Banking


NYS Offers Forbearance to Borrowers, NYC Allows Penalty Waivers
March 25, 2020 | William Cornachio | Richard A. Frankel | Stuart I. Gordon | Michael J. Heller | Matthew V. Spero | Jeannine M. Farino | Banking
On March 21, 2020, Governor Cuomo issued Executive Order 202.9, which is in effect through April 20, 2020. The order provides financial relief to consumers and businesses with outstanding bank loans. The order modifies subdivision two of Section 29 of the Banking Law to provide that it is an “unsafe and unsound” business practice if …
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SBA Makes Disaster Loans Available to Small Businesses
March 20, 2020 | Michael J. Heller | Sean N. Simensky | Corporate | Banking
As the coronavirus pandemic continues to cause disruptions to businesses, the U.S. Small Business Administration (SBA) has announced its Coronavirus (COVID-19) Disaster Relief Lending program, which will offer certain small businesses and nonprofits affected by COVID-19 access to the SBA’s Economic Injury Disaster Loans. As of today, small business owners in New York State are …
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Court Rejects “Certainty of Hopelessness” Standard for Discharging Student Debt
January 8, 2020 | James P. Lagios | Stuart I. Gordon | Matthew V. Spero | Bankruptcy | Banking
Hon. Cecelia G. Morris, Chief Judge of United States Bankruptcy Court for the Southern District of New York, put down a momentous decision on January 7, 2020, granting summary judgment in favor of a debtor in an adversary proceeding seeking to have $221,385.49 in student loan debt declared dischargeable in bankruptcy. See, Rosenberg v. N.Y. …
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Heller Published in Pratt’s Banking Law Journal
January 14, 2019 | Banking
Michael Heller’s article, “New York’s Mortgage Tax Rules Burden Banks and Borrowers. But There’s a Solution” was published in Pratt’s Banking Law Journal. Click here to read the article. …
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Feb. 15 Deadline Looms for NY’s Banking, Insurance and Financial Services Industries
January 31, 2018 | Shari Claire Lewis | Privacy, Data & Cyber Law | Insurance Coverage | Banking
New York based bank, insurance and financial service businesses face a February 15, 2018 deadline to submit their compliance certification to the State’s Department of Financial Services (DFS). New York’s Cybersecurity Regulation (23 NYCRR Part 500) was issued by DFS last March – the first such state regulation in the nation. The Regulation includes various …
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