New York Executive Order and Regulation Requires Banks To Honor Forbearance Requests And Other Regulated Entities To Potentially Restrict Late And Overdraft Fees
New York Executive Order and Regulation Requires Banks To Honor Forbearance Requests And Other Regulated Entities To Potentially Restrict Late And Overdraft Fees
On March 7, 2020, Governor Cuomo issued Executive Order No. 202.9 (the “Order”) which sought to modify New York Banking Law to deem “an unsafe and unsound business practice” if any bank, subject to the Department of Financial Services (the “Department”), fails to “grant a forbearance to any person or business who…