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  • 02 Jun 2020 11:10 AM | Anonymous

    The current pending Assembly and Senate Bills can have a crippling effect on the ability of mortgage lenders to do cost effective business in the State. The well intended legislative initiative could chill lending since the State is proposing that borrowers be given a ‘free’ three months of mortgage payments. MBA makes it easy to send letters to your appropriate senator and assemblywoman. 

    We ask that our ESMBA membership click on the MAA link below and take a moment to send the letter. I think this is a VERY important issue that requires immediate attention.

    TAKE ACTION CLICK HERE



  • 25 Mar 2020 4:09 PM | Anonymous

    In connection with Executive Order 202.8 issued by Governor Cuomo and our industry’s urgent need for clarity pertaining to specific “ Essential Business”, click here for a list of Frequently Asked Questions posted by Empire State Development. Our organization is in contact with NYS DFS, the Governor’s office as well as the MBA and will provide updates as soon as they become  available.

    More information on COVID-19 and impact on business in NY can be found at https://esd.ny.gov/


  • 25 Mar 2020 12:04 PM | Anonymous

    DFS ISSUES NEW EMERGENCY REGULATION REQUIRING NEW YORK REGULATED FINANCIAL INSTITUTIONS TO PROVIDE FINANCIAL RELIEF TO NEW YORKERS DEMONSTRATING FINANCIAL HARDSHIP FROM COVID-19 PANDEMIC 

    The Department of Financial Services (DFS) today issued an emergency regulation requiring that, during a specified time, New York State regulated financial institutions provide residential mortgage forbearance on property located in New York for a period of 90 days to any individual residing in New York who demonstrates financial hardship as a result of the COVID-19 pandemic, subject to the safety and soundness requirements of the regulated institutions. The emergency regulation also requires that, during a specified time, New York regulated banking organizations eliminate fees charged for the use of Automated Teller Machines (ATMs) that are owned or operated by the regulated banking organization, overdraft fees, and credit card late payment fees for any individual who demonstrates financial hardship as a result of the COVID-19 pandemic, subject to the safety and soundness requirements of the regulated banking organization. This emergency regulation is adopted pursuant to  Governor Andrew M. Cuomo’s Executive Order No. 202.9

    Click here for Full Notice

  • 11 Mar 2020 1:36 PM | Anonymous

    copy of Industry Letter issued by the NYSDFS on May 10, 2020

    To: The Chief Executive Officers or the Equivalents of New York State Regulated Institutions

    The New York State Department of Financial Services (DFS) is issuing this guidance and request for assurance to ensure your institutions have preparedness plans in place to address operational risk posed by the outbreak of a novel coronavirus known as “COVID-19”. CLICK HERE TO READ THE ENTIRE LETTER

  • 14 Nov 2019 3:09 PM | Anonymous

    Temporary Authority (TA) to act as a Mortgage Loan Originator (MLO) goes into effect November 24, 2019. TA permits qualified MLOs to engage in loan origination activities while completing state-specific requirements for licensure, such as education and testing, when (i) changing employment from a depository institution to a state-licensed mortgage company, or (ii) seeking licensure in an additional state.....READ ALL CLICK LINK BELOW

    Click Here for More Info

  • 01 May 2019 9:42 AM | Anonymous

    New York Department of Financial Services establishes the new Consumer Protection and Financial Enforcement Division. Katherine Lemire has been appointed as Executive Deputy of the new division. Below is the link for the press release.

    https://www.dfs.ny.gov/reports_and_publications/press_releases/pr1904291 


  • 09 Jan 2019 4:06 PM | Anonymous

    The New York State Department of Financial Services is issuing this guidance to all entities chartered, licensed, or regulated by the Department. This guidance applied to all such regulated institutions regardless of industry, size, or number of employees.

    Click the link below to access full notice:
    Whistleblower Guidance.pdf


  • 28 Sep 2018 10:22 AM | Anonymous

    LO Comp remains a concern to the mortgage banking community and limits consumer opportunity and choice.

    Click Here for MBA's position


  • 07 Jul 2018 8:56 AM | Anonymous

    A Manhattan judge has annulled Insurance Regulation 208. As you may recall, this regulation made it illegal for a title company to make inducements for future business (i.e. meals, entertainment, outings, reducing or eliminating title charges), set limits on certain charges and made it illegal to pay a title closer pick-up fee or gratuity except in limited circumstances. Although only binding in NY county, this decision comes a welcome relief to title and abstract companies in NY.  See a copy of the decision here.

  • 24 May 2018 9:09 AM | Anonymous

    President Donald Trump signed the biggest rollback of bank regulations since the global financial crisis into law Thursday.

    The measure designed to ease rules on all but the largest banks passed both chambers of Congress with bipartisan support . Backers say the legislation will lift burdens unnecessarily put on small and medium-sized lenders by the Dodd-Frank financial reform act and boost economic growth. 

    Read the Full Article Click Here


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43

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