Department of Financial Services

News & Analysis as of

State Enforcement of the Consumer Financial Protection Act: State Lawsuits Offer a Sign of What’s to Come

At the end of 2014, the New York Department of Financial Services (“DFS”) became the first state regulator to settle a case using its authority to enforce the federal Consumer Financial Protection Act (“CFPA”). In Benjamin M....more

New York Banks Face New Cybersecurity Exam Process

Why it matters - Adding to the banks’ compliance obligations, effective immediately, banks chartered or licensed in New York will now face an updated cybersecurity examination process, Superintendent of the Department...more

“Start Spreading the News”: Recent New York Regulations Impact Debt Collection and Default Servicing

Last month, the New York Department of Financial Services (“DFS”) finalized a regulation with a number of novel requirements affecting debt collection (including servicing delinquent loans) in New York. Previously, debt...more

NY Department of Financial Services Settles With Auto-Dealer

On December 19, the New York Department of Financial Services announced a recent settlement with a Long Island-based auto lender to resolve allegations of violations of several consumer protection laws including the DFA,...more

Privacy & Cybersecurity Update - December 2014

In This Issue: - The Critical Takeaway for Every Company From the Sony Cyber Attack - Sony Data Breach Class Action Complaint Provides Insight Into Cybersecurity Issues - Reminder: New California Data...more

New Year, New Disclosures

On December 29, the Florida Department of Financial Services (FDFS) published Proposed Rule 69B-215.090 (the "Proposed Surrender Disclosure Rule") setting forth the disclosures required when a surrender of any cash value life...more

The New York State Department Of Financial Services (“DFS”) Issues Industry Guidance Letter To DFS-Regulated Banks

On December 10, the DFS issued an industry guidance letter to all New York DFS-regulated banks announcing new targeted DFS cyber security preparedness assessments. The new cyber security assessments will become part of all...more

DFS Superintendent Lawsky Discusses Revised BitLicense Framework

On December 18, New York State Department of Financial Services (DFS) Superintendent Benjamin Lawsky delivered remarks on the revised BitLicense framework at the Bipartisan Policy Center in Washington, DC. If adopted, the...more

NYS DFS Publishes All BitLicense Comments; California Considers Regulation

On December 3, the New York State Department of Financial Services (DFS) published all 3,746 public comments it received on the proposed “BitLicense” regulatory framework that would cover businesses participating in “virtual...more

New York Issues Far-Reaching Debt Collection Regulations

The New York Department of Financial Services (DFS) published its final debt collection regulations on December 3, 2014, following an extensive rulemaking period. The regulations impose requirements on third-party debt...more

NYDFS Publishes BitLicense Comments

Yesterday, the New York Department of Financial Services (NYDFS) published all comments that it received on its “BitLicense” proposal. A total of 3,746 comments were submitted, many of which were written by individuals based...more

Credit Crunch Digest - November 2014

This issue of the Credit Crunch Digest focuses on recent forex settlement agreements; rate-swapping claims in a Libor consolidated action; Bank of Tokyo’s $315 million settlement with the New York Department of Financial...more

NY DFS Addresses Concerns Regarding Loan Servicer’s Noncompliance Issue

On October 21, New York DFS’s Superintendent Lawsky issued a letter to a large loan servicer institution regarding its systems and processes, most significantly the practice of backdating letters to borrowers. ...more

Virtual Currencies: New York State Department of Financial Services Discusses Proposed Regulations

As the proposed BitLicense takes shape, New York regulators are engaging in discussions with industry players. On October 14, 2014 Benjamin N. Cardozo School of Law organized a panel discussion as part of its Tech...more

New York DFS Superintendent Lawsky Comments On Virtual Currency and Bitcoin Regulation

On October 14, Superintendent Lawsky delivered remarks on virtual currency and Bitcoin regulation in New York City. Specifically, Lawsky addressed the comments received in connection with the DFS’s July 17 proposal to...more

N.Y. Department of Financial Services Sued for Access to Documents Pertaining to Database of Alleged Illegal Payday Lenders

A consumer financial services attorney (the petitioner) recently filed a petition in New York state court against the New York State Department of Financial Services (DFS) and its superintendent, Benjamin Lawsky. The lawsuit...more

Florida Modifies Its Annuity Suitability Rule

On October 1, the Florida Department of Financial Services (DFS) amended Florida Administrative Code Rule 69B-162.011, "Suitability and Disclosures in Annuity Contracts – Forms Required" (the Suitability Rule). This amendment...more

Second Circuit Denies Injunctive Relief to Tribe-Owned Online Lenders Seeking Protection From New York State Regulator

On October 1, the Second Circuit affirmed the denial of a preliminary injunction sought by Native American online lenders that would have prevented the New York State Department of Financial Services (“DFS”) from restricting...more

Federal Court Dismisses Industry Challenge to NYC Responsible Banking Law but Leaves Door Open For Future Lawsuit

A federal judge recently dismissed a complaint brought by the New York Bankers Association (NYBA) seeking to invalidate the New York City Responsible Banking Act (the Responsible Banking Act). In New York Bankers Ass’n Inc....more

NYDFS Enters Settlement Agreement With PwC Under Which PwC Pays $25 Million Fine, Accepts 24-Month Consulting Suspension and Will...

The New York State Department of Financial Services (“DFS”) entered into a settlement agreement (the “Settlement Agreement”) with PricewaterhouseCoopers LLP (“PwC”) related to consulting services performed by PwC for the...more

Florida DFS Unclaimed Property Grab “Clearly Erroneous”

Florida’s First District Court of Appeal filed an opinion yesterday in Thrivent Financial for Lutheran’s appeal from a declaratory statement issued by the Florida Department of Financial Services interpreting Florida’s...more

New York Virtual Currency Proposal Could Capture Bank Products, Card Rewards Programs

On July 17, the New York Department of Financial Services (NYDFS) proposed a rule intended to govern the virtual currency marketplace. The proposed rule is extremely broad and as currently drafted would appear to capture...more

The NYS Department of Financial Services Throws in Its “Two Bits” on Bitcoins

On July 17, 2014, New York State’s Department of Financial Services (“DFS”) announced proposed regulations for virtual currency companies operating in New York. Because the leading virtual currency is known as “Bitcoin,” the...more

Will NY’s BitLicense Stifle an Industry (or Just Relocate it)?

The New York Department of Financial Services riveted the attention of the virtual currency world (and just about everyone else involved with digital financial services), with its July 17 proposal to issue licenses for...more

New York Department Of Financial Services (“NYDFS”) Adopts Emergency Regulation Regarding Excess Line Placements Governing...

The Emergency Regulation, effective April 21, 2014, conforms 11 NYCRR 27 to the requirements of the Non-Admitted and Reinsurance Reform Act of 2010 (“NRRA”). The amendments make the following changes to Insurance Regulation...more

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