We just received clarification to the Governor's Executive Order 2026 "Essential Business". Please see below from Gayathri Nair, Financial Services Manager of the NYS DFS:

"Based on Governor’s Executive Order 202.6, "Essential Business," includes Financial Institutions and services related to financial markets. Therefore Brokers are considered essential business." 

Link to Governor guidelines : https://www.governor.ny.gov/news/governor-cuomo-issues-guidance-essential-services-under-new-york-state-pause-executive-order

Click Here to Read Notice in Full

copy of Industry Letter issued by the NYSDFS on May 10, 2020

To: The Chief Executive Officers or the Equivalents of New York State Regulated Institutions

The New York State Department of Financial Services (DFS) is issuing this guidance and request for assurance to ensure your institutions have preparedness plans in place to address operational risk posed by the outbreak of a novel coronavirus known as “COVID-19”.

Click Here to read full content of letter

All regulated entities and licensed persons of the New York State Department of Financial Services (DFS) are required to file various notices to the Superintendent.

• January 2019 Covered Entities Must File Notices of Exemption
• • Exemptions filed in 2017 and 2018 have expired. Any DFS regulated entity or licensed person that is currently entitled to an exemption must file an Initial Notice of Exemption prior to the February 15, 2019 due date for the annual Certification of Compliance.
• February 15, 2019 Compliance Certification Filing Deadline
• • Regulated entities and licensed persons must file the Certification of Compliance for calendar year 2018 no later than February 15, 2019.

Click Here for More Details

The New York State Department of Financial Services is issuing this guidance to all entities chartered, licensed, or regulated by the Department. This guidance applies to all such regulated institutions regardless of industry, size, or number of employees.

CLICK HERE to access full content of DFS Letter

NAMB's letter to The Honorable J. Michael Mulvane, Acting Director
Bureau of Consumer Financial Protection

Read Context of Full Letter Click Here

The New York Association of Mortgage Brokers (NYAMB) has announced the creation of the NYAMB Compliance Line to provide its members who have questions or concerns regarding residential mortgage compliance matters with an experienced, centralized source of information. Read full article

S. 2155, the  Economic Growth, Regulatory Relief and Consumer Protection Act  just passed the House.  This bill passed the senate back in March of this year and was sent back to the House for approval and now sits on President Trump's desk for approval. The bill rolls back reforms from the 2010 Dodd-Frank Act.

MCLEAN, Va., April 26, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB:FMCC) announced today HomeOne mortgage, a new conventional (non-FHA) 3% down payment option for qualified first-time homebuyers. HomeOne mortgage broadly serves borrowers without geographic or income restrictions and complements the company’s Home Possible^® mortgage products for low-to-moderate income audiences. HomeOne will be available starting July 29, 2018. Read full article

The Senate spent the first part of this week working through the bill sorting through the more than 100 proposed amendments. While the final vote was originally expected last week, it was pushed back to this week in order to consider the amendments. The bill, which aims to ease regulations on small banks, was sponsored by Banking Committee Chairman Mike Crapo, R-Idaho, with nearly 20 bipartisan co-sponsors, and was introduced in the Committee on Banking, Housing and Urban Affairs.

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Unable to agree on more than 100 amendments
March 12, 2018 Author: Kelsey Ramírez

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