Joseph D. Simon

Joseph D. Simon

Cullen and Dykman LLP

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New York State Department of Financial Services Issues Expanded Cyber Security Examination Procedures

As part of an ongoing effort to combat cyber attacks on financial institutions and promote enhanced cyber security, the New York State Department of Financial Services (“DFS”) has issued expanded examination procedures...more

12/15/2014 - Banking Sector Cyber Attacks Cybersecurity Examination Procedures Financial Institutions Popular

Wage Exemption Amount for Restraining Notices and Levies under New York State Law to Increase to $2,100 as of December 31, 2014

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for an amount deemed to be protected wages, with...more

12/12/2014 - Exemptions Minimum Wage Wage Garnishment Wages

The New York State Department of Financial Services Issues Regulations against Abusive, Deceptive and Unfair Debt Collection...

The New York State Department of Financial Service has issued new regulations against abusive, deceptive, and unfair debt collection practices. These new regulations, which are effective on March 3, 2015, will provide new...more

12/11/2014 - Debt Collection Debt Collectors New Regulations

Amendments Proposed to Flood Insurance Regulations

Federal banking agencies have proposed amendments to flood insurance regulations that will (1) change the requirements for escrowing flood insurance premiums, and (2) incorporate a statutory provision that exempts certain...more

11/10/2014 - FDIC Federal Reserve Flood Insurance

CFPB Eases Some of the Requirements Under the Dodd-Frank Act Mortgage Rules

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule easing some of the requirements on creditors under the Dodd-Frank Act mortgage rules. The most significant change for most creditors is the addition of...more

11/4/2014 - Ability-to-Repay CFPB Creditors Dodd-Frank Mortgages Qualified Mortgage Rule

CFPB Amends Regulation P to Eliminate Mailing Requirement for Annual Privacy Notices in Certain Circumstances

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule that will allow a financial institution to post its annual privacy notice on its website in lieu of mailing it to customers if certain conditions are...more

10/22/2014 - CFPB Privacy Policy Regulation P Websites

New York State to Allow Financial Institutions to Offer Savings Promotion Giveaways

Governor Cuomo has signed legislation allowing banks and credit unions in New York to offer savings promotion giveaways whereby depositors can be eligible to win prizes based on deposits made into a qualifying savings...more

10/1/2014 - Bank Accounts Banks Contests & Promotions Deposit Accounts New Legislation

OFAC Issues Revised Guidance on Entities Owned by Persons Whose Property and Interests in Property are Blocked

The Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has issued revised guidance with respect to entities owned 50 percent or more in the aggregate by one or more blocked persons....more

8/20/2014 - Aggregation Rules OFAC Sanctions

FinCEN Proposes Rules to Enhance Customer Due Diligence Requirements for Financial Institutions

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) has issued proposed amendments to existing Bank Secrecy Act (“BSA”) regulations. The proposed amendments would add a new requirement to...more

8/14/2014 - Anti-Money Laundering Bank Secrecy Act Banks Compliance Due Diligence Financial Institutions FinCEN

CFPB Proposes Significant Changes to HMDA Reporting Requirements

The Consumer Financial Protection Bureau (“CFPB”) has issued proposed amendments to Regulation C, the regulation that implements the Home Mortgage Disclosure Act (“HMDA”). The proposed amendments would revise the tests for...more

7/30/2014 - CFPB HMDA Mortgages Regulation C Reporting Requirements

Federal Banking Agencies Issue Guidance on Flood Insurance Requirements for Existing Loans Secured by Multi-Family Residential...

As we have previously advised, the maximum amount of flood insurance available under the National Flood Insurance Program (“NFIP”) for multi-family residential buildings with five or more units will increase from $250,000 to...more

6/2/2014 - Flood Insurance Mortgages Multi-Family Development National Flood Insurance Program Popular Premiums

Maximum Flood Insurance Available For Multi-Family Residential Buildings With Five Or More Units Increases To $500,000 As Of June...

The maximum amount of flood insurance available under the National Flood Insurance Program (“NFIP”) for multi-family residential buildings with five or more units will increase from $250,000 to $500,000 effective as of June...more

2/27/2014 - Flood Insurance Multi-Family Development Real Estate Market

CFPB Announces Availability Of Revised Publications To Be Provided By Lenders To Mortgage Applicants

The Consumer Financial Protection Bureau (“CFPB”) has announced the availability of three revised consumer publications that mortgage lenders are required to provide to applicants for certain residential mortgage loans. The...more

1/10/2014 - CFPB Lenders Mortgages

FFIEC Releases Final Guidance For Financial Institutions Using Social Media

The Federal Financial Institutions Examination Council (the “FFIEC”) has released final guidance addressing the applicability of federal consumer protection and compliance laws, regulations, and policies to activities...more

12/24/2013 - Banks Compliance FFIEC FHA Regulation DD Social Media Truth in Savings Act

Wage Exemption Amount For Restraining Notices And Levies Under New York State Law To Increase To $1,920 As Of December 31, 2013

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for an amount deemed to be protected wages, with...more

12/4/2013 - Deposit Accounts EIPA Exemptions Wages

IRS Adopts Final Regulations On Reporting Mortgage Insurance Premium Payments

The Internal Revenue Service (“IRS”) has issued final regulations requiring financial institutions and other persons who receive mortgage insurance premiums aggregating $600 or more during calendar year 2013 to report such...more

12/3/2013 - IRS Mortgage Insurance Fund Mortgages Premiums Reporting Requirements

IRS Issues Updated Form W-9 To Comply With FATCA

The IRS recently released a revised Form W-9 Request for Taxpayer Identification Number and Certification and its instructions. Although the IRS did not provide a time period for implementing the new Form W-9, financial...more

11/27/2013 - FATCA Form W-9 IRS

OCC Issues Updated Risk Management Guidance On Third-Party Relationships

The Office of the Comptroller of the Currency (“OCC”) has revised its risk management guidance on third-party relationships, advising banks to adopt risk management processes that provide more comprehensive oversight and...more

11/12/2013 - FDIC OCC Risk Management Third-Party Third-Party Relationships

Amendments Proposed To Federal Flood Insurance Regulations

Federal banking agencies have issued a joint notice of proposed rulemaking to implement certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the “Act”). The proposed rule will amend each agency’s flood...more

10/24/2013 - FCA FDIC Federal Reserve Flood Insurance Insurance Reform NCUA OCC

Recent Developments Regarding The Truth In Lending Act’s Transfer Notice To Mortgage Borrower

The Truth in Lending Act was amended in 2009 to require the new owner or assignee of a mortgage loan secured by a consumer’s principal dwelling to send a written notice to the borrower within 30 days after the mortgage loan...more

8/28/2013 - Assignments Borrowers Creditors Loan Transfers Mortgages Notice Requirements TILA

New York Eliminates Requirement To Post Fee Notice At Automated Teller Machines

Governor Cuomo has signed legislation that eliminates the New York requirement that ATM operators post a sign or warning on or at an ATM disclosing that a fee is imposed on transactions at that ATM. President Obama signed...more

8/6/2013 - ATMs Fees New Legislation Notice Requirements

Amendments Made To Regulation Requiring Financial Institutions To Protect Federal Benefit Payments In Deposit Accounts From The...

Several amendments have been made to the federal regulation issued in 2011 that protects certain directly-deposited federal benefit payments from the reach of creditors....more

6/6/2013 - Amended Regulation Creditors Deposit Accounts Garnishment Payment Plans Preemption

CFPB Eases “Ability-to-Repay” Requirements For Small Creditors And Modifies Loan Officer Compensation Rules For Purposes Of...

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule modifying certain provisions of the “ability-to-repay” (“ATR”) mortgage requirements issued last January....more

6/4/2013 - Ability-to-Repay CFPB Creditors Loan Originator Compensation Rule Qualified Mortgage Rule Regulation Z

CFPB Modifies Foreign Remittance Rules And Sets New Effective Date

The Consumer Financial Protection Bureau (“CFPB”) has revised its previously issued rules on foreign remittance transfers to ease some of the disclosure concerns raised by financial institutions. The revised rules, which are...more

5/6/2013 - CFPB Disclosure Requirements Final Rules International Remittance Transfers Regulation E Remittance Transfer Rule

FTC Issues New Guidance Addressing Mobile And Social Media Advertising

The Federal Trade Commission (“FTC”) has released new guidance for mobile and other online advertisers that explains how to make disclosures clear and conspicuous to avoid deception. Although the FTC does not have authority...more

3/18/2013 - Advertising Disclosure Requirements Dot Com Disclosure Guide FTC Mobile Devices Social Media

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