Final regulations adopted by the New York Department of Financial Services (NYDFS) to implement the state’s new student loan servicing law became effective on October 16, 2019 upon the publication by the NYDFS of a Notice of Adoption in the State Register. The new law, known as Article 14-A, was enacted on April 1,
NYDFS
NY federal district enters final judgment against OCC in NYDFS lawsuit challenging fintech charter
By Jeremy T. Rosenblum on
In May 2019, a New York federal district court denied the OCC’s motion to dismiss a lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies. In doing so, the court found that the term “business of banking”…
NY DFS announces multistate investigation of payroll advance industry
By Jeremy T. Rosenblum & James Kim on
The New York Department of Financial Services (DFS) issued a press release yesterday to announce that it is leading a multistate investigation into the payroll advance industry. A payroll advance allows an employee to access wages that he or she has earned before the payroll date on which such wages are to be paid by…