The New York Department of Financial Services’ revised proposal doesn’t include any of the substantial changes sought by mortgage industry stakeholders.

While the state has traditionally viewed mortgage foreclosures to be subject to a 10-year statute of limitations, mortgage borrowers are challenging that viewpoint.

The trade group said a federal standard that preempts state data privacy laws would set clearer expectations for the industry.

Nevada last month became the second state to adopt a model act that creates specific safe harbors for common mortgage modifications.

New Jersey is the latest state to introduce legislation to establish its own version of the Community Reinvestment Act.

The new law addresses foreclosures on “zombie” second mortgages and creates new standards for subordinate mortgage servicers.

A new legislation in New York expands the enforcement power of the state’s attorney general.

CSBS is working on prudential standards for nonbank servicers, a framework for safeguarding sensitive information at nonbanks, and standards to modernize supervision and regulation of money transmitters.

Brody Gapp will focus on assisting financial entities with CFPB compliance, loss mitigation and employee poaching, among other issues.

Nonbanks are especially vulnerable and at-risk in the absence of consistent federal regulation, according to panelists at the Conference of State Bank Supervisors’ mortgage symposium.