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  • 07 Jul 2018 8:56 AM | Edie Tella (Administrator)

    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 | Edie Tella (Administrator)

    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


  • 15 Mar 2018 1:43 PM | Edie Tella (Administrator)

    Bill passes 67-31 ,March 14, 2018 source: Caroline Basile, HousingWire

    The Senate spent the first part of this week working through the bill sorting through the more than 100 proposed amendments. While the final vote was originally expected last week, it was pushed back to this week in order to consider the amendments. The bill, which aims to ease regulations on small banks, was sponsored by Banking Committee Chairman Mike Crapo, R-Idaho, with nearly 20 bipartisan co-sponsors, and was introduced in the Committee on Banking, Housing and Urban Affairs.

    Mortgage Bankers Association President and CEO David Stevens released a statement applauding the work of Sen. Crapo and the bipartisan coalition of senators who worked to ensure passage of the bill.

    Read Full Article


  • 09 Mar 2018 9:18 AM | Edie Tella (Administrator)

    The Bureau has issued a Final Rule amending the 2016 Mortgage Servicing Rule. This final rule replaces the single-billing-cycle exemption for periodic statements and coupon books with a single-statement exemption when servicers transition to providing modified or unmodified periodic statements and coupon books to consumers entering or exiting bankruptcy. This final rule provides a single-statement exemption for the next periodic statement or coupon book that a servicer would otherwise have to provide, regardless of when in the billing cycle the triggering event occurs.  Click link below for final rule

    https://www.consumerfinance.gov/policy-Compliance/guidance/implementation-guidance/mortserv/

  • 09 Mar 2018 9:16 AM | Edie Tella (Administrator)


     WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. The final rule gives mortgage servicers more latitude in providing periodic statements to consumers entering or exiting bankruptcy, as required by the Bureau’s 2016 mortgage servicing rule.

     

    The Truth in Lending Act requires mortgage servicers to provide periodic statements to borrowers, and the Bureau has developed sample forms for servicers to use. The 2016 mortgage servicing rule requires that servicers send modified periodic statements or coupon books to certain consumers in bankruptcy starting April 19, 2018. The rule also addressed the timing for servicers to transition to providing or ceasing to provide modified periodic statements to consumers entering or exiting bankruptcy. After issuing the rule, however, the Bureau learned that certain technical aspects of the timing of this transition may create unintended challenges and be subject to different legal interpretations. In October 2017, the Bureau sought public comment on a proposed rule that would provide greater certainty to help servicers comply. Today the CFPB is finalizing that proposed rule. Specifically, the final rule provides a clear single-statement exemption for servicers to make the transition, superseding the single-billing-cycle exemption included in the 2016 rule.

     

    The effective date for the rule is April 19, 2018, the same date that the other sections of the 2016 rule relating to bankruptcy-specific periodic statements and coupon books become effective.

     

    The final rule on the timing requirements for bankruptcy periodic statements is available at: https://files.consumerfinance.gov/f/documents/cfpb_mortgage-servicing_final-rule_2018-amendments.pdf


  • 01 Feb 2018 12:53 PM | Edie Tella (Administrator)

    The CFPB has announced the launch of the 2018 HMDA LAR Formatting Tool. The LAR Formatting Tool is intended to help financial institutions, typically those with small volumes of covered loans and applications, to create an electronic file that can be submitted to the HMDA Platform. The 2018 LAR Formatting Tool should be used for data collected in 2018 and reported in 2019.

     

    The Bureau has also made minor updates to the 2018 Filing Instructions Guide. The 2018 LAR Formatting Tool and the updated 2018 Filing Instructions Guide can be accessed from the resources for HMDA filers website.

     

    We encourage financial institutions to direct any questions or feedback on this tool to HMDAHelp@cfpb.gov.


  • 24 Jan 2018 6:17 PM | Edie Tella (Administrator)

    Press Release | January 22, 2018 | Contact: Richard Loconte, 212-709-1691

    Financial Services Superintendent Maria T. Vullo today reminded all regulated entities and licensed persons covered by the Department of Financial Services’s (DFS) landmark cybersecurity regulation that the first certification of compliance requiring a statement to the Superintendent covering the prior calendar year must be filed electronically via the DFS cybersecurity portal on or prior to February 15, 2018. Superintendent Vullo also took the opportunity to announce that DFS will now be incorporating cybersecurity in all examinations, including adding questions related to cybersecurity to “first day letters,” which are notices the Department issues to commence its examinations of financial services companies, including examinations of banks and insurance companies for safety and soundness and market conduct.

    Click Here to Access Full Press Release

  • 22 May 2017 11:13 AM | Edie Tella (Administrator)

    Pursuant to §597 of the New York Banking Law, licensed mortgage  bankers and registered mortgage brokers are required to file a Volume of Operations Report (“VOOR”) annually.

    The Department is pleased to announce the 2016 VOOR will be accessible beginning Monday, May 22, 2017 at 9:00am EST. Correspondence outlining the filing requirements and password were mailed out to licensed mortgage bankers and registered mortgage brokers on May 17, 2017.  Kindly note, all VOOR filers will have six weeks from the date of this correspondence to electronically file the required VOOR information. 

    click link for more information http://www.dfs.ny.gov/banking/voor.htm


  • 18 Apr 2017 3:13 PM | Edie Tella (Administrator)

    he Consumer Financial Protection Bureau (CFPB) has issued a proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The changes proposed would help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they are required to collect and report about their mortgage lending.

    You can access the proposal on the Bureau’s website.

  • 25 Mar 2017 7:30 AM | Edie Tella (Administrator)

    The New York State Department of Financial Services (“DFS”) has been closely monitoring the evergrowing threat posed to information and financial systems by nation-states, terrorist organizations and independent criminal actors.  Recently, cybercriminals have sought to exploit technological vulnerabilities to gain access to sensitive electronic data.  Cybercriminals can cause significant financial losses for DFS regulated entities as well as for New York consumers whose private information may be revealed and/or stolen for illicit purposes.  The financial services industry is a significant target of cybersecurity threats.  DFS appreciates that many firms have proactively increased their cybersecurity programs with great success.    

    Given the seriousness of the issue and the risk to all regulated entities, certain regulatory minimum standards are warranted, while not being overly prescriptive so that cybersecurity programs can match the relevant risks and keep pace with technological advances.  Accordingly, this regulation is designed to promote the protection of customer information as well as the information technology systems of regulated entities.  This regulation requires each company to assess its specific risk profile and design a program that addresses its risks in a robust fashion.  Senior management must take this issue seriously and be responsible for the organization’s cybersecurity program and file an annual certification confirming compliance with these regulations.  A regulated entity’s cybersecurity program must ensure the safety and soundness of the institution and protect its customers.    

    It is critical for all regulated institutions that have not yet done so to move swiftly and urgently to adopt a cybersecurity program and for all regulated entities to be subject to minimum standards with respect to their programs.  The number of cyber events has been steadily increasing and estimates of potential risk to our financial services industry are stark.  Adoption of the program outlined in these regulations is a priority for New York State.
     
    Read Full Regulation Requirement


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