As we reported last month, the District of Columbia Department of Insurance, Securities and Banking (DISB) started accepting applications and transition filings for the Student Loan Servicer License on the Nationwide Mortgage Licensing System (NMLS) on August 10, 2017. After nearly a month of accepting Student Loan Servicer License applications, the Commissioner released a Notice of Emergency and Proposed Rulemaking to implement the Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016. The Student Loan Servicer emergency rules were adopted and made effective on September 8, 2017. In addition, we have been informed by the DISB that Charles Burt was appointed as the Student Loan Ombudsman this past summer. For more information about the rules, please see our full coverage here.

In California, the Department of Business Oversight (DBO) has released proposed regulations pursuant to the state’s 2016 Student Loan Servicing Act. Among others, the regulations propose that the Student Loan Servicer License will be administered through the Nationwide Mortgage Licensing System (NMLS) as well. The Act and final regulations will become effective on July 1, 2018. For more information about the proposed regulations, please see our full coverage here.

A summary of the D.C. and California student loan servicing regulations can be found here.