Justin Angelo

Justin Angelo

Ballard Spahr LLP

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New York DFS Extends Emergency Subprime Calculation Rule

The New York Department of Financial Services (DFS) recently extended for 90 days its emergency rule adjusting the criteria for determining when a Federal Housing Administration (FHA) mortgage loan is classified as subprime....more

9/26/2014 - Banks Emergency Rule FHA Mortgages Subprime Mortgages

Federal Court Dismisses Industry Challenge to NYC Responsible Banking Law but Leaves Door Open For Future Lawsuit

A federal judge recently dismissed a complaint brought by the New York Bankers Association (NYBA) seeking to invalidate the New York City Responsible Banking Act (the Responsible Banking Act). In New York Bankers Ass’n Inc....more

9/23/2014 - Banking Reform Banks Department of Financial Services OCC

N.Y. Announces New Rules To Govern Default Judgments in Consumer Collection Lawsuits

The New York Court System has adopted new rules effective October 1, 2014, to obtain a default judgment in a consumer collection action, Chief Judge Jonathan Lippman announced recently. Debt collectors and debt buyers should...more

9/23/2014 - Debt Buyers Debt Collection Default Judgment Document Retention Policies Final Rules Recordkeeping Requirements

NY Department of Financial Services Issues Revised Proposed Debt Collection Rules

The New York Department of Financial Services (DFS) recently issued revised proposed debt collection regulations, which have important implications concerning charged-off and time-barred debt, for third-party debt collectors...more

8/6/2014 - CFPB Debt Buyers Debt Collection Debt Collectors FDCPA Proposed Regulation Statute of Limitations

New York AG, FTC Bring Major Action against Debt Collection Operation

The New York Attorney General and Federal Trade Commission (FTC) recently announced a joint debt collection enforcement action that had been filed in June in federal court in Buffalo, New York, against several corporations...more

8/6/2014 - Attorney Generals Civil Monetary Penalty Compensatory Damages Debt Collection Debt Collectors Enforcement Actions FDCPA FTC Injunctive Relief

NY Attorney General, FTC Bring Major Action against Debt Collection Operation

The New York Attorney General and Federal Trade Commission (FTC) recently announced a joint debt collection enforcement action that had been filed last month in federal court in Buffalo, New York, against several corporations...more

7/29/2014 - Civil Monetary Penalty Compensatory Damages Debt Collection Enforcement Actions FDCPA FTC Injunctive Relief Section 5

Are the DFS’ latest debt collection rules a harbinger of things to come?

In May, we wrote that the New York Department of Financial Services (“DFS”) would soon be issuing revised debt collection regulations for debt buyers and third party debt collectors. On July 16, the DFS released the revised...more

7/22/2014 - Debt Debt Collection Department of Financial Services

N.Y. Department of Financial Services Issues Revised Proposed Debt Collection Rules

The New York Department of Financial Services (DFS) recently issued revised proposed debt collection regulations, which have important implications concerning charged-off and time-barred debt, for third-party debt collectors...more

7/22/2014 - CFPB Debt Collection Department of Financial Services

New York DFS Unveils Shared Appreciation Mortgage Rule

The New York Department of Financial Services (DFS), in accordance with Section 6-F of the New York Banking Law, recently adopted regulations authorizing shared mortgage appreciation modifications in limited...more

7/18/2014 - Appraisal Banks Loan Modifications Mortgages New Regulations Value Appreciation

New York Passes Legislation To Reduce Number of FHA Loans That Would Be Classified as Subprime

The New York Assembly recently passed a bill that would result in fewer FHA loans being classified as “subprime” under Section 6-M of the New York Banking Law. ...more

6/19/2014 - Banks FHA New Legislation Secured Loans Subprime Mortgages

The NY DFS, the NY Attorney General and the CFPB: What’s in store for the CFS industry

Wednesday night , Joy Feigenbaum , the New York Department of Financial Services’ (“DFS”) executive deputy superintendent, and Jane Aziza, the Chief of the Bureau of Consumer Frauds and Protection at the New York Attorney...more

5/16/2014 - CFPB Compliance Department of Financial Services Dodd-Frank Mortgages National Mortgage Settlement UDAAP

New York Proposes Additional Reforms To Protect Consumers in Collection Lawsuits

For the second time in less than a year, the New York State Unified Court System has proposed affidavits that a plaintiff would be required to execute and file before seeking a default judgment in a consumer credit collection...more

5/8/2014 - Debt Collection Debt Collectors

NY Dept of Financial Services becomes first state regulator to bring Dodd-Frank UDAAP action

Earlier this week, Benjamin Lawsky, the Superintendent of the New York Department of Financial Services (DFS), became the first state regulator to use his authority under Dodd-Frank Section 1042 to bring a civil action for a...more

4/28/2014 - Dodd-Frank Enforcement Actions UDAAP

CFPB general counsel gives glimpse into CFPB’s upcoming agenda

On Monday, April 7, CFPB General Counsel Meredith Fuchs warned that debt collection, payday lending, prepaid cards and privacy notices are priorities for the Bureau in the coming months. Appearing before the Practicing Law...more

4/11/2014 - CFPB Debt Collection Payday Loans Prepaid Payment Products Privacy Laws

New York Announces Settlements with Six Auto Dealers

Last week, New York Attorney General Eric Schneiderman announced settlements with six auto dealers imposing fines ranging from $7,500 to $15,000 for allegedly engaging in deceptive and misleading advertising practices. The...more

4/1/2014 - Car Dealerships CFPB False Advertising Unfair or Deceptive Trade Practices

N.Y. Department of Financial Services Amends Terms Governing Subprime Loans

The New York Department of Financial Services (DFS) has amended certain terms governing subprime loans under Part 43 of the General Regulations of the Superintendent. The amendment was adopted on March 19, 2014, and is...more

3/27/2014 - Department of Financial Services Mortgages Subprime Mortgages

N.Y. Banking and Insurance Superintendent Unveils Aggressive Agenda

Benjamin M. Lawsky, who heads the New York State Department of Financial Services (DFS), indicated that his agency is seriously considering more aggressive investigation and pursuit of individuals whose malfeasance has led...more

3/26/2014 - Anti-Corruption Anti-Money Laundering Banks Compliance Department of Financial Services Enforcement

New York Attorney General Seeks To Hold Banks Responsible for Abandoned Properties

New York Attorney General Eric Schneiderman has announced his intention to introduce legislation to compel banks and mortgagees to maintain vacant properties that are abandoned because of delays in the foreclosure process....more

2/19/2014 - Abandoned Property Banking Sector Foreclosure

New York Attorney General Announces Settlement with Large Payday Lender

On January 24, 2014, New York Attorney General Eric Schneiderman announced that a settlement had been reached with Western Sky Financial, LLC, Cash Call, Inc., WS Funding, LLC, and their principals for alleged violations of...more

2/17/2014 - Interest Rates Lenders Payday Loans Predatory Lending Settlement Usury

New York Creates Student Protection Unit To Probe Abuses in Student Lending

New York Governor Andrew M. Cuomo recently announced the establishment of the Student Protection Unit (SPU) within the state Department of Financial Services (DFS) to serve as a consumer watchdog for student borrowers. Among...more

1/31/2014 - Predatory Lending Student Loans Students

First Circuit Ruling in Foreclosure Litigation May Help Lenders Facing HAMP-Related Claims

The law is well settled that borrowers do not have a direct right of action under the Home Affordable Modification Program (HAMP) against a lender that fails to offer a loan modification. A split of authority continues,...more

1/30/2014 - Foreclosure HAMP Mortgages

New York Payday Loan Crackdown Continues as DFS Subpoenas 16 Lead Generators

The New York Department of Financial Services (DFS) opened a new front in its campaign against the payday lending industry by subpoenaing 16 online lead generation firms that allegedly collected and sold consumers’...more

12/4/2013 - Compliance Department of Financial Services Internet Lenders Payday Loans

New York Attorney General Announces Settlement with Debt Collector of Payday Loans

A settlement with the operator of five Buffalo-area debt collection companies announced on November 21, 2013, by New York Attorney General Eric T. Schneiderman marks the latest chapter in the Attorney General's targeting of...more

12/2/2013 - Attorney Generals Debt Collection Debt Collectors FDCPA Payday Loans Settlement

FHFA Announces Ban for Reimbursement of Expenses For Captive Reinsurance Arrangements

On November 5, 2013, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the GSEs) will no longer reimburse their participating servicers for expenses arising out of captive reinsurance...more

11/27/2013 - Captive Insurance Company Fannie Mae FHFA Freddie Mac Lender-Placed Insurance Reimbursements Reinsurance

Statewide Judicial System Report Issued on N.Y. Foreclosure Cases

Earlier this month, the Chief Administrative Judge of New York’s Unified Court System issued a report on the status of foreclosure cases in the state judicial system. The 2013 report contains important information about how...more

11/14/2013 - Foreclosure Mortgages

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