Items Tagged with 'New York'

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New York unveils final cybersecurity regulations

New rules take effect on March 1
Last year, the state of New York announced a series of sweeping regulations that require banks, insurance companies, and other financial services companies to significantly increase their cybersecurity programs. The rules are set to take effect on March 1, 2017, and now, with less than two weeks until the rules take effect, New York is releasing the final version of the regulations.
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New York proposes new rules for reverse mortgages

Legislation would add protections for state’s senior citizens
In addition to unveiling new legislation that would grant the New York Department of Financial Services the authority to ban individuals from working in the financial services industry, New York Gov. Andrew Cuomo also announced on Monday a series of new laws that would add financial protections for the state’s senior citizens. Included among those proposals are new rules for reverse mortgages.
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New York unveils proposal to ban "bad actors" from working in financial services

Would empower NYDFS to boot individuals
The New York of Department of Financial Services could soon have the power to ban individuals from working in the financial services industry for “egregious conduct,” New York Gov. Andrew Cuomo announced Monday. In announcing the proposal, Cuomo cited the recent fake account scandal at Wells Fargo as the kind of action that could get a person banned from working in financial services under the new rule.
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New York boosts community redevelopment program

Pledges $8 million for construction, rehab, or repair of 295 homes
New York Gov. Andrew Cuomo announced Tuesday that the state plans to provide $8 million for the construction, rehabilitation, or repair of nearly 300 homes as part of New York’s Homes and Community Renewal Affordable Home Ownership Development Program.
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New York unveils bill of rights for borrowers facing foreclosure

State takes final steps to implement new foreclosure laws
The state of New York is taking the next step in its fight against abandoned foreclosures and neighborhood blight by unveiling a consumer bill of rights for borrowers facing foreclosure. The consumer bill of rights reminds consumers of the various rights they have before, during, and after the foreclosure process.
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How Trump’s election influences New York real estate

People are realizing that the world’s not ending
The morning after President-elect Donald Trump became the nation’s next president, the real estate market in New York turned on its head. But was it a temporary turn, or a new trend? Experts from the area talk about what they saw after the first week with the new president-elect.
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PHH fined $28 million by NYDFS for "shoddy" mortgage servicing

Lender's actions echo several crisis-era practices
The New York Department of Financial Services announced Wednesday that it is fining PHH $28 million for what it calls “shoddy mortgage origination and servicing practices.” In announcing the fine, the NYDFS provided a list of the violations that PHH committed, and it reads like a laundry list of some of the same practices that gave the mortgage business a bad name before, during and after the financial crisis.
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New York allots $20 million to state land banks to fight blight

Money to come from Goldman Sachs, Morgan Stanley mortgage bond settlements
The state of New York is set to give an additional $20 million to the state’s land banks as part of a continuing effort to fight neighborhood blight throughout the state, the office of New York Attorney General Eric Schneiderman announced this week. The funding will come from the state’s settlements with Goldman Sachs and Morgan Stanley, both of which agreed to multi-billion dollar mortgage bond settlements earlier this year.
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