• Home
  • Legislative Updates
  • 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.


  • 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

  • 15 Mar 2018 1:43 PM | Anonymous

    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 | Anonymous

    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


  • 09 Mar 2018 9:16 AM | Anonymous

     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 | Anonymous

    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 | Anonymous

    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

Empire State Mortgage Bankers Association
501 E. Boston Post Rd., Suite 6, Mamaroneck, NY 105

ESMBA all rights reserved.

P: (914) 341-1870 | F: (888) 900-1602

Connect with us

Powered by Wild Apricot Membership Software