Joseph D. Simon

Joseph D. Simon

Cullen and Dykman LLP

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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

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

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

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