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#New York

New York Amends Disclosure Requirements for Telemarketers

January 11, 2023 By Aldys London and Gloria Han

A&B Abstract: New York Governor Kathy Hochul signed legislation in December designed to limit unwanted telemarking calls by providing consumers the option to be added to a company’s do-not-call list at the outset of a call. The new law takes effect March 6, 2023. Updated Requirements for New York Telemarketers: The new legislation (S.8450-B/A.8319-C) amends […]

Filed Under: State Law, Uncategorized Tagged With: #New York, telemarketing

CFPB Sues MoneyLion over Membership Program, Uses Military Lending Act as Hook

October 5, 2022 By Sam Bragg and Kelley Barnaby

A&B Abstract: On September 29, 2022, the Consumer Financial Protection Bureau (“CFPB”), sued MoneyLion Technologies Inc. and 37 of its subsidiaries (“MoneyLion”) in New York federal court for violations of the Military Lending Act (the “MLA”) and Consumer Financial Protection Act (“CFPA”). The Allegations The CFPB alleges that MoneyLion offered installment loans that consumers could […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Consumer Loan, Dodd-Frank Act Tagged With: #CFPA, #CFPB, #New York

State Community Reinvestment Acts Reaching Beyond Banks

September 28, 2022 By Caroline Eisner

A&B ABstract: When Congress passed the federal Community Reinvestment Act (“CRA”) in 1977 to address redlining, it imposed affirmative requirements on insured depository institutions to serve the credit needs of the communities where they receive deposits. At that time, banks were extending the vast majority of mortgages nationally. However, non-banks have become the dominant mortgage […]

Filed Under: Community Reinvestment Act, Mortgage Loans Tagged With: #Massachusetts, #New York, #redlining, Connecticut, CRA, District of Columbia, Illinois, mortgage lending

State Community Reinvestment Acts Reaching Beyond Banks

September 23, 2022 By Caroline Eisner

A&B ABstract: When Congress passed the federal Community Reinvestment Act (“CRA”) in 1977 to address redlining, it imposed affirmative requirements on insured depository institutions to serve the credit needs of the communities where they receive deposits. At that time, banks were extending the vast majority of mortgages nationally. However, non-banks have become the dominant mortgage […]

Filed Under: Mortgage Loans, State Law, Uncategorized Tagged With: #Massachusetts, #New York, Community Reinvestment Act, Connecticut, CRA, DC, District of Columbia, Illinois, mortgage lending

New York Amends Contact Requirements for Certain Delinquent Borrowers

March 10, 2022 By Morey Barnes Yost

A&B ABstract: On February 24, Governor Kathy Hochul signed into law Assembly Bill 8771 (2022 N.Y. Laws 48), amending single point of contact requirements for certain delinquent borrowers.  What changes does the measure require for servicer protocols? New York SPOC Requirements: As created effective January 2, 2022, Section 6-o of the New York Banking Law […]

Filed Under: Mortgage Loans, Mortgage Servicing, State Law Tagged With: #New York

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Recent Posts

  • Illinois Proposes Rules Implementing Its Community Reinvestment Act for Banks, Mortgage Lenders, and Credit Unions
  • Supreme Court Wrestles with Scope of Attorney-Client Privilege
  • CFPB Proposes Nonbank Registry to Focus on Compliance “Recidivism”
  • New York Amends Disclosure Requirements for Telemarketers
  • 38 Attorneys General Ask SCOTUS to Determine the CFPB’s Fate
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