In Executive Order 202.9, Governor Cuomo ordered that New York licensed or regulated entities offer an opportunity “to any consumer in the State of New York an opportunity for a forbearance of payments for a mortgage for any person or entity facing a financial hardship due to the COVID-19 pandemic.” On March 24, 2020, the New York State Department of Financial Services issued regulations (3 N.Y.C.R.R § 119) to implement the executive order. The new regulations clarify that 90-day forbearance relief applies only to residential mortgages, not commercial mortgages (3 N.Y.C.R.R § 119.3(k)).
In addition, the regulations direct that New York regulated banking organizations will eliminate ATM fees, overdraft fees, and credit card late payment fees. Banks are required to communicate broadly how to apply for such relief.
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