The New York Department of Financial Services has proposed significant changes to the mortgage servicer business conduct rules found in Part 419 of the Superintendent’s Regulations. The proposed changes represent the first major changes to Part 419 since its adoption nearly 10 years ago. Some of the significant proposed changes to Part 419 include: Adding […]
State Law
New York DFS Unveils Two New Divisions Focused on Consumer Protection, Financial Enforcement and Cybersecurity
New York State’s Department of Financial Services (DFS) recently unveiled two new divisions with broad enforcement authority focused on consumer protection, financial enforcement, and cybersecurity. Financial service providers should take note as New York and other states continue to shore up their enforcement capabilities. Consumer Protection & Financial Enforcement DFS’ highly touted Consumer Protection and […]
Alston & Bird Issues Client Alert on a California Supreme Court Case Regarding When a Consumer Loan May Be Deemed “Unconscionable” Under California Law
On March 20, Alston & Bird Partner Stephen Ornstein issued a Client Alert to inform clients regarding a somewhat obscure California court case that contains very significant consequences for the financial services industry in connection with California consumer loans exempt from the state’s usury law. In a 2018 California Supreme Court case, the Client Alert […]
Alston & Bird Issues Client Alert on Ohio Division of Financial Institution Guidance Requiring Mortgage Loan Servicer Registration for Passive Secondary Market Investors in Ohio MSRs
On March 12, Alston & Bird Partner Nanci Weissgold, and Senior Associate Lisa Lanham issued a Client Alert on Ohio Division of Financial Institution’s (“Division”) guidance on clarification of legislative amendments (as enacted by HB 489 and currently in effect as of March 20, 2019) to the Ohio Residential Mortgage Lending Act (“RMLA”), that requires […]