Joseph D. Simon

Joseph D. Simon

Cullen and Dykman LLP

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CFPB Updates Guidance on Housing Counselor Requirements

The Consumer Financial Protection Bureau (“CFPB”) has issued a final interpretive rule (“2015 Rule”) on the requirement to provide mortgage applicants with a list of local homeownership counseling organizations. The 2015 Rule...more

4/22/2015 - Banking Sector CFPB Interpretive Rule Mortgage Lenders Mortgages

Exemption Amount under New York State Law for Statutorily Exempt Payments in Deposit Accounts Increases to $2,750

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 statutorily exempt payments made...more

4/8/2015 - Consumer Price Index Deposit Accounts EIPA Exemptions Levies Restraining Orders

Supreme Court to Hear Case Deciding the Rights of Spousal Loan Guarantors under the Equal Credit Opportunity Act

The United States Supreme Court will soon hear a case that will determine the rights of spousal guarantors under the Equal Credit Opportunity Act (“ECOA”), and ultimately whether creditors may require spousal guarantors on...more

3/26/2015 - Commercial Loans ECOA Guarantors Real Estate Development Regulation B RL BB Acquisition v Bridgemill Commons SCOTUS Spouses

New Record Retention Requirements under the TILA-RESPA Integrated Disclosure Rule

As the August 1,2015 effective date for the new TILA-RESPA Integrated Disclosure Rule approaches, we would like to alert you to an important aspect of the new rule that has not received much attention: record retention....more

3/23/2015 - Integrated Disclosures Record Retention RESPA TILA

Federal Agencies Issue Guidance on Youth Savings Programs

Federal banking agencies have issued guidance encouraging financial institutions to develop and implement programs to expand the financial capability of youth and build opportunities for financial inclusion for more families....more

3/3/2015 - Banking Sector Financial Education Initiatives Financial Institutions New Guidance Savings Accounts

Federal Law Changed to Allow Financial Institutions to Offer Savings Promotion Giveaways

Recent federal legislation paves the way for financial institutions in New York State to start offering promotions on savings accounts beginning September 23, 2015....more

1/22/2015 - Banking Sector Banks Contests & Promotions Financial Institutions IRS New Legislation Savings Accounts

FDIC Issues Guidance Taking a Very Broad View of What Are Considered “Brokered Deposits”

The Federal Deposit Insurance Corporation ("FDIC") has issued guidance in the form of "Frequently Asked Questions" for identifying, accepting, and reporting brokered deposits (the "Guidance"). While the Guidance is not...more

1/13/2015 - Banks Brokered Deposits FDIC New Guidance Reporting Requirements

CFPB Proposes Amendments to Mortgage Servicing Rules

The Consumer Financial Protection Bureau (“CFPB”) has proposed several amendments to the mortgage servicing rules under the Real Estate Settlement Procedures Act (“RESPA”) and the Truth in Lending Act (“TILA”) (collectively,...more

12/30/2014 - CFPB Mortgage Servicing Rules Proposed Amendments RESPA TILA

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

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