New York Times Posts Blockchain Job

PYMNTS

The New York Times newspaper posted a job called “Lead, Blockchain Exploration” on Wednesday (March 13), and later took it down, according to reports. Blockchain job posting New York Times News What's Hot

New York Ramps Up Fight Against Predatory SMB Lending

PYMNTS

Just days after New York Attorney General (AG) Barbara Underwood announced an investigation into possible misconduct among merchant cash-advance (MCA) firms against small business (SMB) borrowers, The Washington Post reported that state legislators are vowing to push for change in the industry.

New York State Of (Cybersecurity) Mind

PYMNTS

As the Sinatra tune goes (a bit paraphrased) … New York: If you can make it there in cybersecurity, you can make it anywhere. The financial services industry is girding for the new regulations by the New York State Department of Financial Services (DFS), which take effect as of Aug. Yes, the rules apply to a single state, but as some sources, including New York Law Journal , report, the regulations could have a global impact.

New York State Regulations for Online Lenders to ‘Level Playing Field’ for Banks

Bank Innovation

Online lenders may own more than half of the personal lending market, but they face serious headwinds. In New York State, perhaps anticipating a […]. Compliance Exclusive Lending Online Premium Alternative Lending Continuity New York State

Taxi loan abuses part of a broader pattern in New York

BankThink

Small business lending Medallion loans State regulators State of New York 649791 NYDFS City of New York, NY 64966M FTC

New York’s DFS Flexes Its Muscles

New York's State of Mind

Recently the New York Law Journal described the New York State Department of Financial Services as “arguably among the most powerful financial regulatory government bodies in the country-if not the world…” After yesterday, it’s not even arguable. Legal Watch Mortgage Lending New York State Regulatory CFPB Inc. New York State Dep't of Fin. Servs New York State Land Title Ass'n title insurance

New York Banks Should Get Into Online Lending

PYMNTS

Online lending may be dominated by startup companies based outside of New York, but the New York State Department of Financial Services (NYDFS) wants New York banks to get into the business as well. “Your competitors are, and will, be embracing FinTech in all of its various forms,” said Maria Vullo, NYDFS superintendent, referring to new types of financial services technology, according to a report by Reuters.

New York vs OCC: Let’s Think of the Children

Bank Innovation

In his recent 2017 budget proposal, Governor Andrew Cuomo outlined a few changes that might be in store for New York State fintechs, particularly online lenders. The Empire State really wants to be in charge of the fintech sandbox—and it wants the OCC out already.

New York moves to ban confessions of judgment for out-of-state loans

BankThink

New York lawmakers took steps to prevent predatory lenders from using the state's court system to seize the assets of small businesses nationwide. Law and regulation Subprime lending New York

Pathfinder in New York raises $21 million

BankThink

The company said it could use proceeds from selling common and preferred stock to increase lending and add branches. Community banking Bank stocks Branch network Capital New York

New York Venture Bank Seeks National Bank Charter

PYMNTS

New York Venture Bank, a new financial institution (FI) created by big names in the financial services industry, has applied for a national bank charter. 22) report by American Banker , New York Venture Bank, which will be headquartered in New York, needs the nod of the Office of the Comptroller of the Currency (OCC) before it can launch operations. FDIC), the news report noted the new bank will begin with $100 million in capital.

Fintech’s Power Grab — in The New York Times

Bank Innovation

The New York Times covered the subject — and the word — in depth yesterday, in a special section called “Fintech’s Power Grab.” Capital Commerce Corporate Innovations Insurance Lending Marketing Mobile Online Operations Payments PFM Retail Risk Security Social Media Startups Technology Virtual Currency Wealth Management banking disruption fintech Investing startups The New York Times

New York officials still reaping millions from predatory lenders

BankThink

The good times continue to roll for two New York City marshals whose work collecting debts for predatory lenders is making them millionaires. Small business lending New York

Foreclosing in New York Just Gets More and More Difficult

New York's State of Mind

One of the developments that real estate lawyers are paying a lot of attention to these days has to do with New York’s six year statute of limitations for foreclosures and how it interacts with agreements to modify an existing debt. Legal Watch Mortgage Lending New York State 159 A.D.3d

SoFi, Coinbase Get the Green Light to Operate in New York

Bank Innovation

Ah, New York: If you can make it here, you can make it anywhere, but to even try, you need a license. After waiting a year, the lender SoFi received the thumbs up to operate in New York, CFO Michael Tannenbaum said recently.

Regulators lift CRE concentration cap at New York Community

BankThink

The move allows the New York multifamily lender to make more loans without having to raise capital. CRE Commercial real estate lending Regulatory guidance Enforcement Regional banks FDIC Federal Reserve New York

New York Should Take A Small Step With Big Implications For E-Mortgages

New York's State of Mind

Electronic mortgages are all the rage but in New York there is a continuing road block in the way of a truly paperless mortgage origination process. New York should modernize its notarization requirements to eliminate the in-person notarization requirement for mortgage loan documents. New York is not all that unique. Regulatory Advocacy New York State Mortgage Lending technology notary e-mortgages

New York CU Authorized To Offer Lease Escrow Accounts

New York's State of Mind

The other day, one of my most helpful readers forwarded to me a copy of a NCUA legal opinion which provides good news to New York based credit unions and may provide a road map for credit unions in other states to follow. Compliance Mortgage Lending New York State Regulatory ESL Federal Credit Union IOLTA IOLTA accounts Section 7-103 servicing regulations

New York lawmakers say state must stop enabling predatory loans

BankThink

New York legislators are pledging to change laws that have allowed predatory lenders to use the state court system to seize the assets of thousands of small businesses across the country. Consumer lending New York

New York state is said to probe abuses in small-business lending

BankThink

Small business lending Enforcement Crime and misconduct Barbara D. Underwood New YorkAttorney General Barbara Underwood’s office is looking into whether merchant cash-advance companies engaged in fraud or abused the state court system.

FinTech Startups Defining the New York FinTech Industry

Let's Talk Payments

New York is one of the hottest FinTech hubs globally and is known to be a notable hub of innovation. For talented entrepreneurs looking to explore New York as the.

New York Attorney General to Launch Inquiry into Taxi Medallion Lending

Keith Leggett's Credit Union Watch

The New York State Attorney General's Office announced on May 20th that it is beginning an inquiry into the lending and business practices that led to the taxi medallion crisis in New York City. This inquiry comes after a two-part investigative report appearing in the New York Times. The Attorney General's Office stated that the allegations in the New York Times story "are serious and must be thoroughly scrutinized.".

New York Community's profits fall on rising deposit costs

BankThink

Strong growth in the bank's core business of multifamily lending was offset by higher rates it paid on CDs and borrowed funds. Earnings Deposits Net interest margin Multifamily CRE New York

Mexico courts big banks; New York eyes taxi lenders

BankThink

New president suggests less regulation and meets with bank leaders; state and city check for illegal lending activity. Morning scan Financial stress AML SOFR Crime and misconduct Cryptocurrencies

NY Lawsuit Against FinTech Banking Licenses Can Proceed

PYMNTS

Regulators from New York got the nod from a judge to move forward with their lawsuit aimed at stopping FinTechs from offering banking services on a national level. According to a report in MarketWatch citing court proceedings, Manhattan Federal Judge Victor Marrero ruled Thursday (May 3) the New York State Department of Financial Services can move forward with its lawsuit against the Office of Comptroller of the Currency.

CFPB's No. 3 to depart, join New York AG

BankThink

Chris D’Angelo, the CFPB's associate director of supervision, enforcement and fair lending, is leaving the bureau after eight years to become a chief deputy attorney general in New York state. State regulators Enforcement actions Trump administration Kathy Kraninger CFPB

Four things you need to know about New York today

New York's State of Mind

I have New York on my mind this morning, and it is not just because I am suffering from post-traumatic stress disorder after watching the second half of the yesterday’s Packers-Giants game. Instead, I am thinking about New York because there is a lot going on both regulatory and […]. Compliance Legal Watch Mortgage Lending New York State elder abuse

Shareholders once again reject New York Community executive pay plan

BankThink

Compensation Commercial lending Community banking New YorkPresident and CEO Joseph Ficalora took a 33% pay cut in 2017, but shareholders still rejected the plan by a wide margin.

ConnectOne bolsters New York operations with Greater Hudson deal

BankThink

The New Jersey company will pay $76 million for a bank with a low loan-to-deposit ratio and an SBA lending platform. Community banking M&A Capital New Jersey New York

New York rent rules pose risks for apartment lenders, Fitch says

BankThink

New York's sweeping rewrite of rent stabilization laws could pose a credit risk to lenders that finance capital improvements to regulated apartment properties, according to a report Monday by Fitch Ratings. Multifamily Commercial real estate lending Affordable housing

A payday lender in disguise? New York investigates the Earnin app

BankThink

The Earnin app appears designed to look like other early wage access programs, but critics say it’s actually a payday lender and New York regulators have taken notice. Online banking Payday lending Digital banking Digital payments Consumer lending Aaron Klein Brookings Institution

NY At Key Point In SMB Borrower Protection Fight

PYMNTS

The New York state legislature will rule this week whether to move forward with a borrower protections bill for small businesses (SMBs), as allegations of predatory practices by merchant cash advance firms raise new concerns about mistreatment of small business borrowers, The Washington Post.

Can New York Community buy its way out of a hole?

BankThink

Lending SIFIs M&A New YorkWhile CEO Joseph Ficalora believes acquiring other banks would solve his company's funding issues, outsiders say its culture needs to change.

Affirm, Lending Tree CEOs tout gains among young borrowers

Bank Innovation

Lending platforms are evolving to the needs of younger customers’ financial habits, a pair of fintech executives told an audience at CB Insights’ Future of Fintech conference in New York Wednesday.

New York Community pays up for deposits, and bottom line suffers

BankThink

Earnings Multifamily Deposits Commercial real estate lending New YorkThe company is once again positioning itself for growth now that it is no longer considered a systemically important financial institution.

AG To Investigate Taxi Lending

New York's State of Mind

New York’s Attorney General Letita James announced that she would be opening an investigation into taxi medallion lending practices. Her announcement follows on the heels of an exhaustive two part investigation by the New York Times and to the lending standards that were used by banks and credit unions when providing funding for medallion […]. New York State medallions Municipal

New York Community reins in costs while staying below SIFI threshold

BankThink

Earnings Revenue and expenses Lending Regional banks New YorkThe company, which reported a slight decline in loans, lowered its expenses during the first quarter.

New York’s Misguided Foreclosure Values

New York's State of Mind

So I can say that when it comes to housing policy Ted Cruz has a point about New York values being bad for the country. Legal Watch Mortgage Lending PoliticalI’m not running for the Republican Party’s Presidential nomination (but, unlike House Speaker Paul Ryan I am open to being drafted at the convention). We need fewer procedural hoops […].

CFPB Associate Director Chris D’Angelo reported to be joining New York Attorney General

CFPB Monitor

According to an American Banker report , Chris D’Angelo, the CFPB’s Associate Director of Supervision, Enforcement and Fair Lending, has announced that he is leaving the Bureau to serve in the Office of the New York Attorney General as Chief Deputy Attorney General for Economic Justice. The current New York Attorney General is Letitia James, who was elected in November 2018.

Investigative Story Looks at the Rise and Fall of the New York City Taxi Medallions

Keith Leggett's Credit Union Watch

A two-part story in the New York Times (subscription required) investigated the role of lenders, regulators, and city officials in the rise and collapse in taxi medallion values in New York City. Over 10 months, the New York Times spoke to 450 people, built a database on every medallion sales, and reviewed thousands of loans and other documents, The articles cited risky lending practices at banks and credit unions, which devastated taxi drivers.

MUFG Launches Aviation Finance Business in New York

American Banker

The Japanese banking giant Mitsubishi UFJ Financial Group has launched a new aviation finance business in the Americas and has named aircraft finance veteran Olivier Trauchessec managing director of the unit. breaking_news people commercial-lending national-regional

New York seeks to expand authority over fintechs

BankThink

The New York State Department of Financial Services is hoping to expand its authority to marketplace lenders, brokers, merchant cash advance companies and others that previously could operate in the state without a license. Marketplace lending Fintech regulations NYDFS OCC

Merchant Cash Advance Firms In NY AG’s Crosshairs

PYMNTS

News came this week that New York Attorney General Barbara Underwood has opened an investigation into small business lending – specifically, whether finance firms known as merchant cash advance companies have been engaged in abusing their smaller customers.