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New York Expands Investigation into Online Payday Lending

New York regulators are expanding their investigation into online payday lending. As part of an extensive and ongoing investigation, the New York Department of Financial Services (DFS) now has sent subpoenas to 16 online “lead generation” firms that the DFS said it suspects of deceptive...

‘Shared Appreciation’ Mortgage Modifications for Underwater Homeowners On the Horizon in New York

The New York Department of Financial Services (DFS) is proposing to expand the mortgage relief options available to “underwater” homeowners, who owe more than the current market value of their homes. The DFS’ proposed regulations would authorize and encourage “Shared Appreciation”...

Royal Bank of Scotland Fires Senior Bankers and Will Pay $100 Million for Violating Iran and Sudan Sanctions

The Royal Bank of Scotland (RBS) will pay $100 million for violations of law in connection with transactions involving Iran, Sudan, and other regimes and entities subject to international sanctions, New York Governor Andrew M. Cuomo has announced. Additionally, according to Cuomo, individuals at RBS...