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On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. Originally proposed on April 12, 2019, these Final Regulations revise the existing mortgage servicing regulations in Part 419 of the Superintendent’s Regulations, which were adopted on an emergency basis,…

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…

The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR cessation and transition risk.”  (LIBOR is the acronym for the London Inter-Bank Offered Rate.)

The letter references…

The OCC has appealed to the Second Circuit from the district court’s final judgment entered in October 2019 in the lawsuit filed by the New York Department of Financial Services seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies.  In the final judgment, the district court denied the…

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”…

The New York Department of Financial Services (NYDFS) has announced the creation of a Student Debt Advisory Board to advise on consumer protection, student financial products or services, and communities that have been significantly impacted by student debt.  The announcement was made on October 9 to coincide with the effective date of Banking Law Article…

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…

Linda Lacewell, the recently confirmed Superintendent of the New York Department of Financial Services, detailed in a recent interview that she will prioritize fintech and consumer protection. True to her word, NYDFS announced the creation of a new Research and Innovation Division led by Matthew Homer, who was most recently Head of Policy and…