{"id":"SEC-13-041","kind":"order","level":"sector-regulator","jurisdiction":"New York","state":"NY","metro":"","industry":"13","agency":"","eco":"","issuer":"Superintendent of Financial Services Linda A. Lacewell (Department of Financial Services)","authority":"Executive Law 29-a; Executive Order 202.9 (Mar. 21, 2020); Financial Services Law 202, 302; Banking Law 10, 11, 14, 39(2), 590","instrument":"3 NYCRR Part 119 (emergency regulation), Emergency Relief for New Yorkers Who Can Demonstrate Financial Hardship as a Result of COVID-19","title":"New Part 119 to 3 NYCRR: Emergency Relief for New Yorkers Who Can Demonstrate Financial Hardship as a Result of COVID-19","dateIssued":"2020-03-24","effective":"upon filing of the Notice of Emergency Adoption with the Secretary of State (Mar. 24, 2020)","end":"2020-07-07 (EO 202.9 regime superseded by Banking Law 9-x, L. 2020 ch. 112, June 17, 2020; the New York State file (NY-100) records the end date)","startDate":"2020-03-24","endDate":"2020-07-07","quarters":["2020Q2","2020Q3"],"types":["OTHER"],"addressees":["New York regulated banking organizations","New York regulated mortgage servicers"],"clause":"New York regulated institutions are required to, in addition to adhering to the servicing requirements of Part 419, (i) make applications for forbearance of any payment due on a residential mortgage of a property located in New York, widely available to any individual who resides in New York and who demonstrates financial hardship as a result of the COVID-19 pandemic; and (ii) subject to the safety and soundness requirements of the regulated institution, grant such forbearance for a period of ninety (90) days to any such individual.... New York regulated banking organizations will provide the following financial relief to any individual who can demonstrate financial hardship from COVID-19... (1) Eliminating fees charged for the use of automated teller machines (\u0022ATMs\u0022)...","enforcement":"Banking Law and Financial Services Law supervisory and enforcement powers; EO 202.9 made failure to grant forbearance an unsafe and unsound business practice","functions":["SV (compelled 90-day residential mortgage forbearance)","AT (ATM fees eliminated)","BR","CC","OP"],"notes":"Excludes federally backed, GSE and FHLB loans (sec. 119.3(a)). Same instrument as NY-100 in the New York State file.","sourceUrl":"https://www.dfs.ny.gov/system/files/documents/2020/03/re_new_pt119_nycrr3_text.pdf","snapshot":"","fileExists":true,"fileBytes":279226,"grade":"primary","character":"","description":"","collection":"SEC-13","url":"/library/SEC-13-041","exhibitUrl":"/exhibit/SEC-13-041","citation":"Superintendent of Financial Services Linda A. Lacewell (Department of Financial Services), 3 NYCRR Part 119 (emergency regulation), Emergency Relief for New Yorkers Who Can Demonstrate Financial Hardship as a Result of COVID-19 (Mar. 24, 2020) (Ex. SEC-13-041)","stateName":"New York","related":["NY-100"]}