DFS issues ‘zombie property’ guidance

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The state Department of Financial Services issued guidance for mortgage servicers, reminding them about their obligations under the state’s Vacant and Abandoned Property Law. The guidance was issued after PHH Mortgage was fined $119,000 for failing to maintain an abandoned property in New Lebanon, New York.

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Lower East Side People’s FCU sues over CFPB appointee

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The law firm of Emery Celli Brinckerhoff & Abady LLP has filed a lawsuit on behalf of Lower East Side People’s FCU against President Donald Trump and his budget director, Mick Mulvaney, who Trump appointed as acting director of the CFPB. The lawsuit was filed in federal court in Manhattan.

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DFS approves school banking changes for state-chartered CUs

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The state Department of Financial Services has finalized changes that eases restrictions on in-school banking programs for state-chartered credit unions. The move, which the New York Credit Union Association strongly supports, authorizes credit unions with student branches to retain students’ memberships after they are no longer enrolled at the school.

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