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Reverse Mortgage Update: New York Law Mandates New Foreclosure Notices and Certificate of Merit

May 18, 2018

Authors

Greg Sachnik and Cathy Welker

Reverse Mortgage Update: New York Law Mandates New Foreclosure Notices and Certificate of Merit

May 18, 2018

by: Greg Sachnik and Cathy Welker

New York has signed into law an amendment redefining a reverse mortgage as a “home loan.” With this amendment, statutory pre-foreclosure ninety day notices (RPAPL 1304) and a “certificate of merit” (CPLR 3012-b) will be required in all New York reverse mortgage foreclosures. Additionally, New York’s foreclosure settlement conference law (CPLR 3408) now incorporates by reference the new “home loan” definition.

The legislation was

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What Will The Proposed New York Cybersecurity Requirements For Financial Institutions Really Make Companies Do?

January 23, 2017

Authors

David Zetoony

What Will The Proposed New York Cybersecurity Requirements For Financial Institutions Really Make Companies Do?

January 23, 2017

by: David Zetoony

In early September 2016, the New York Department of Financial Services (“DFS”) proposed a set of data security regulations (the “Proposal”) that would govern financial institutions, banks, and insurance companies subject to the jurisdiction of the agency (“covered entities”).  After receiving public comments, DFS revised and resubmitted the Proposal on December 28, 2016.  If the Proposal ultimately goes

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Bank Regulators take Aim at Payday Lenders and AML Control

April 21, 2015

Authors

Bryan Cave Leighton Paisner

Bank Regulators take Aim at Payday Lenders and AML Control

April 21, 2015

by: Bryan Cave Leighton Paisner

In two recent posts on BryanCavePayments.com, Bryan Cave attorneys have addressed new developments related to the CFPB’s efforts to regulate payday lenders through their banking relationships as well as statements from New York’s top banking regulators suggesting that bank executives should be held personally liable for anti-money laundering violations.

On April 1st (but unfortunately not part of any April Fools joke), John Reveal published a post on the CFPB’s efforts against payday lenders.

In May 2014, the Department of Justice (DOJ) and the FDIC were criticized by the U.S. House of Representatives’ Committee on Oversight and Government Reform

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