Department of Financial Services

News & Analysis as of

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

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

Taxpayer Wins New York Bank Tax Case: Division of Tax Appeals Determines that Department Violated its Own Published Guidance

In a recent decision, the New York State Division of Tax Appeals soundly rejected a determination by the New York State Department of Taxation and Finance (the "Department") that it could treat a banking corporation’s...more

Legal Alert: Georgia Department of Banking and Finance Publishes Revised Proposed Regulations Regarding Chartering of Merchant...

On October 31, 2013, the Georgia Department of Banking and Finance published a modified set of proposed regulations to implement the Georgia Merchant Acquirer Limited Purpose Bank Act. These regulations are a revised version...more

CalPERS Files Amicus Brief In Titanomachy With San Bernardino

In its filing, CalPERS outlines why the 11th Amendment to the U.S. Constitution protects State agencies, like the Pension Fund, from being haled into federal court against their will by a municipality, which is a creation of...more

A Superstorm Sandy Retrospective: How the Actions of New York Regulators May Shape Responses to Future Natural Disasters

A year after Superstorm Sandy came ashore, the New York Department of Financial Services (Department) issued Circular Letter No 8 of 2013 to inform New York licensed property/casualty insurers of the regulatory standards they...more

New York Announces Mortgage Discount Fees Enforcement Action

On October 23, New York Governor Andrew Cuomo announced a $3 million penalty against a mortgage lender that the New York State Department of Financial Services (DFS) determined engaged in deceptive practices concerning...more

New York Banking Regulator Urges Broad Changes To Debt Collection Affidavits

On October 18, New York DFS Superintendent Benjamin Lawsky commented on the New York Unified Court System’s proposal to require debt collectors to use standardized affidavits as evidence of ownership of debt when seeking...more

New York Proposes Regulations To Formalize Lender-Placed Insurance Rules

On September 19, the New York Department of Financial Services (DFS) proposed regulations for the rates for and placement of lender-placed insurance (LPI), and to prohibit certain LPI practices. The proposed regulations,...more

New York Department of Financial Services Proposes Slumlord Prevention Guidelines for Bank Lending

The New York Department of Financial Services released proposed Slumlord Prevention Guidelines for banks lending to landlords in multifamily properties. In announcing the new guidelines and state Community Reinvestment Act...more

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