Albany is the capital of New York and a commercial and governmental hub of the Northeast. The attorneys in our Albany office represent clients in consumer financial law and banking law, providing legal counsel to financial institutions conducting business across the country.
August 30, 2022
On July 28, 2022, the Board of Governors of the Federal Reserve System (the “FRB”) published a proposed regulation to implement the Adjustable Interest Rate (LIBOR) Act (“Act”). Due to problems with London Interbank Offer Rate (LIBOR) no longer being representative of the underlying borrowing costs of banks that LIBOR was intended to reflect, LIBOR is scheduled to be discontinued on June 30, 2023. While the federal banking regulators previously required that lenders stop writing new contracts using LIBOR as of December 31, 2021, there are a significant number of existing contracts that reference USD LIBOR that will not mature by June 30, 2023, and cannot be easily amended. Of particular concern are so-called “tough legacy contracts.” Tough legacy contracts not only reference LIBOR and will not mature by June 30, 2023, but also lack adequate fallback provisions providing for a clearly defined or practicable replacement benchmark following the cessation of LIBOR.
August 18, 2022
McGlinchey is proud to announce that 53 of its attorneys have been recognized in the 2023 edition of The Best Lawyers in America® and Best Lawyers: Ones to Watch.
July 27, 2022
Margaret J. Cascino (New York City) will participate in a New York Mortgage Bankers Association roundtable on Wednesday, July 27, 2022, with other New York counsel to discuss the hot topics and trends within the Foreclosure Environment.
June 16, 2022
The Mortgage Bankers Association’s (“MBA”) First Quarter 2022 National Delinquency Survey revealed that the delinquency rate for mortgage loans on 1–4-unit residential properties decreased to 4.11% of all loans outstanding at the close of the first quarter of 2022. This rate, according to the MBA, represents a decrease of 54 basis points from the fourth quarter of 2021 and 227 basis points from one year ago. Further, MBA Vice President of Industry Analysis Marina Walsh notes that the delinquency rate dropped for the seventh consecutive quarter, reaching its lowest level since the fourth quarter of 2019. Walsh credits the improvement in loan performance to the movement of loans that were ninety days or more delinquent, with most of these delinquencies either being cured or entering post-forbearance loan workouts.
May 25, 2022
Jeffrey Barringer (Albany) will co-present "Opportunities and Challenges of Serving LEP Consumers" during the Fair Lending Track of the Mortgage Bankers Association (MBA) Legal Issues and Regulatory Compliance Conference in Miami on Wednesday, May 25, 2022.
April 12, 2022
On Tuesday, April 12, 2022, Jeff Barringer (Albany) will participate in a panel discussion on financing programs in today's regulatory environment during the 2022 Manufactured Housing Institute (MHI) Congress & Expo at Rosen Shingle Creek in Orlando.
April 6, 2022
The hardship stays provided under New York’s COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (EEFPA) officially ended on January 15, 2022. What does this mean for lenders, mortgage servicers, and landlords?
March 22, 2022
Signed into law on March 15, 2022, the Adjustable Interest Rate (LIBOR) Act of the Consolidated Appropriations Act of 2022 resolves a pending concern with variable interest rate loan contracts that use LIBOR as their index.
Thursday, March 3, 2022
Join McGlinchey’s New York Consumer Financial Services Team for a 90-minute interactive webinar discussing New York foreclosure practice in light of the end of the hardship moratorium.
February 11, 2022
On Tuesday, February 8, 2022, the United States District Court for the Northern District of California issued two separate orders that upheld the OCC’s and FDIC’s “valid-when-made” rules.