News & Analysis as of

Banks Department of Financial Services

Orrick, Herrington & Sutcliffe LLP

Utah consumer credit notification transfers to NMLS

On August 2, the Utah Department of Financial services sent a letter to all consumer credit notification filers notifying them that the state will transition all consumer credit notification to the NMLS. The letter cited a...more

Katten Muchin Rosenman LLP

New York Department of Financial Services Alters Effectiveness Date of New Commercial Financing Disclosure Laws

New York's Department of Financial Services (DFS or Department) has used its authority to extend a statutorily-mandated January 1, 2022, effective date. As we previously reported in our September 30 Client Alert, the DFS...more

Katten Muchin Rosenman LLP

New York Department of Financial Services Issues Proposed Rules Implementing Commercial Financing Disclosure Laws

On September 21, 2021, the State of New York Department of Financial Services (DFS) issued proposed regulations that will implement statutory requirements related to commercial financing disclosures for certain types of...more

Akin Gump Strauss Hauer & Feld LLP

First Enforcement Action by New York Department of Financial Services Under Cybersecurity Regulation

On July 21, 2020, the New York Department of Financial Services (DFS) filed a “Statement of Charges and Notice of Hearing” (the “Charges”) against First American Title Insurance Company (the “Company”) alleging violations of...more

Sheppard Mullin Richter & Hampton LLP

New York’s Department of Financial Services: the Self-Styled “Regulator of the Future”

Under its new leader, the New York Department of Financial Services (“DFS”) has staked out high ground for itself by self-identifying as the “regulator of the future” DFS’s pronouncement came in a July press release issued...more

Manatt, Phelps & Phillips, LLP

DFS Has NRA Relationships, Rent-to-Own Lenders in Its Sight

Banks in New York have been warned: The state’s Department of Financial Services (DFS) will be keeping a close eye on relationships with the National Rifle Association (NRA) and similar organizations....more

Manatt, Phelps & Phillips, LLP

New York DFS Cybersecurity Certifications Due

The time has come for entities regulated by the New York Department of Financial Services to make their first certification of compliance with the regulator’s cybersecurity rules....more

Skadden, Arps, Slate, Meagher & Flom LLP

New York Cybersecurity Regulations Could Affect Foreign Banks

Financial institutions covered by the New York State Department of Financial Services’ (NYDFS) new Cybersecurity Requirements for Financial Services Companies must file their first annual certification by February 15, 2018....more

Sullivan & Worcester

Object Lesson on How Not to Respond to Consent and Enforcement Actions

Sullivan & Worcester on

Last week, the DFS announced an enforcement action and charges against the NY Branch of Habib Bank, a Pakistani bank that had been doing business in NY for almost 40 years....more

Manatt, Phelps & Phillips, LLP

DFS Provides Answers to Cybersecurity FAQs

Hoping to provide greater clarity to financial institutions subject to its new cybersecurity requirements, New York’s Department of Financial Services (DFS) published a Frequently Asked Questions (FAQ) document to assist...more

McCarter & English, LLP

New York Department of Financial Services Cybersecurity Regulations Take Effect | Publications

PDF Version New cybersecurity-related regulations issued by New York state regulators took effect March 1, 2017. The rules, which directly impact all entities regulated by the New York Department of Financial Services (such...more

Bracewell LLP

New York DFS Finalized Cybersecurity Regulations Go Into Effect March 1, 2017

Bracewell LLP on

On February 16, 2017, the New York State Department of Financial Services (DFS) announced the final version of the “first-of-its-kind” cybersecurity regulations governing financial institutions, insurance companies, and other...more

Fisher Phillips

New York's Far-Reaching Cybersecurity Law Takes Effect March 1 - Are You Ready?

Fisher Phillips on

New York’s Department of Financial Services Cybersecurity regulation became effective March 1. According to the press release issued with the regulation, the regulation is intended to require banks, insurance companies and...more

Patterson Belknap Webb & Tyler LLP

The New York Department of Financial Services Issues Its Final Cybersecurity Regulation

On February 16, 2017, the New York Department of Financial Services (“DFS”) issued the final version of its cybersecurity regulation. The regulation, which has seen several iterations since it was first proposed in September...more

Patterson Belknap Webb & Tyler LLP

DFS Final Cyber Regulation: Accountability at the Top

Over the last few months, the New York Department of Financial Services (“DFS”) cybersecurity regulation has undergone multiple revisions. But late last week, DFS issued its final regulation, which will go into effect on...more

Patterson Belknap Webb & Tyler LLP

Final DFS Cybersecurity Regulation Issued

New York’s Department of Financial Services issued its final Cybersecurity Regulation last night with an effective date of March 1, 2017. ...more

Kramer Levin Naftalis & Frankel LLP

Funds Talk: February 2017

Private Fund Advisers, Robo-Advisers, ETFs Among SEC, FINRA Exam Priorities for 2017 - As the new year begins, U.S. regulators highlighted the areas – some new and some familiar – which will be the focus of their...more

Sheppard Mullin Richter & Hampton LLP

New York State Department of Financial Services Cybersecurity Regulation Poised to Reshape Existing Regulatory Landscape

In late December, New York State’s Department of Financial Services (“DFS”) released its revised proposed cybersecurity regulation (the “DFS Rule”). While the revisions pare back some of the DFS Rule’s original requirements...more

Locke Lord LLP

Privacy & Cybersecurity Newsletter

Locke Lord LLP on

New York’s Cybersecurity Requirements for DFS Licensees: A New Item at the Top of the To Do List - With a compliance date a few months away, licensees of the New York Department of Financial Services (DFS) must start...more

Patterson Belknap Webb & Tyler LLP

Rock and a Hard Place: Banks In Search of Compliance Amid Diverging Regulatory Regimes

Last year was the first that national banks and federal savings associations subject to supervision by the Office of the Comptroller of the Currency (“OCC”) were armed with a sense of the agency’s regulatory expectations when...more

Manatt, Phelps & Phillips, LLP

New York's DFS Tweaks Proposed Cybersecurity Regulations

The New York Department of Financial Services (DFS) rang in the New Year by releasing changes to the agency's proposed cybersecurity regulations. What happened - On December 28, 2016, as the result of extensive...more

Kramer Levin Naftalis & Frankel LLP

New York State Department of Financial Services Modifies Proposed Cybersecurity Regulations and Pushes Implementation Date Back to...

On Dec. 28, 2016, the New York State Department of Financial Services (NYDFS) published a revised version of its “Cybersecurity Requirements for Financial Services Companies” (the “Regulations”). The revised Regulations...more

Mintz - Privacy & Cybersecurity Viewpoints

New York Delays Cybersecurity Rules for Banks/Insurers Until March 1, 2017

The New York State Department of Financial Services has announced — much to the relief of the multitude of financial services companies and insurers regulated by DFS — that it will revamp its recently proposed cybersecurity...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Privacy & Cybersecurity Update - December 2016"

In this month's edition of our Privacy & Cybersecurity Update, we examine modifications to New York state's proposed cybersecurity regulations for financial institutions, a 5th Circuit ruling that a phishing scam is not...more

Patterson Belknap Webb & Tyler LLP

DFS Announces “Updated” Cybersecurity Regulation

Yesterday, the New York Department of Financial Services (DFS) announced an “updated” cybersecurity regulation that will go into effect on March 1, 2017. The updated regulation is, in many respects, less stringent than the...more

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