December 23, 2014
New York financial regulators have reached a settlement with Ocwen Financial Corp. requiring the nation’s largest subprime mortgage servicer to reform its practices and provide $150 million to help struggling New York homeowners. The consent order requires William Erbey to …
December 10, 2014
New York’s Financial Services Superintendent Benjamin Lawsky today issued an industry guidance letter to all New York Department of Financial Services (DFS)-regulated banks announcing the department’s new, targeted cybersecurity preparedness assessments. Lawsky said that in an effort to promote greater …
November 19, 2014
When Ocwen Financial Corp. shares soared on the news that regulator Benjamin Lawsky, who’s probing the company, will step down, Bill Miller shrugged. The next head of New York’s Department of Financial Services will probably be as aggressive as Lawsky, …
November 11, 2014
New York’s top banking regulator Benjamin Lawsky, who used his leverage to stiffen penalties against some of the world’s largest financial institutions, will probably step down next year to take a job in the private sector, said a person familiar …
September 23, 2014
Punishing executives for misconduct at banks is essential to deter wrongdoing on Wall Street, New York’s banking regulator said. “Just damning the entire firm is often times counterproductive,” Benjamin Lawsky, superintendent of the New York Department of Financial Services, said …
August 14, 2014
New York’s financial-services regulator told fellow watchdogs they are failing to address a “gaping regulatory problem” that he said allows life insurers to artificially inflate reserves. There should be tighter rules governing captives, the subsidiaries that some insurers use to …
August 4, 2014
New York’s banking regulator asked Ocwen Financial Corp. for information about an insurance agreement that it says may be designed to funnel fees to an affiliate for minimal work. Benjamin Lawsky, the superintendent of the Department of Financial Services, is …
July 22, 2014
Apollo Global Management LLC’s dual stakes in an insurer and the largest operator of U.S. casinos are drawing scrutiny by New York’s top financial regulator, who doesn’t want policyholders exposed to the gambling firm’s debt, a person briefed on the …
May 28, 2014
New York’s Department of Financial Services (DFS) issued a bulletin to all New York auto insurers encouraging them to adopt “usage-based insurance” (UBI) programs. Under these voluntary programs, consumers can install “telematics” devices in their cars that – with the …
May 20, 2014
The New York Department of Financial Services (DFS) has proposed new regulations to oversee private equity and investment firms’ acquisitions of insurance companies, especially acquisitions of annuity companies, in the state. DFS said the proposal to enshrine enhanced policyholder protection …