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#NYDFS

New York’s Commercial Finance Disclosure Law Set to Take Effect August 1, 2023

April 4, 2023 By Stephen Ornstein and Josh Dhyani

A&B Abstract: New York is one of the first states that enacted laws requiring consumer-style disclosures for commercial financing transactions (the “New York Law”). Previously, the New York Department of Financial Services (“NYDFS”) issued guidance stating that compliance with the requirements would be delayed until it issued final implementing regulations. Those final regulations were published […]

Filed Under: State Law Tagged With: #New York, #NYDFS, commercial financing, disclosures

New York Foreclosure Abuse Prevention Act Curtails Servicers’ Options

February 14, 2023 By Nanci Weissgold, Anoush Garakani, Morey Barnes Yost and Gloria Han

A&B ABstract: Effective on approval by Governor Kathy Hochul on December 30, 2022, New York Assembly Bill 7737b – the Foreclosure Abuse Prevention Act (the “Act”) became law.  The Act is signifcant because it reverses judicial precedent that permitted a lender, after default, to undo the acceleration of a mortgage and stop the running of […]

Filed Under: Mortgage Servicing, State Law Tagged With: #mortgageservicing, #New York, #NYDFS, #Part419, Case law, Foreclosure, Mortgage Servicing

NYDFS Reports Major Cybersecurity Settlement

March 11, 2021 By Michael Young and James Harvey

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 […]

Filed Under: Online Privacy, Privacy and Cybersecurity, State Law Tagged With: #NYDFS, Cybersecurity

NYDFS Issues Guidance to Mortgage Servicers Regarding Assessment of Registration Fees

September 9, 2020 By Nanci Weissgold and Anoush Garakani

A&B ABstract: On September 1, 2020, the Deputy Superintendent of the New York Department of Financial Services (“NYDFS”), issued guidance (the “Guidance”) to New York State regulated mortgage lenders and servicers (collectively referred to as “Servicers”) regarding fees paid to register mortgages in default. The Guidance reminds Servicers of the restrictions on fees and charges […]

Filed Under: Mortgage Loans, Mortgage Servicing, State Law Tagged With: #NYDFS, #Part419, Mortgage Servicing, Servicing

New York Laws Require Forbearance for Private Mortgage Loans During COVID Emergency

July 3, 2020 By Nanci Weissgold and Ross Speier

A&B ABstract On June 17, 2020, New York Governor Andrew Cuomo signed into law two measures, effective immediately, providing for mortgage forbearances for privately backed residential mortgage loans during the COVID-19 emergency. Senate Bill 8243 (2020 N. Y. Laws 112) amends the N. Y. Banking Law by adding new Section 9-x, “Mortgage Forbearance.”  Senate Bill […]

Filed Under: Consumer Loan, Mortgage Loans, Mortgage Servicing, State Law Tagged With: #NYDFS, Covid-19, Forbearance, Mortgage Servicing

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Recent Posts

  • Consumer Finance State Roundup
  • CFPB Issues Preemption Determination that State Commercial Financing Disclosure Laws Are Not Preempted By TILA
  • New York’s Commercial Finance Disclosure Law Set to Take Effect August 1, 2023
  • Second Circuit Deepens Circuit Split over CFPB Funding Structure
  • States Continue Trend Supporting Remote Work for MLOs and Mortgage Company Employees
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