News & Analysis as of

New York Interest Rates

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Estate Planning and Estate Administrations During Economic Downturns

In uncertain economic times, many individuals are concerned about the value of their investments, and for good reason. When the stock market dips or real estate prices fall, the effect isn’t just felt in personal investment...more

Troutman Pepper Locke

Understanding New York’s New Buy-Now-Pay-Later Law

Troutman Pepper Locke on

New York has included a “Buy-Now-Pay-Later Act” as part of its broader budget legislation for the 2025-2026 fiscal year. Encapsulated in Article 14-B, the Act aims to regulate the burgeoning market of buy-now-pay-later (BNPL)...more

Ballard Spahr LLP

New York Gov. Hochul signs legislation that includes BNPL Licensing Requirements and other Consumer Protection Provisions

Ballard Spahr LLP on

New York Gov. Kathy Hochul has signed legislation that, among other things, imposes new licensing requirements on Buy Now, Pay Later services....more

Cozen O'Connor

NY Brings Down Hammer on CapitalOne Over “High Interest” Savings Accounts

Cozen O'Connor on

New York AG Letitia James sued Capital One N.A. and Capital One Financial Corporation (collectively, “Capital One”) over alleged violations of state and federal consumer protection laws stemming from the marketing of their...more

Ballard Spahr LLP

New York AG sues payday lenders MoneyLion and DailyPay

Ballard Spahr LLP on

New York Attorney General Letitia James has sued payday lenders MoneyLion Inc. and DailyPay Inc. in New York state court, alleging that the two companies took advantage of tens of thousands of New Yorkers....more

McGlinchey Stafford

New York’s Interest-On-Escrow Law May Not Be Preempted by the National Bank Act

McGlinchey Stafford on

On May 30, 2024, the Supreme Court reversed the Second Circuit’s holding that New York General Obligation Law § 5–601, which mandates banks to pay borrowers the interest accumulated on a balance held in an escrow account for...more

Cadwalader, Wickersham & Taft LLP

Will Supreme Court Ground Tremors Cause National Bank Preemption Tsunami?

On May 30th, an unanimous Supreme Court ruled that the Second Circuit needed to take another shot at evaluating whether Bank of America, a national bank, can pre-empt a New York state law requiring the payment of interest on...more

Hinshaw & Culbertson - Consumer Crossroads

Buy Now Pay Later Lender Licensing Legislation Still Under Consideration in New York

The Buy Now Pay Later ("BNPL") legislation introduced by New York Governor Kathy Hochul officially died last week. However, BNPL legislation introduced last month by New York Assemblymember Pamela Hunter remains active and,...more

Lippes Mathias LLP

Understanding New York Executive Law § 63 (12) and its Potential Impact on Businesses

Lippes Mathias LLP on

Thanks to media attention to the case Attorney General Letitia James brought against former President Donald J. Trump, an obscure statute first enacted in 1956 has become a major point of interest for businesses operating in...more

Troutman Pepper Locke

New York AG Secures $77M Judgment With Merchant Cash Advance Companies

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On February 8, New York attorney general (AG) Letisha James announced a $77 million judgment with three merchant cash advance (MCA) companies, Richmond Capital Group, Ram Capital Funding, and Viceroy Capital Funding, and...more

King & Spalding

New York Trial Court Holds that Strong Public Policy Commitment to Fair Lending Practices Defeats Loan Agreement’s Choice of Law...

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On September 5, 2023, a New York state court invalidated a loan agreement’s choice of law provision, ruling that the loan agreement was void and depriving the lender of both principal and interest payments. The lender, Samson...more

Cozen O'Connor

Brooklyn Development Roadmap 2023

Cozen O'Connor on

While the New York City real estate market has never been for the faint-hearted or undercapitalized, the combination of post-pandemic shifts in office demand and high interest rates has made this the most challenging era...more

Troutman Pepper Locke

New York Federal Court Stays CFPB’s Lawsuit Against Indirect Auto Finance Company Pending U.S. Supreme Court Decision in CFPB...

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As discussed here, on January 4, the Consumer Financial Protection Bureau (CFPB) and the New York Attorney General (NY AG) filed a joint complaint in the U.S. District Court for the Southern District of New York against...more

King & Spalding

Southern District of New York Finds Usury Claim Subject to Choice-of-Law Provision as a Contractual Claim, Not a Tort Claim

King & Spalding on

On June 6, 2022, the U.S. District Court for the Southern District of New York found that a contractual New York choice-of-law provision precluded a borrower-plaintiff from obtaining summary judgment on a usury claim brought...more

Harris Beach Murtha PLLC

New York Lowers Statutory Interest Rate on Money Judgments for Consumer Debts Pursuant to the Fair Consumer Judgment Interest Act

For the first time since 1981, New York will lower the interest rate on money judgments based on consumer debts from nine percent (9%) per annum to two percent (2%) per annum. Governor Kathy Hochul signed the bill, S5724-A,...more

Gray Reed

Could Corporate Convertible Loans be Subject to Criminal Usury Laws in New York?

Gray Reed on

In Adar Bays, LLC v. GeneSYS ID, Inc., the New York Court of Appeals (the “Court”) held that the conversion price in a convertible option could be classified as interest thereby potentially falling under the territory of New...more

Sheppard Mullin Richter & Hampton LLP

Latest Milestone in LIBOR Replacement Passed

This past Monday, July 26, marked passage of the most recent major milestone in the replacement of LIBOR as the benchmark USD interest rate. Following the recommendation of the CFTC’s Market Risk Advisory Committee (MRAC)...more

ArentFox Schiff

The End of LIBOR: The Twilight Zone™ Edition

ArentFox Schiff on

The United Kingdom’s Financial Conduct Authority announced the future cessation and loss of representativeness of worldwide LIBOR rates. Potential Detrimental Developments - Recent Events - On Friday, March 5,...more

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