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Update: As noted, New York State enacted Banking Law §9-x on June 17, 2020 as a means of providing forbearance relief to mortgagors that were experiencing financial hardship as a result of the COVID-19 pandemic. Recently,...more
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
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
Many landlords of commercial and residential buildings in New York City have been looking into possible ways to address the health and safety of individuals at their premises. Although New York courts have not yet weighed in...more
In many cases, borrowers and lenders are working together to weather this crisis. A forbearance agreement is often the first step—after a pre-negotiation agreement is entered into. A forbearance agreement can benefit both...more
Seyfarth Synopsis: New York’s paid sick leave law, applicable to employers of all sizes, goes into effect on September 30, 2020, permitting employees to use sick leave beginning January 1, 2021. ...more
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
On March 24, 2020, the New York State Department of Financial Services issued an emergency regulation detailing the requirements applicable to New York State regulated institutions to provide certain financial relief during...more
In response to New York Governor Cuomo’s Executive Order 202.9 issued on March 21, the New York Department of Financial Services (DFS) has adopted new regulations to provide emergency relief to individuals who can demonstrate...more
The New York Department of Financial Services (“NYDFS”) promulgated regulations (“Part 119”) on March 24, 2020, to provide financial relief to individuals who can demonstrate a financial hardship as a result of the COVID-19...more
On Saturday March 21, 2020, the Governor of the State of New York, Andrew M. Cuomo, issued Executive Order No. 202.9 – Continuing Temporary Suspension and Modification of Laws Relating to the Disaster Emergency (“EO 202.9” or...more
On March 24, 2020 the New York State Department of Financial Services (NYDFS) adopted on an emergency basis a regulation that requires New York-regulated banking organizations and New York-regulated mortgage servicers subject...more
On March 21st New York Governor Andrew Cuomo issued an executive order which seeks to protect individuals who experience financial hardship as a result of the COVID-19 pandemic. The executive order does the following: 1....more
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
The World Health Organization’s (“WHO”) formal declaration that the spread of the novel coronavirus COVID-19 is now a pandemic, accompanied by the United States’ Federal Government and individual states’ “state of emergency”...more
On March 21, 2020, Governor Cuomo issued Executive Order 202.9, which is in effect through April 20, 2020. The order provides financial relief to consumers and businesses with outstanding bank loans....more
In recent days, the State of New York has instituted a number of emergency measures affecting business professionals. All employers in New York State providing non-essential services have been directed to reduce their...more
STATEWIDE RESTRICTIONS: On Saturday, March 21, 2020 Governor Cuomo signed Executive Order 202.9. The Order mandates that banks not granting a 90-day forbearance to persons or businesses who have a financial hardship as a...more