that Skorupski obtained his license through misrepresentation or fraud and used fraudulent or dishonest practices in the conduct of business. The revocation is permanent, and Skorupski is prohibited from reapplying for any license administered by Michigan DIFS.

Olivia Quatrine Insurance License Revoked for Fraud

The Michigan Department of Insurance and Financial Services has revoked Olivia Quatrine's insurance producer license. The revocation follows Quatrine's admission that she obtained her license through misrepresentation or fraud and engaged in fraudulent or dishonest practices in business, violating Michigan Insurance Code Sections 1239(1)(a) and 1239(1)(g). The order was issued following a stipulation agreement and the license revocation is effective immediately.

Weekly Formula Rate of Interest Set at 10.75 Percent

Commissioner Greg Gonzales of the Tennessee Department of Financial Institutions announced the maximum effective formula rate of interest at 10.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 6.75 percent as published by the Federal Reserve on April 13, 2026. The rate remains in effect until the Federal Reserve changes the average prime loan rate. Chapter 464, Public Acts of 1983 requires weekly announcement of the formula rate.

AARP Fraud Prevention Month Offers Free Events on Spotting and Avoiding Scams

The New Hampshire Banking Department announces that AARP New Hampshire is hosting two free remote fraud prevention seminars in April 2026 to help Granite Staters recognize and avoid common scams. Events are scheduled for April 16 from 11:00 am to noon and April 30 from 6:00 to 7:00 pm.

Prime Mortgage Funding Inc License Revoked for False Asset Documentation

MI DIFS issued an Order Accepting Stipulation revoking Prime Mortgage Funding Inc's mortgage broker license (FL-0020387, NMLS ID: 1475017), retroactively effective December 31, 2024. The action stems from DIFS allegations that the company provided false asset documentation to lenders, violating Section 22(b) of the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA). The company neither admitted nor denied the allegations but agreed to the stipulation to resolve Enforcement Case No. 25-18668.

MLOLA License Revoked - Derek Shamo, Enforcement Case No. 25-18668

Michigan DIFS issued an Order Accepting Stipulation revoking the MLOLA license of mortgage loan originator Derek Shamo (NMLS ID: 784282) retroactively to April 28, 2024, after finding he provided false asset documentation to lenders in violation of the Mortgage Loan Originator Licensing Act. DIFS has prohibited Shamo from servicing, processing, underwriting, or originating any loans, and from being a control person of any licensee under the MBLSLA or Consumer Financial Services Act. The prohibitions may be lifted after five years upon application to the Director.

Vermont Securities Regulation Revised

The Vermont Department of Financial Regulation has revised Regulation S-2016-01 governing securities regulation in the state, updating requirements for broker-dealers, investment advisers, and securities issuers. The revision takes effect April 10, 2026.

FBI 2025 Internet Crime Report: $17.6B Stolen, Hospitals and Schools Targeted

The FBI released its 2025 Internet Crime Report detailing $17.6 billion in losses from cybercrime and fraud targeting critical infrastructure, hospitals, and schools across the United States.

Financial Empowerment Month: NH AG's Office hosting free scam prevention training

The New Hampshire Department of Justice Elder Abuse and Financial Exploitation Unit announced three free community scam prevention sessions in Rochester and Manchester, NH this April. The sessions, part of the 'Protect Your Wallet, Protect Yourself' initiative, target older adults age 60 and older to help them recognize, avoid, and respond to financial fraud.

FTC Consumer Alert regarding phishing scam about expiring reward points

The FTC issued a consumer alert warning about phishing scams targeting reward program members with fraudulent texts claiming points are expiring. The scammer-directed messages attempt to steal personal information or install malware. Consumers are advised to verify reward status directly through official company websites or apps rather than clicking embedded links.

Hassan Jawad Insurance License Revocation - Fraud

Michigan DIFS revoked Hassan Jawad's insurance license (Enforcement Case No. 25-18675) after finding he obtained the license through misrepresentation and engaged in fraudulent or dishonest practices in business under MCL 500.1239. The revocation is effective immediately with a permanent bar on reapplication.

Christopher Wodkiewicz License Revoked for Fraud and Misrepresentation

MI DIFS issued an Order Accepting Stipulation revoking the insurance license of Christopher Wodkiewicz (System ID No. 1332769) effective April 6, 2026. Wodkiewicz admitted to obtaining his license through misrepresentation or fraud under MCL 500.1239(1)(a) and to using fraudulent or dishonest practices demonstrating untrustworthiness under MCL 500.1239(1)(g). The license revocation is immediate, with continued jurisdiction retained by DIFS for any compliance violations.

Tyler Reid Insurance License Revocation - Exam Proxy Fraud

MI DIFS issued an Order Accepting Stipulation in Case No. 26-18934, revoking Tyler Reid's insurance license effective April 6, 2026. The revocation stems from Respondent's admission that he obtained a license through misrepresentation by using an exam proxy, constituting fraud under MCL 500.1239(1)(a) and demonstrating untrustworthiness under MCL 500.1239(1)(g). Respondent is permanently barred from reapplying for any DIFS-administered license.

Directors Order - Alicia Ahrens Stipulation Accepted

The Michigan Department of Insurance and Financial Services (DIFS) accepted a stipulation and issued a Directors Order against Alicia Ahrens on April 6, 2026, resolving an enforcement matter involving alleged violations of Michigan consumer financial services and securities statutes (MCL 451.2001 et seq., MCL 451.2101 et seq., and MCL 451.904). The order imposes administrative sanctions and obligations on the respondent following investigation.

Insurance Producer License Revoked for Consent Violations

MI DIFS issued an Order Accepting Stipulation revoking Samuel Christmas's insurance producer license (Case No. 25-18214). The revocation stems from DIFS allegations that Christmas violated MCL 500.2003(1) by submitting enrollment documents without the knowledge or consent of insureds—a deceptive practice under MCL 500.2018. Christmas admitted the violations and agreed to the revocation as the sole regulatory penalty, with the license revoked effective immediately.

Weekly Formula Rate of Interest Announcement - April 2026

Commissioner Greg Gonzales announced Tennessee's weekly maximum formula rate of interest at 10.75% per annum, based on a 4% ceiling over the Federal Reserve's weekly average prime loan rate of 6.75%. This rate applies under Chapter 464, Public Acts of 1983, which mandates weekly formula rate announcements.

Maximum Effective Rate of Interest for Home Loans - May 2026

The Tennessee Department of Financial Institutions announces the maximum effective interest rate for home loans for May 2026 at 10.43% per annum, calculated as four percentage points above the Average Prime Offer Rate (APOR) of 6.43%. The rate is set pursuant to Public Chapter 290 enacted by the Tennessee General Assembly in 2025.

Michigan Encourages Financial Check-ins and Savings Goals During America Saves Week

The Michigan Department of Insurance and Financial Services (DIFS) issued a press release for America Saves Week (April 6-10, 2026) encouraging Michiganders to conduct financial check-ins, review budgets, and set savings goals. DIFS also promoted Michigan Open Account Coalition (MOAC) Month, highlighting low-cost banking access through partnerships with approximately 40 financial institutions across 67 Michigan counties to serve historically underserved communities.

Default Judgment and Order - Austin Franco License No. 3003611956

The Vermont Department of Financial Regulation Insurance Division issued a Default Judgment and Order against Austin Franco (License No. 3003611956) in Docket No. 26-002-I. The order was entered due to the licensee's failure to respond to the regulatory action. Specific penalties or license actions are contained in the attached order.

Action Against Mortgage Servicer Newrez LLC

Washington State DFI issued a Statement of Charges against Newrez, LLC, a non-bank mortgage servicer, alleging numerous repeat violations of the Consumer Loan Act of Washington between 2021-2026. The enforcement action follows an investigation triggered by over 125 consumer complaints. DFI seeks a $4,175,000 fine—one of its most significant fines outside of multi-state enforcement—along with an order requiring Newrez to cease violations and remediate consumer harm.

Financial Empowerment Month Credit and Credit Repair Consumer Guidance

The New Hampshire Banking Department released consumer education materials as part of Financial Empowerment Month, highlighting free credit report access through AnnualCreditReport.com and warning consumers about fraudulent credit repair companies. The announcement links to FTC credit repair resources and NH Department of Justice consumer credit card guidance.

Insurance License Revoked for Exam Fraud

Michigan DIFS issued an Order Accepting Stipulation revoking the insurance license of Davide Nicorescu-Adams (Enforcement Case No. 26-18945) effective March 11, 2026. The respondent admitted to obtaining a license through misrepresentation and using fraudulent or dishonest practices in violation of MCL 500.1239(1)(a) and MCL 500.1239(1)(g). The order permanently bars the respondent from reapplying for any license administered by DIFS.

Stipulation and Consent Order - Daxton Fillmore

The Michigan Department of Insurance and Financial Services (MI DIFS) issued a Directors Order and Stipulation accepting a consent agreement in Case No. 25-18469 involving Daxton Fillmore. The enforcement action addresses alleged violations of Michigan's Financial Institutions Code, with multiple monetary penalties and remediation provisions specified in the stipulation.

Changes in Check Cashing Laws - HB 1185

FL OFR issued an industry alert notifying licensed check cashers of House Bill 1185, which creates new restrictions on cashing corporate checks under s. 560.309(11), F.S. The bill prohibits cashing corporate checks exceeding 200% of the payee's workers' compensation policy payroll amount and makes knowing and willful violations a third-degree felony. The law takes effect July 1, 2023.

License Renewal Deadlines for OFR-Licensed Financial Services Entities

The Florida Office of Financial Regulation announces open license renewal periods for entities licensed under Chapters 494, 517, 559, and 560, Florida Statutes. Deadlines range from December 26, 2023 through January 3, 2024 depending on license type. Affected entities include FINRA member dealers, investment advisers, mortgage lenders/originators, collection agencies, and money services businesses.

Florida Financial Institution Tropical Cyclone Nine Proclamation

The Florida Office of Financial Regulation issued a proclamation to Florida state-chartered financial institutions and securities professionals regarding potential Tropical Cyclone Nine. The advisory serves as advance notice to the regulated community to prepare for potential storm impacts. No specific compliance requirements or deadlines were established in this proclamation.

Hurricane Milton Regulatory Relief for Financial Institutions

The FDIC, Federal Reserve, Florida Office of Financial Regulation, NCUA, and OCC issued an interagency statement on October 15, 2024, providing supervisory relief for financial institutions affected by Hurricane Milton. The statement addresses lending flexibility, temporary facility operations, publishing requirements, and regulatory reporting. The agencies will not assess penalties against institutions taking reasonable and prudent steps to comply with reporting requirements.

Second Amended Hurricane Debby Proclamation for Florida Financial Institutions

The Florida Office of Financial Regulation issued a second amended proclamation extending hurricane regulatory relief provisions to Florida state-chartered financial institutions and securities professionals regarding Hurricane Debby. The proclamation extends previously issued relief measures to ensure continued operation of financial services during the hurricane emergency.

Proclamation to Florida Financial Institutions Regarding Tropical Storm Milton

The Florida Office of Financial Regulation (FL OFR) issued a proclamation on October 6, 2024, to Florida state-chartered financial institutions and securities professionals regarding Tropical Storm Milton. The proclamation appears to be a standard emergency notification mechanism for the financial services sector during severe weather events. No specific compliance obligations, deadlines, or penalties are detailed in the notice.

Matthew Czernel insurance license revoked for exam fraud

The Michigan Department of Insurance and Financial Services (DIFS) issued an Order Accepting Stipulation revoking Matthew Czernel's insurance license effective March 11, 2026. The revocation stems from exam fraud, with Czernel admitting violations under MCL 500.1239(1)(a) for obtaining a license through misrepresentation and MCL 500.1239(1)(g) for fraudulent or dishonest practices.

Waleed Abdal - Stipulation Accepted

The Michigan Department of Insurance and Financial Services accepted a stipulation filed by Waleed Abdal under case number 25-18855. This enforcement action represents a finalized regulatory settlement under the DIFS Directors Orders program. The specific terms and conditions of the stipulation were not detailed in the available document summary.

Bow High School wins FinLit 300 Championship

The New Hampshire Banking Department announced that Bow High School won the 2026 FinLit 300 championship on March 31. The competition, organized by the NH Jump$tart Coalition, is a 'quiz bowl' style challenge testing student knowledge across financial literacy categories. Six finalist teams competed from a field of 14 schools that began the competition.

FTC warns about mortgage relief scams targeting vulnerable homeowners

The FTC issued a consumer alert warning homeowners about mortgage relief scams. Scammers contact homeowners unexpectedly, promising mortgage modifications or foreclosure avoidance in exchange for upfront fees. The alert advises consumers not to pay upfront fees and to report suspected scams to ReportFraud.ftc.gov.

NH Highlights MyMoney.gov Resources for Financial Literacy

The New Hampshire Banking Department announced Financial Empowerment Month by highlighting MyMoney.gov federal resources for financial literacy. The announcement directs consumers, educators, and researchers to the federal website for information on topics including household economics and decision-making.