NYDFS Proposes Overhaul to Mortgage Loan Servicer Business Conduct Rules

A&B Abstract: New York is one of the first states that enacted laws requiring consumer-style disclosures for commercial financing transactions (the “New York Law”). Previously, the New York Department of Financial Services (“NYDFS”) issued guidance stating that compliance with the requirements would be delayed until it issued final implementing regulations. Those final regulations were published […]

The post New York’s Commercial Finance Disclosure Law Set to Take Effect August 1, 2023 appeared first on Alston & Bird Consumer Finance ABstract.

The New York Department of Financial Services (“NYDFS”) has issued final mortgage servicer business conduct rules found in Part 419 of the Superintendent’s Regulations.  Our January 24 client advisory provides a full analysis of the changes, which include: New provisions governing affiliated business arrangements; Expanded restrictions on servicing fees (including property valuation fees); A broader […]

The post NYDFS Issues Final Mortgage Loan Servicer Business Conduct Rules (Part 419) appeared first on Alston & Bird Consumer Finance ABstract.

The New York Department of Financial Services (“NYDFS”) has issued final mortgage servicer business conduct rules found in Part 419 of the Superintendent’s Regulations.  As we reported in June, these represent the first major changes to Part 419 since its adoption nearly 10 years ago.  Our full analysis of the changes – which impact a […]

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The New York State Department of Financial Services has issued an industry letter detailing the prior approval process for all New York banking organizations seeking to engage in new or significantly different virtual currency-related activity.

The New York Department of Financial Services (“DFS”) released their proposed second amendment to the Cybersecurity Regulation, 23 NYCRR Part 500 (“Proposed Second Amendment”) on October 9, 2022. DFS issued a minor amendment on April 2, 2020, revising the certification of compliance date (from February to April). The Proposed Second Amendment follows DFS’s “pre-proposed” draft […]

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