The New York Department of Financial Services and Governor Cuomo and have issued two extraordinary orders dealing with loan forbearance to mitigate the impact of COVID-19.
● Executive Order 202.9 declares that any “bank” subject to DFS jurisdiction shall be deemed to be engaged in an “unsafe and unsound business practice” under Banking Law Section 39(2) if it fails to grant a 90-day forbearance to any person or business with financial hardship as a result of the pandemic. This is a broad and apparently unprecedented application of the rarely-used cease and desist authority set forth in Section 39(2). The Executive Order also directs the Superintendent to ensure “any licensed or regulated entities provide to any consumer in  New York an opportunity for a forbearance of payments for any mortgage for any person or entity facing a financial hardship due to the COVID-19 pandemic.”
● NYDFS issued an emergency regulation implementing this Order, requiring that certain “New York State regulated institutions” provide residential mortgage forbearance on property located in New York, for a period of 90 days, to any individual residing in New York who demonstrates financial hardship as a result of the COVID-19, subject to the usual safety and soundness requirements.
Executive Order 202.9 is here: https://www.governor.ny.gov/sites/default/files/atoms/files/EO_202.9.pdf
The NYDFS emergency regulation can be found here: https://www.dfs.ny.gov/system/files/documents/2020/03/re_new_pt119_nycrr3_text.pdf