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

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

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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 

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

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

Click Here for MBA's position

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.

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

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.

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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/