NYDFS Proposes Overhaul to Mortgage Loan Servicer Business Conduct Rules
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Blog Posts April 4, 2023New York’s Commercial Finance Disclosure Law Set to Take Effect August 1, 2023
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 […]
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Blog Posts January 28, 2020NYDFS Issues Final Mortgage Loan Servicer Business Conduct Rules (Part 419)
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 […]
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Blog Posts December 20, 2019NYDFS Issues Final Mortgage Loan Servicer Business Conduct Rules
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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Advisories December 21, 2022Financial Services & Products Advisory: New York State Department of Financial Services Outlines Prior Approval Process for Virtual Currency-Related Activity
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.
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Blog Posts November 18, 2022NYDFS Releases Significant Enhancements to its Cybersecurity Regulation in the Proposed Second Amendment
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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