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.