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Governor Cuomo also signed into law three bills which enact a package of homeowner protections. The three bills include:  A.5615 (Weinstein)/S.1688 (Montgomery), which enhances consumer protection measures to prevent deed fraud and mortgage scams; A.1800 (Magnarelli)/S.4182 (Salazar), which requires banks or mortgage holders pay homeowners' association fees or cooperative fees on abandoned properties; and A.92A (Perry)/S.5017A (Parker), which reforms obligations of banks and financial institutions during loan modification of a mortgage.

FASB has formally issued its proposal to delay the implementation of CECL until January 2023 for certain companies. Eligible to take advantage of the delay are SEC-defined small reporting companies.

For more information, please contact:
Michael P. Smith, President, NYBA, at (212) 297-1699
Clare M. Cusack, General Counsel, at (212) 297-1664
Megan Rowan McGovern, Deputy General Counsel & VP, Government Relations, at (212) 297-1669