On March 13, 2020, the New York Department of Financial Services (“NYDFS”) adopted, on an emergency basis, amendments (the “Emergency Adoption”) to the final mortgage servicer business conduct rules found in Part 419 of the Superintendent’s Regulations (the “Final Rules”), to extend the transition period for compliance with the Final Rules by an additional 90 […]
Alston & Bird Webinar Series: Coronavirus: What Does My Business Need to Know?
Thursday, March 12, 2020 | 11:00am ET For Employers: Coronavirus and Travel: A Complicated Business Decision The 2019 novel coronavirus outbreak (also known as COVID-19) causes respiratory illness and can spread from person to person. There have been thousands of deaths reported globally, making the coronavirus deadlier than SARS. Coronavirus infections have been reported in dozens […]
CFPB Releases Policy Statement on Compliance Aids
A&B Abstract: On January 27, 2020, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) published a policy statement announcing a new designation for CFPB guidance, known as “Compliance Aids,” and explaining the legal status and effect of any Bureau guidance labeled as such (the “Policy Statement”). CFPB Policy Statement The Policy Statement announces the Bureau’s […]
NYDFS Issues Final Mortgage Loan Servicer Business Conduct Rules (Part 419)
The New York Department of Financial Services (“NYDFS”) has issued final mortgage servicer business conduct rules found in Part 419 of the Superintendent’s Regulations. Our January 24 client advisory provides a full analysis of the changes, which include: New provisions governing affiliated business arrangements; Expanded restrictions on servicing fees (including property valuation fees); A broader […]
Congress Extends Expired Mortgage Insurance Deductions
On December 20, 2019, the President signed into law House Resolution 1865, the Further Consolidated Appropriations Act, 2020, which is now Public Law 116-94. The law extends the deduction for mortgage insurance premiums (“MIP”) retroactive to 2018, applies to amounts paid or accrued after December 31, 2017, and is set to expire once again on […]