CFPB, Federal Agencies, State Agencies, and Attorneys General
On March 3rd, the New York Department of Financial Services (“NYDFS”) announced a settlement with Residential Mortgage Services, Inc. (“RMS”) to resolve allegations that RMS violated the NYDFS Cybersecurity Regulation relating to a 2019 cyber breach.
In July 2020, NYDFS conducted an examination of RMS as a licensed mortgage banker. During the examination,…
The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage, a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of lending to minorities and in majority-minority neighborhoods in Western and Central New York by Hunt Mortgage.” DFS also…
On December 23, 2020, New York Governor Andrew Cuomo signed into law S 5470–B, which requires consumer-like disclosures for “commercial financing” transactions of $500,000 or less. New York’s commercial financing law (NYCFL) states that it takes effect on the 180th day after becoming law, which is June 21, 2021.
Coverage. …
The New York Department of Financial Services (DFS) has filed its opening brief with the Second Circuit in the OCC’s appeal from the district court’s final judgment in DFS’s lawsuit challenging the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies.
In May 2019, the district court denied the OCC’s motion…
The OCC has filed its opening brief in its appeal to the Second Circuit from the district court’s final judgment in the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies.
In May 2019, the district…
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 financial hardship as a result of COVID-19. The new regulations were promulgated as Part 119 to Title 3 of…
On March 19, 2020, the New York Department of Financial Services (“NYDFS”) issued guidance urging all state-regulated financial institutions during the outbreak of the coronavirus to reduce its adverse impact by working with consumers and small businesses that can demonstrate financial hardship caused by COVID-19. Specifically, NYDFS authorized financial institutions to take “reasonable and prudent…
The New York Department of Financial Services has announced that Leandra English, who formerly served as CFPB Deputy Director, has joined the NYDFS executive team as Special Policy Advisor. As our blog readers may recall, although Ms. English was appointed CFPB Acting Director by former CFPB Director Cordray upon his departure from the Bureau, President…
The New York Department of Financial Services has announced the creation of a new Consumer Protection Task Force within the NYDFS.
According to the NYDFS press release, the Task Force “will further DFS’s mission to protect consumers as the federal government rolls back important consumer protections’” and one of its first priorities “will be…
The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator. Both governors have framed their proposals as a response to what they describe as the CFPB’s “rollback” of its efforts to protect consumers.
California. Governor Newsom’s proposals are part of his 2020-2021…
