The New York Department of Financial Services (NYDFS) issued final supervisory guidance on January 22, 2024, to New York banking institutions and financial services companies licensed by the NYDFS. The guidance sets forth the...more
Small business financers and brokers (“providers”) active in New York are officially on notice to finalize their preparations to comply with New York’s Commercial Finance Disclosure Law (“CFDL”) by August 1, 2023, the new...more
The New York Department of Financial Services (NYDFS) has issued “pre-proposed” rules under New York’s commercial financing disclosure law that was enacted at the end of 2020. The pre-proposed rules are 45 pages in length...more
It is widely anticipated that the London Interbank Offered Rate (“LIBOR”) will be discontinued in 2021. As LIBOR commonly is used as an index rate for both residential mortgage and consumer loans, its discontinuance has the...more
1/30/2020
/ Adjustable Rate Financial Products ,
Adjustable-Rate Mortgage ,
Alternative Reference Rates Committee (ARRC) ,
Consumer Financial Products ,
Consumer Lenders ,
Consumer Loan Companies ,
Financial Services Industry ,
Interest Rates ,
Libor ,
Loans ,
Mortgages ,
NYDFS ,
Regulatory Oversight ,
Secured Overnight Funding Rate (SOFR) ,
Transitional Arrangements