NYDFS

The financial industry has praised the measured approach taken in a pending regulation on permitted communications with consumers. But two recent complaints by the bureau against debt collectors reflect a potentially aggressive enforcement stance.

The U.S. mortgage insurance business remained a bright spot for Genworth Financial, as fourth quarter adjusted operating income increased 29% and new insurance written rose nearly 95% over the prior year.

In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.

Vision Property Management has settled accusations made by New York regulators of predatory lending practices for a total of $3.75 million in cash and forgiven mortgage loan balances.

Linda Lacewell, New York’s superintendent of financial services, said the CFPB's debt collection proposal does not go far enough to protect consumers.

The mortgage industry is calling for better alignment between the federal government and state of New York regarding proposed regulatory revisions that would affect local servicers.

The Department of Financial Services has created a statewide financial protection division focused on corporate compliance and consumer issues, in line with steps taken by New Jersey and Pennsylvania.

New York regulators rejected Fidelity National Financial's acquisition of Stewart Information Services because the combination would have a dominant share of title insurance in the state.

The New York Department of Financial Services disapproved the merger between Fidelity National Financial and Stewart Information Services, regulatory filings from both title insurance underwriters said.

Maria Vullo is stepping down as head of New York's banking and insurance regulator after three years in which she created a national model for cybersecurity regulations at banks and fought back against federal attempts to chip away at payday-lending rules.

Ocwen is putting plans in place to realize $100 million in savings using resources from its acquisition of PHH Corp., which has just closed.

Ocwen Financial Corp. has gotten the go-ahead to acquire PHH Mortgage Corp., subject to revised New York restrictions on acquisitions of mortgage servicing rights, and other conditions imposed by the state.

Credit reporting firms with significant operations in New York will face new cybersecurity and registration requirements to stave off concerns related to a breach of Equifax's systems last year.

Nationstar Mortgage Holdings reported first-quarter net income nearly four times higher compared to the fourth quarter of 2017.

Mortgage and title insurance companies licensed in New York need to file disaster response plans this year in line with increased state attention to business continuity planning.

The New York State Department of Financial Services is warning that alternative home purchase finance agreements might be a cover for predatory mortgage lending practices by unlicensed entities.

The New York Department of Financial Services is fining Nationstar Mortgage $5 million for failing to comply with servicing and origination regulations as it grew between 2012 and 2014.

PHH Mortgage was the first mortgage servicer to be fined by the New York Department of Financial Services for failing to maintain a "zombie" property.