A new law in New York took effect on June 11, 2025, requiring banking organizations, licensed lenders, and mortgage bankers provide a disclosure pamphlet titled “What Mortgage Applicants Need to Know” (the “Pamphlet”)....more
In this article, the authors discuss a second amendment proposed by the New York State Department of Financial Services to its Cybersecurity Requirements for Financial Services Companies.
The New York State Department of...more
A new Consumer Financial Protection Bureau (“CFPB”) advisory opinion refreshes the Department of Housing and Urban Development’s computer loan origination system policy statement for a new generation of online marketing...more
The New York Department of Financial Services (“NYDFS”) released its proposed second amendment to its Cybersecurity Requirements for Financial Services Companies (“Part 500”), which includes heightened cybersecurity...more
The Federal Trade Commission (“FTC”) recently updated the Safeguards Rule under the Gramm-Leach-Bliley Act (“GLBA”), which is applicable to financial institutions, to strengthen data security requirements for consumer...more
On April 5, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a notice of proposed rulemaking that proposes amendments to its Mortgage Servicing Rule (the “Proposed Rule”) to provide additional assistance for...more
In January 2021, after the override of President Trump’s veto, Congress passed the National Defense Authorization Act (“NDAA”). The NDAA includes the Anti-Money Laundering Act of 2020 (the “Act”), which contains significant...more
New York regulated banking organizations as defined under New York Banking Law and any New York regulated mortgage servicer subject to the authority of the New York State Department of Financial Services should take note of...more
In this ever-evolving, unprecedented state of affairs, New York Governor Andrew Cuomo added an additional category of “unsafe and unsound business practice[s]” to the Banking Law to include withholding a forbearance from “any...more