Department of Financial Services

News & Analysis as of

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

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

“Next Step” in New York’s Fight Against Payday Lenders: Adding Banks to the Team

Continuing the fight against payday lenders, New York Governor Andrew Cuomo announced the launch of a new database and the cooperation of Bank of America, which will work with the state’s Department of Financial Services...more

Credit Suisse Pleads Guilty to DOJ Charge of Conspiracy to Aid Tax Evasion; FRB and NYDFS Take Related Actions

As widely reported in the financial press, Credit Suisse AG (“Credit Suisse”), a large Swiss bank that maintains a branch and other offices in the United States pleaded guilty to the felony of conspiracy to aid tax evasion by...more

New York Department of Financial Services Plans to Expand Investigation of Nonbank Mortgage Servicers

In a speech delivered to the Mortgage Bankers Association 2014 National Secondary Market Conference, Benjamin M. Lawsky, Superintendent of New York’s Department of Financial Services, targeted nonbank mortgage servicers with...more

New York DFS: Nonbank Servicers Can Expect Increased Scrutiny

New York's top financial regulator plans to aggressively expand his agency’s investigation into nonbank servicers and the firms' affiliates that provide ancillary services. Speaking at the Mortgage Bankers Association's...more

New York Plans Targeted Bank Cybersecurity Examinations

On May 6, New York Governor Andrew Cuomo released a report on bank cybersecurity preparedness and directed the New York State Department of Financial Services (DFS) to conduct targeted cybersecurity preparedness assessments...more

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

Hearing on New York DFS lawsuit postponed until May 12

We reported last week about the novel lawsuit brought by the New York Department of Financial Services (“DFS”) against a large subprime auto finance company and its president and CEO. The DFS relied on Section 1042 of...more

New York State To Require Title Agents To Be Licensed

With the passage of the New York 2014-15 budget, New York becomes one of the last states in the country to license title agents. The budget includes measures that authorize the Department of Financial Services (DFS) to...more

New York Department Of Financial Services Fines Metlife Subsidiaries $60 Million

On March 31, 2014, Benjamin M. Lawsky, Superintendent of the New York Department of Financial Services ("NYDFS") announced an Agreement under which MetLife will pay $60 million for insurance licensing violations by two of its...more

New York DFS Obtains Substantial Settlement In Licensing Enforcement Action

On March 31, in an enforcement action with potential implications for a range of financial service providers, the New York State Department of Financial Services (DFS) announced that an insurance holding company agreed to pay...more

New York Considers Changes to Proposed ERM and ORSA Regulation

Based on industry comments, the New York Department of Financial Services (the “NYDFS”) is strongly considering making a number of changes to its proposed Regulation 203, concerning Enterprise Risk Management (“ERM”) and Own...more

New York Financial Services Regulator Urges More Enforcement Against Individuals, Reaffirms Focus On Nonbank Mortgage Servicers

On March 19, New York State Department of Financial Services (DFS) Superintendent Benjamin Lawsky called on banking regulators to assess whether they are doing enough, particularly with regard to enforcement, to deter or...more

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

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

New York Department of Financial Services Issues Public Order to Invite Virtual Currency Exchange Proposals

On March 11, the New York Department of Financial Services (the DFS) issued a public order stating that it will begin considering proposals and applications to establish virtual currency exchanges located in New York....more

New York Banking Regulator Concerned With Mortgage Servicing Rights Transfers

On February 12, New York State Department of Financial Services (DFS) Superintendent Benjamin Lawsky released excerpts of remarks he delivered to the New York Bankers Association, which focused on the “troubling trend” of...more

Changes in Redevelopment Dissolution Law May Affect ROPS 14-15A Due To Department of Finance by March 1

Revised Definition of “Enforceable Obligation” Provides Administrative Cost Allowance for Housing Successor Entity - On February 18, Gov. Jerry Brown signed into law Assembly Bill 471 that, among other things, affects...more

New York DFS Hearing Considers Potential Regulation Of Virtual Currency

This week, New York State Department of Financial Services (NY DFS) Superintendent Benjamin Lawsky presided over a two-day hearing regarding emerging virtual currencies and the appropriate role of regulation. The hearing was...more

ML Strategies' Washington Outlook for 2014

In This Update: ..1. Introduction ..2. Agriculture ..3. Defense & National Security ..4. Education ..5. Energy & Environment ..6. Financial Services ..7. Foreign Policy ..8. Health Care ..9....more

NY Issues Shared Appreciation Mortgage Proposal for Underwater Borrowers

New York's Department of Financial Services (DFS) has issued proposed regulations that authorize shared appreciation mortgages (SAMs) to be made to borrowers who are "underwater" on their mortgages. Under a SAM, the mortgage...more

FHFA Inspector General Emerging As Key Enforcement Player: What To Expect In 2014

These days, there is certainly no shortage of investigators, auditors, regulators, and prosecutors inundating the financial services industry with audits, inquiries, civil investigative demands, and subpoenas. Some of these...more

Federal, State Authorities Announce Coordinated Economic Sanctions Enforcement Actions Against Foreign Bank

On December 11, the Federal Reserve Board, the Treasury Department’s Office of Foreign Assets and Controls (OFAC), and the New York Department of Financial Services (DFS) announced that a foreign bank agreed to pay $100...more

New York Department of Financial Services Issues Subpoena to Payday Lender

As part of its continuing focus on payday lending, the New York Department of Financial Services announced that it sent subpoenas to numerous online “lead generation” firms suspected of deceptive or misleading marketing of...more

38 Results
|
View per page
Page: of 2