News & Analysis as of

Borrowers NYDFS

Orrick, Herrington & Sutcliffe LLP

NYDFS: Auto loan borrowers are entitled to rebates for cancelled ancillary products

On July 18, NYDFS sent a letter reminding regulated auto lenders and auto loan servicers that they are responsible for ensuring certain rebates are credited to consumers whose vehicles were repossessed or were a total loss. ...more

Baker Donelson

Countdown Begins for Compliance with New York's Commercial Finance Disclosure Law as New York Issues Final Rule

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The New York State Department of Financial Services issued its final rule on February 1, 2023, implementing the state's new Commercial Finance Disclosure Law. Commercial financing providers that are subject to the law have a...more

Troutman Pepper

New York Adopts Commercial Financing Transaction Disclosure Requirements

Troutman Pepper on

On February 1, the Superintendent of Financial Services Adrienne A. Harris announced that the New York State Department of Financial Services completed the process for adopting a new regulation relating to disclosure...more

Ballard Spahr LLP

The New York Department of Financial Services Requests Information Regarding Private Student Loan Refinancing

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On December 22, 2021, New York State Senate Bill 2767A was signed into law. The Bill establishes the Private Student Loan Refinancing Task Force (the “Task Force”), which was charged with “study[ing] and analyz[ing] ways...more

Ballard Spahr LLP

New York Department of Financial Services settles enforcement action with community bank over auto dealer fair lending allegations

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Following up on a threat it made back in 2018, the New York State Department of Financial Services (DFS) announced on October 6, 2022 that it entered into a consent order with Rhinebeck Bank (“Rhinebeck”) to settle...more

Locke Lord LLP

New York Opens Significant New ‎Lending Market by Authorizing Reverse Mortgages Secured ‎by ‎Co-Op Apartments‎

Locke Lord LLP on

The law does not take effect until mid-2022 and is subject to regulations to be promulgated by the ‎New ‎York Department of Financial Services. ‎ On December 1, 2021, New York Governor Kathy Hochul signed into law a bill...more

Ballard Spahr LLP

NYDFS Publishes Guidance to NY State Regulated Mortgage Lenders and Servicers Relating to Fees Paid to Register Mortgages in...

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On September 1, 2020 the NYDFS published Industry Guidance to the Chief Executive Officers or Equivalents or New York Regulated Mortgage Lenders and Services regarding the unlawful pass through to the mortgagor (“Borrower”)...more

Alston & Bird

NYDFS Issues Guidance to Mortgage Servicers Regarding Assessment of Registration Fees

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A&B ABstract: On September 1, 2020, the Deputy Superintendent of the New York Department of Financial Services (“NYDFS”), issued guidance (the “Guidance”) to New York State regulated mortgage lenders and servicers...more

Hudson Cook, LLP

New York Department of Financial Services Extends Student Loan Relief to Private Student Loans

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New York has been the American epicenter for the exploding coronavirus pandemic. Informed by recent systemic challenges to the financial services sector, New York's regulators have responded. Among the responses is an...more

Moore & Van Allen PLLC

COVID-19 National and State Relief Efforts Focus on Single Family Mortgage Loans

Moore & Van Allen PLLC on

The shuttered storefronts and grounded airplanes that by now have become an all too familiar image of the COVID-19 pandemic are quickly creating a ripple effect through the U.S. economy. As unemployment rises and Americans...more

McGlinchey Stafford

New York Issues Series of Executive Orders Providing Relief to Borrowers Impacted by COVID-19

McGlinchey Stafford on

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

Spilman Thomas & Battle, PLLC

Loans in the Time of COVID-19

No one can predict all the effects of the pandemic on the borrower/lender relationship, but some of those effects will be severe. Both parties place a high value on predictability in their dealings. A borrower must know that...more

McCarter & English, LLP

New York Issues Guidance On 90-Day Mortgage Relief Directive Issued As Response To COVID-19 Pandemic

On March 19, 2020, New York Governor Andrew Cuomo announced a new directive to mortgage servicers to provide 90-day mortgage relief to New York borrowers impacted by the COVID-19 disease pandemic. That same day, the New York...more

McGlinchey Stafford

New York DFS Issues Guidance on Recommended COVID-19 Mitigation Measures for Mortgage Servicers

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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

Alston & Bird

New Rules on the Horizon: NYDFS Proposes Overhaul to Mortgage Loan Servicer Business Conduct Rules

Alston & Bird on

A complete overhaul of a complicated set of rules means not just changes in the structure of the rules but changes as significant as definitions and as seemingly minor as the end of the business day. ...more

Ballard Spahr LLP

Student Loan Servicing Laws Enacted in Washington, D.C., Proposed in New York

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Washington, D.C., and New York recently moved forward with efforts to license and regulate student loan servicers. In Washington, D.C., servicers of student loans made to District of Columbia residents are subject to a new...more

Ballard Spahr LLP

NY Amends Debt Collection Regulations, Issues More Guidance

Ballard Spahr LLP on

The New York Department of Financial Services (DFS) has amended several provisions of its Third-Party Debt Collector and Debt Buyer Regulations and issued additional guidance in the form of new frequently asked questions...more

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