In early March, the New York Department of Financial Services (NYDFS) announced a settlement involving a $1.5M penalty and mandatory remediation in response to a mortgage lender’s alleged failure to report a cyber breach, and other alleged cybersecurity failures. This enforcement action marks the second public enforcement action under 23 NYCRR Part 500 (the “Cybersecurity Regulation”) (see […]
State Law
New Virginia Privacy Law Promises Big Impacts
Virginia became the second state after California to pass a comprehensive privacy law when the governor signed the Consumer Data Protection Act, which contains many elements found in the California Consumer Privacy Act and other proposed privacy frameworks, as well as a number of new requirements for businesses. In a client advisory, our Privacy, Cyber […]
New York State Revises Restrictive HECM Foreclosure Law
A&B ABstract On December 15, 2020, New York State enacted legislation amending the New York Real Property Law that would have placed various restrictions and requirements on the servicing of Home Equity Conversion Mortgages secured by New York properties effective as of April 14, 2021 (the “Foreclosure Law”). The new law would significantly hinder a […]
Virginia Ready to Pass First State Privacy Statute after CCPA
Both houses of Virginia’s legislature recently passed the Virginia Consumer Data Protection Act (S.B. 1392; H.B. 2307) (VCDPA). If approved by the state governor, the VCDPA would become the United States’ second comprehensive state privacy law behind the California Consumer Privacy Act (CCPA). For a comparison of the VCDPA to the CCPA and the European Union’s […]
Federal Court Dismisses Lawsuit Challenging Minnesota Eviction Moratorium
A&B ABstract: A federal district court dismissed a lawsuit filed by two landlords who sought to invalidate the Governor of Minnesota’s moratorium on evicting residential tenants for failure to pay rent during the pandemic. The Eviction Moratorium In an Executive Order dated March 23, 2020, Minnesota Governor Timothy Walz suspended landlords’ ability to file […]