New York banking regulator orders emergency relief on mortgages, card fees

March 25, 2020

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American Banker--Laura Alix

New York’s Department of Financial Services issued an emergency regulation requiring banks and credit unions already regulated by the agency to give mortgage borrowers forbearance of at least 90 days if they apply for assistance due to job loss or other issues brought on by the economic fallout from the pandemic, as well as waive ATM fees, overdraft fees, and late payment fees on credit cards.

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