Items Tagged with 'New York Department of Financial Services'

ARTICLES

  • NYDFS: If Mulvaney’s CFPB won’t protect consumers, we will

    New York’s financial regulator pledges to fill void created by CFPB’s “troublesome” move
    If a new direction is indeed afoot at the Consumer Financial Protection Bureau, the New York Department of Financial Services is apparently ready to fill the void. In a statement released Thursday, NYDFS Superintendent Maria Vullo said that the agency is prepared to step in to address the CFPB’s “troublesome policy shift away from consumer protection.”
    Read More
  • Former bank vice president accused of defrauding warehouse lenders out of $12 million

    John Reimer charged with crisis-era fraud
    The former vice president and comptroller of a New York bank is facing charges that he took part in a scheme that defrauded warehouse lenders out of $12 million during the financial crisis. The indictment states that John Reimer allegedly “double-pledged” certain properties, meaning that he obtained multiple warehouse advances from more than one warehouse lender under false pretenses.
    Read More
  • NYDFS hits PHH with six-figure fine for failing to maintain single zombie home

    Investigation found PHH failed to maintain New Lebanon home for over 6 months
    Back in 2016, the state of New York enacted “sweeping” new laws aimed at reforming the state’s foreclosure process and addressing the state’s issues with zombie homes. And Thursday, the New York Department of Financial Services showed that the threat of a fine for improperly maintaining a zombie home is not an empty one.
    Read More
  • New York enacts new rules for credit reporting agencies in wake of Equifax breach

    New regulations bring additional consumer protections
    After Equifax revealed that it had been the victim of a data breach that exposed the personal information of 145.5 million U.S. consumers, the state of New York began moving to increase its oversight of credit reporting agencies. But those new rules don’t go far enough, according to New York Gov. Andrew Cuomo. So, Cuomo is immediately enacting new rules for credit reporting agencies that will bring additional consumer protections.
    Read More
  • Nationstar in talks with California, New York to settle regulatory issues

    SEC filing reveals ongoing settlement negotiations
    Earlier this year, the Consumer Financial Protection Bureau hit Nationstar Mortgage, the nonbank also known as Mr. Cooper, with a $1.75 million fine for the company’s alleged failure to comply with the reporting requirements of the Home Mortgage Disclosure Act. But it looks like that wasn’t the only regulatory issue the company is dealing with this year.
    Read More
  • New York cracks down on title insurers with new rules for kickbacks, fees

    Strengthens rules first established in 2015
    Building on an effort first launched in 2015, the New York Department of Financial Services announced Tuesday that it is cracking down on “unscrupulous practices” in the title insurance business and establishing new rules surrounding kickbacks and the fees that title insurers charge to customers.
    Read More
  • New York wants NYDFS oversight of credit reporting agencies in wake of Equifax data breach

    NYDFS could prohibit agencies from doing business with New York businesses
    In the wake of its massive data breach that exposed the personal information of 143 million U.S. consumers to hackers, Equifax is already facing inquiries from the CFPB, the FTC, the HFSC, the SFC, the office of New York AGl Eric Schneiderman, and a lawsuit from the state of Massachusetts. While all those inquiries cover the breach itself, Equifax’s mistakes could lead to a significant new regulatory overhang for all of the credit reporting agencies.
    Read More
  • NYDFS cybersecurity rules now in effect for financial institutions

    Tightens rules around third-party service providers
    The New York Department of Financial Services reminded financial institutions that the first compliance date of New York’s cybersecurity regulation was on Aug. 28. Financial institutions have had since the start of the year to implement the cybersecurity regulations that are intended to keep financial institutions and their customers safe.
    Read More
  • Veterans United Home Loans ordered to pay $1.1 million for overcharging on VA loans

    NYDFS investigation found company did not properly refund lender credits
    Mortgage Research Center, which does business as Veterans United Home Loans and VAMortgage Center, will pay more than $1.1 million to settle allegations that the lender overcharged on loans primarily insured by the Department of Veterans Affairs. As part of the settlement, Veterans United will pay approximately $604,000 in restitution to the affected borrowers, many of whom are military veterans, plus a $500,000 penalty to the state of New York.
    Read More
  • Ocwen to pay $49 million to settle class action lawsuit over restated financials

    Also agrees to provide $7 million in company stock to class members
    Ocwen Financial will pay at least $49 million to settle a class action lawsuit over the nonbank restating its 2013 and 2014 earnings after its auditor found a potential “material weakness” in the way it valued and recorded a financial transaction. The issue previously led to Ocwen paying a $2 million fine to the SEC after an investigation found that the company misstated it financials on several occasions.
    Read More