Due to the rapidly evolving situation in Ukraine and Russian invasion, the New York State Department of Financial Services is issuing Guidance to all regulated individuals and entities (“regulated entities”). The Guidance can be viewed online here: https://www.dfs.ny.gov/industry_guidance/industry_letters.

Read full update click here

Reference Link: Cybersecurity Resource Center | Department of Financial Services (ny.gov)

Reference Link

Coronavirus Information for Industry and Regulated Entities | Department of Financial Services (ny.gov)

FOR IMMEDIATE RELEASE: March 31, 2021
MEDIA CONTACT: Office of Communications
Tel: (202) 435-7170

CFPB Rescinds Temporary Policy Statements to Ensure Industry Complies with Consumer Protection Laws

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets including mortgages, credit reporting, credit cards and prepaid cards. The seven rescissions, effective April 1, provide guidance to financial institutions on complying with their legal and regulatory obligations. With the rescissions, the CFPB is providing notice that it intends to exercise the full scope of the supervisory and enforcement authority provided under the Dodd-Frank Act. The CFPB is also rescinding its 2018 bulletin on supervisory communications and replacing it with a revised bulletin describing its use of matters requiring attention (MRAs) to effectively convey supervisory expectations.

Click Here for Full Release

The New York State Department of Financial Services (“DFS”) today issued the following industry letter to all of its regulated entities following the recent discovery of cybersecurity vulnerabilities in Microsoft Exchange Server. 

Read Full Industry Letter

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination. This prohibition also covers discrimination based on actual or perceived nonconformity with traditional sex- or gender-based stereotypes, and discrimination based on an applicant’s social or other associations.

Read Full Press Release

Article written by: New Jersey based Mortgage Expert, Michael Mikhail, CEO of Stratton Equities, reviews Hard Money and Fix & Flip Loans Programs

Regardless of the type of investor you are and your loan scenario, there is an array of loan programs that are designed to meet all your mortgage needs.

Hard Money and Fix & Flip Loans are among the most popular programs that investors utilize for their real estate investments. Although, they are two different programs, many in and outside the industry believe them to be the same loan…but this is the furthest thing from the truth.

Read Full Article

Below is a link to the new form that will be rolled out to simplify the branch licensing process. Effective with applications submitted through NMLS beginning August 25, entities can use this form. Note that the NMLS checklist has been submitted for update, however, it may not be completed by August 25, 2020. 

The New Checklist once posted will require the submission of the attached form and the previously required Out of State Branch Location.

Branch Office Affirmation

Department of Financial Services
 ###

https://www.governor.ny.gov/news/governor-cuomo-announces-new-covid-rental-assistance-program