On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) released the latest edition of its Supervisory Highlights, this time targeting so-called “junk fees” in the mortgage servicing industry. According to the...more
The next item in McGlinchey's Deep Dive into Payments Series is a podcast on money transmission by attorneys Jeff Barringer, Amy Greenwood-Field, and Aaron Kouhoupt. Their discussion centers around the impacts of money...more
8/28/2023
/ Cryptocurrency ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Licensing Rules ,
Money Services Business ,
Money Transmission Act ,
Money Transmitter ,
Payment Processors ,
The Model Law ,
Third-Party
The next item in McGlinchey’s Deep Dive into Payments Series is on money transmission by attorneys Jeff Barringer, Amy Greenwood-Field, and Aaron Kouhoupt. Their discussion centers around the impacts of money transmission...more
8/28/2023
/ Cryptocurrency ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Licensing Rules ,
Money Services Business ,
Money Transmission Act ,
Money Transmitter ,
Payment Processors ,
The Model Law ,
Third-Party
On March 15, 2022, the Consolidated Appropriations Act of 2022 was signed into law. Division U, the Adjustable Interest Rate (LIBOR) Act, resolves what had otherwise been a pending concern with variable interest rate loan...more
The Bank Secrecy Act (BSA) and parts of the U.S. Patriot Act’s Office of Foreign Asset Control (OFAC) requirements have seemingly similar goals: to prevent money laundering and the funding of terrorist activities. Yet a...more
9/16/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
Blocked Person ,
BSA/AML ,
Customer Identification Program (CIP) ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Know Your Customers ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
SDN List ,
Terrorist Financing
Auto dealerships and lenders are likely familiar with “know your customer” requirements, which typically involve obtaining identification information from customers and verifying that information.
Most lenders are also...more
On December 28, 2020, New York Governor Andrew M. Cuomo signed the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (EEFPA) which became effective immediately. The new law includes separate components...more
Several industry updates that affect manufactured housing either take effect October 1, 2020, or will be unveiled sometime later this month. Detailed below is a summary of recent developments....more
10/2/2020
/ Borrowers ,
Building Codes ,
Consumer Financial Products ,
HUD ,
International Chamber of Commerce (ICC) ,
Lenders ,
Manufactured Housing ,
Maryland ,
Mobile Homes ,
Mortgage Loan Originators ,
New Legislation ,
Notice Requirements ,
Preemption ,
Repossess ,
Safety Standards ,
State and Local Government ,
Truth in Lending Act (TILA)
Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law on June 17, 2020. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more
8/5/2020
/ Bankers ,
Banks ,
Contract Terms ,
Coronavirus/COVID-19 ,
Credit Unions ,
Federal Credit Unions ,
Financial Institutions ,
Forbearance Agreements ,
Foreign Banks ,
Governor Cuomo ,
Hardship Extensions ,
Investment Property ,
Investment Trust Companies ,
Mortgage Escrow Account ,
Mortgage Interest ,
Mortgage Servicers ,
New Legislation ,
New York ,
NYDFS ,
Private Trust Companies ,
Relief Measures ,
Savings and Loan Companies ,
State and Local Government ,
State Regulators ,
Vacation Homes
On June 17, 2020, Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more
6/23/2020
/ Borrowers ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Financial Services ,
Executive Orders ,
Fannie Mae ,
FHA Loans ,
Financial Institutions ,
Forbearance Agreements ,
Freddie Mac ,
Ginnie Mae ,
Governor Cuomo ,
Loan Servicer ,
Loss Mitigation ,
Mortgages ,
New Legislation ,
New York ,
Relief Measures ,
State and Local Government ,
Veterans Administration
On March 7, 2020, Governor Andrew Cuomo issued Executive Order 202 declaring a state of emergency for the entire State of New York as a result of the COVID-19 pandemic. Since that time, the Governor has issued a series of...more
3/25/2020
/ Banks ,
Borrowers ,
Coronavirus/COVID-19 ,
Credit Card Surcharges ,
Eviction ,
Executive Orders ,
Financial Distress ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Governor Cuomo ,
Moratorium ,
Mortgages ,
NYDFS ,
Overdraft Fees ,
Relief Measures
On Thursday, March 19, 2020, the New York Department of Financial Services (DFS) issued new guidance to New York State Regulated and Exempt Mortgage Servicers regarding support for borrowers impacted by the novel coronavirus...more
As noted in a previous alert, the ongoing global spread of coronavirus disease 2019 (COVID-19) has created a conflict between the legal requirements that financial services companies conduct regulated activity only from...more