BANKING DEPARTMENT
The New York State Banking Department is considering proposing rules with respect to the following:
1. New regulations to implement the provisions of legislation addressing the mortgage foreclosure crisis in the state, including:
a. Regulations governing the registration of mortgage loan servicers;
b. Regulations governing the business conduct of mortgage loan servicers;
c. Rules determining the applicability of those mortgage loan servicer regulations to loans secured by interests in manufactured housing; and
d. Regulations specifying disclosures to be made by mortgage brokers concerning payment of yield spread premiums.
2. New regulations governing:
a. the information about potential mortgage foreclosures that must be reported to the Department by mortgage loan servicers, and
b. the dissemination and use of information provided by the Department or the courts to housing counseling agencies regarding borrowers at risk of foreclosure.
3. Amending its regulations regarding the Banking Development District (BDD) program to implement the provisions of recently enacted legislation and to address the recommendations of a forthcoming report on the Department's assessment of the effectiveness of the BDD program.
4. Amending its regulations regarding security at ATM facilities to provide for reports of remediation of violations found in ATM safety inspections.
Contact Person: Sam L. Abram, Secretary of the Banking Board, One State Street, New York, NY 10004, (212) 709-1658
