Weekly Banking Bulletin

April 17, 2020

SECTION I

This section records the receipt of applications and notices to the Banking Division of the Department of Financial Services. Applications and notices received by Foreign and Wholesale Banks, Community and Regional Banks and Licensed Financial Services are listed in order of date of receipt; applications and notices received by Mortgage Banking are listed at the end of Section I by type of application or notice. “ THE WEEKLY BULLETIN CONSTITUTES THE ONLY WRITTEN NOTIFICATION OF THESE SUBMISSIONS THAT WILL BE ISSUED BY THE DEPARTMENT.” Any comment on, or objection to, any item contained in this Weekly Bulletin should be presented to the Department within 10 calendar days of the date of this bulletin, unless a different time period is specified in the item. More specifically, such comments or objections, including any that concern CRA-related applications, should be either (a) delivered by mail or in person to Office of the General Counsel, New York State Department of Financial Services, One State Street, New York, New York 10004-1417 before the stated deadline or (b) transmitted by [email protected] .

SECTION II

This section records actions taken by the Superintendent of Financial Services, and other information concerning the activities of the Banking Division of the Department of Financial Services. Actions relating to institutions supervised by Foreign and Wholesale Banks, Community and Regional Banks and Licensed Financial Services are listed in order of date of action; actions relating to institutions supervised by Mortgage Banking are listed at the end of Section II by type of action taken.

GENERAL INFORMATION

Each item in the Weekly Bulletin is identified by a two-letter code indicating the type of institution and a three-letter code indicating the unit of the Department which has supervisory responsibility for the institution. The following is a list of the codes and their meanings:

Institution Codes

BK Bank MB Mortgage Banker
BP Budget Planner BR Mortgage Broker
CC Check Cashier MS Mortgage Servicer
CU Credit Union PF Premium Finance Agency
FA Foreign Agency PB Private Banker
FB Foreign Branch SB Savings Bank
FR Foreign Representative Office SD Safe Deposit Company
HC Holding Company SF Sale Finance Agency
IC Investment Company SL Savings and Loan Association
LL Licensed Lender SL Student Loans
MK Merchant Bank TM Transmitter of Money
MI Miscellaneous TR Trust Company
VC Virtual Currency    

Regulatory Unit Codes

CM Capital Markets
CRB Community and Regional Banks
CEU Consumer Examination Unit
FWB Foreign and Wholesale Banks
LFS Licensed Financial Services
MBD Mortgage Banking

SECTION I

Application to establish a Mortgage Banker's Branch received for examination:

April 15, 2020 (MB-MBD)
Full Service Branch
Reverse Mortgage Funding LLC
141 Sully's Trail, Suite 08A, Pittsford, NY 14534


Mortgage Banker License Name Change Received:

April 15, 2020 (MB-MBD)
From: Promontory Fulfillment Services LLC
To: Promontory MortgagePath LLC


Article 12-E Applications received.  Individuals listed may not engage in mortgage loan origination activities prior to the approval of their application for licensing.  They must also complete all required education, testing and bonding requirements by the dates set forth in Part 420 of the Superintendent’s Regulations which may be found on the Department’s website.

DATE OF APPLICATION NMLS ID NO. NAME OF APPLICANT CITY STATE
January 10, 2020 418894 Marsha Morency Brooklyn New York
February 19, 2020 1914594 Julio Fernandez Bayside New York
February 28, 2020 1056619 Saif Omran Ali Coram New York
March 5, 2020 1945805 Michael John Friedrich Southampton New York
March 6, 2020 1604918 Terry R. Bisogno North Massapequa New York
March 9, 2020 32002 Vasilios Ziangos Fort Lee New Jersey
March 9, 2020 1865258 Richard A. Ciuzio Yonkers New York
March 11, 2020 829920 Richard Russell Gallipoli Hillsdale New Jersey
March 11, 2020 1880266 Hemat Sinanan South Richmond Hill New York
March 13, 2020 1916302 Shane Steven Szczepaniak Shelby Township Michigan
March 13, 2020 1931152 Jared Alan Sayers Burton Michigan
March 13, 2020 1931166 James Thomas Spencer Grosse Pointe Woods Michigan
March 13, 2020 1931811 Mohamed Abdulmajid Kadry Dearborn Michigan
March 16, 2020 1595117 Adam Randy Businger Westminster Colorado
March 16, 2020 1837230 Andrea Renee Ward Dayton Ohio
March 19, 2020 452757 Richard Edward Kalnins Watertown Connecticut
April 6, 2020 1956781 Edward Charles Pellicane Westbury New York

SECTION II

April 14, 2020
ORDER UNDER SECTION 12–a OF THE NEW YORK BANKING LAW

Order issued pursuant to Section 12–a of the Banking Law under which, to the extent that a federally chartered credit union would be able to do so:

  1. A New York State-chartered credit union may, within the limitations of the written loan purchase policies of its board of directors, purchase loans, in whole or in part, (when the borrower is a non-member of the purchasing credit union and no continuing contractual obligation between the seller and purchaser is contemplated):

     

    1. From a liquidating credit union, if such loans are to individual members of that liquidating credit union;
    2. From any source, if such loans are of the following types and are purchased to facilitate the packaging of a pool to be sold or pledged on the secondary market by the purchasing credit union:

       

      1. Student loans, as defined in Section 701.23(a)(2) of the regulations of the National Credit Union Administration (“NCUA”), provided that the purchasing credit union is granting student loans on an ongoing basis.
      2. Real estate-secured loans, provided that the purchasing credit union is granting on an ongoing basis real estate-secured loans pursuant to Section 701.21 of the regulations of the NCUA, and provided further such purchase will facilitate the purchasing credit union’s packaging a pool of such loans to be sold or pledged on the secondary mortgage market and that each pool must include a substantial portion of loans to the credit union’s members’ loans and must be sold promptly.
    3. A New York State-chartered credit union that has received a composite CAMEL rating of 1 or 2 in its last two full examinations and that has been well capitalized for the six immediately preceding quarters, as described in Section 701.23 of the NCUA regulations, may (when the borrower is a non-member of the purchasing credit union and no continuing contractual obligation between the seller and the purchaser is contemplated) purchase loans:

       

      1. From a federally insured credit union, provided such loans are:

         

        1. Loans that the purchasing credit union is empowered to grant, or
        2. Loans refinanced, with the consent of the borrower, within sixty days of purchase so that they are loans that the purchasing credit union is empowered to grant.
      2. From a liquidating credit union without regard to whether such loans are obligations of the liquidating credit union’s members, and
      3. From a federally insured credit union, provided such loans are student loans, as defined in Section 701.23, or real estate-secured loans.
    4. A New York State-chartered credit union may purchase a participation in a loan (when the borrower is a non-member of the purchasing credit union and a continuing contractual obligation between the seller and purchaser is contemplated) from an eligible organization, as defined in Section 701.22(a) of the NCUA regulations, including any state or federal government agency and its subdivisions, provided that such purchase is in compliance with the requirements of Section 701.22 of the NCUA regulations.
    5. A New York State-chartered credit union may sell a participation in a loan (when a continuing contractual obligation between the seller and purchaser is contemplated) to such an eligible organization, provided that such sale is in compliance with the requirements of Section 701.22 of the NCUA regulations.

    April 16, 2020
    ORDER UNDER SECTION 12–a OF THE NEW YORK BANKING LAW

    Order issued pursuant to Section 14.1(p) of the Banking Law under which temporary relief has been granted from certain requirements under the Banking Law and the regulations promulgated thereunder to COVID-19 affected New York State-chartered banks, trust companies, stock-form savings banks, stock-form savings and loan associations, safe deposit companies, investment companies, credit unions, mutual savings banks and mutual savings and loan associations (each such New York State-chartered institution being a “Regulated Institution”) with respect to meetings of their stockholders, shareholders or account holders (each such meeting being a “Meeting”) to the effect that:

    1. Notwithstanding any other law or regulation:

       

      1. During the Disaster Emergency state declared by Governor Andrew M. Cuomo on March 7, 2020 (the “Disaster Emergency”) and for a period of sixty (60) days thereafter, any Regulated Institution may conduct a Meeting by means of a conference telephone, video conference or similar electronic means provided that all persons participating in the Meeting be able to hear each other at the same time.
      2. Any person so participating in such Meeting shall be deemed present for the purposes of such Meeting.
    2. The requirement in Section 6002.2 of the Banking Law that a meeting of stockholders be held annually for the election of directors and the transaction of other business within the first four months of a Regulated Institution’s fiscal year in the case of banks, trust companies, stock-form savings banks, stock-form savings and loan associations and safe deposit companies, when any part of such four- month period occur during the Disaster Emergency, be modified so that such requirement shall be deemed satisfied if such annual meeting is held within the first seven months of such listed Regulated Institution’s fiscal year.

    April 16, 2020 (MI-CRB)
    EVANS BANCORP, INC.
    One Grimsby Drive, Hamburg, NY 14075

    Application, pursuant to Sections 143-a and 143-b of the Banking Law, to acquire control of Fairport Savings Bank, Fairport, New York, approved.


    Approvals issued to engage in the business of mortgage loan origination under Article 12-E of the New York Banking Law.

    DATE OF APPROVAL NMLS ID NO. NAME OF APPLICANT CITY STATE SPONSORING ENTITY
    April 9, 2020 1767862 Abraham Halberstam Brooklyn New York First Class Funding Corp.
    April 10, 2020 1658160 Chana Pinson Brooklyn New York Landmark Funding Group Inc.