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NYDFS Banks

Ballard Spahr LLP

NYDFS Imposes $35 Million Fine on Nordea Bank for Alleged AML Failures Following Panama Papers Revelations

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On August 27, 2024, the New York State Department of Financial Services (“NYDFS”) announced a consent order involving a $35 million settlement with Nordea Bank Abp (“Nordea”) for alleged significant failures related to...more

Orrick, Herrington & Sutcliffe LLP

New York AG settles with bank over EIPA violations

On April 17, the New York attorney general (AG) announced a settlement with a bank (respondent) to resolve allegations that respondent improperly froze customer accounts and paid out consumer funds to debt collectors, and...more

Jenner & Block

[Ongoing Program] CLE Relay – Session 3 – Hot Topics in Fintech and Crypto - June 7th, 10:00 am - 11:00 am PDT

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This session will provide a survey of key issues and trends impacting the fintech and digital assets community as well as the future opportunities and challenges presented for these financial products and services. It will...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - March 2024

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

The Volkov Law Group

NYDFS Sues Citigroup Over Lax Antifraud Defenses, Seeking Major Expansion in Antifraud Liability for Banking Institutions

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The New York Department of Financial Services (“NYDFS”) has brought action in Federal court against Citibank, N.A., alleging that the bank systemically failed to protect accountholders from rampant online scam activity,...more

Orrick, Herrington & Sutcliffe LLP

NYDFS and Fed order bank to pay fines for BSA/AML non-compliance

On January 19, the Federal Reserve Board and NYDFS each issued separate enforcement actions against one of the largest banks in the world for alleged compliance deficiencies and violations under BSA/AML. The Fed issued its...more

Dinsmore & Shohl LLP

2024 Brings New Cyber-Related Legal Obligations for Banks and Fintech Firms

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Fintech companies and their partners are on alert as a flurry of new state and federal cybersecurity requirements take effect. The New York Department of Financial Services (NYDFS) and the Federal Trade Commission (FTC) both...more

Orrick, Herrington & Sutcliffe LLP

NYDFS releases guidance on risk management

On December 21, 2023, NYDFS released guidance for managing significant financial and operational risks associated with climate change for New York State-regulated banking and mortgage institutions. The guidance emphasized the...more

Akin Gump Strauss Hauer & Feld LLP

NYDFS Amended Cybersecurity Rules: Overview of Upcoming Deadlines

On November 1, 2023, the New York Department of Financial Services (NYDFS) announced the adoption of amendments to its Cybersecurity Regulation 23 NYCRR Part 500 (“Amended Cybersecurity Rules” or “Amended Rules”). NYDFS...more

Orrick, Herrington & Sutcliffe LLP

NYDFS settles with bank for compliance failures

On September 29, NYDFS announced a settlement with a South Korean-based bank’s American subsidiary to resolve allegations of repeated violations of AML requirements, the Bank Secrecy Act (BSA), and New York law....more

Cadwalader, Wickersham & Taft LLP

Financial Kaleidoscope October 2023 - Win the Bid – What’s Next in Moving On?

On March 12, 2023, the New York State Department of Financial Services appointed the FDIC as receiver for Signature Bank. The FDIC created a bridge bank, Signature Bridge Bank (“Bridge Bank”), and transferred all deposits and...more

McGlinchey Stafford

SVB and Signature Bank Crashes: Regulations to Come?

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The recent collapse of two large regional banks, and the expedited sale of Credit Suisse due to similar challenges, have left many in the financial services industry uncertain about the future. What should we understand about...more

Goodwin

Federal Reserve and OCC Release 2023 Bank Stress Test Scenarios

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On February 9, the Federal Reserve released its hypothetical scenarios for its 2023 bank stress tests, and on February 10, the OCC also released hypothetical economic and financial market scenarios to be used by covered...more

Ballard Spahr LLP

New York Governor’s 2024 fiscal budget proposal targets overdraft and NSF fees

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On February 2, 2023, New York Governor Kathy Hochul released her 2024 fiscal budget proposal, which included banking policy to “Protect New Yorkers from Predatory Banking Fee” in the Executive Budget Briefing Book.  The...more

Orrick, Herrington & Sutcliffe LLP

New York FY 2024 budget proposes to end unfair overdraft practices

On February 1, the New York governor released the state’s FY 2024 budget proposal, which includes measures for ending certain bank overdraft and insufficient fee practices. ...more

Latham & Watkins LLP

New York Department of Financial Services Issues Crypto Custody Guidance

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The Guidance clarifies the regulator’s expectations on safekeeping customer digital assets, and the disclosures that must accompany such arrangements. On January 23, 2023, the New York Department of Financial Services...more

Orrick, Herrington & Sutcliffe LLP

NYDFS announces winter storm relief

On December 27, NYDFS announced actions to provide financial relief to New Yorkers in the Western and North Country regions in the aftermath of a historic winter storm. ...more

Mayer Brown Free Writings + Perspectives

Virtual Currency Activity Prior Approval Requirement Established by NYDFS

On December 15, 2022, the New York Department of Financial Services (“NYDFS”) issued guidance clarifying that all New York banking organizations are required to obtain prior agency approval for virtual currency-related...more

Moore & Van Allen PLLC

Banks – What Should You Know? Civil Liability for Failure to Detect Human Trafficking

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In 2020, we wrote about the increased regulatory attention on financial institutions’ obligations to detect and respond to human trafficking. In 2021, we wrote about how anti-human trafficking programs fit squarely in banks’...more

Troutman Pepper

NY Department of Financial Services Reaches Settlement With Bank Over Alleged Fair Lending Violations Involving Auto Dealer...

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On October 6, the New York State Department of Financial Services (NYDFS) announced a consent order with Rhinebeck Bank (Rhinebeck) to resolve allegations that, in violation of New York Executive Law Section 296-a, the bank...more

Ballard Spahr LLP

New York Department of Financial Services settles enforcement action with community bank over auto dealer fair lending allegations

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Following up on a threat it made back in 2018, the New York State Department of Financial Services (DFS) announced on October 6, 2022 that it entered into a consent order with Rhinebeck Bank (“Rhinebeck”) to settle...more

Sheppard Mullin Richter & Hampton LLP

New York Publishes Proposed Rules on Commercial Financing Disclosures

On September 14, the New York Department of Financial Services (NYDFS) published a notice of proposed rules under New York’s Commercial Financing Disclosure Law (CFDL)...more

Ballard Spahr LLP

NY Dept. of Financial Services issues overdraft/NSF fee guidance

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The New York State Department of Financial Services (DFS) has issued an Industry Letter providing guidance on overdraft and non-sufficient funds (NSF) fees to depository institutions that it supervises....more

BakerHostetler

Banks and Retailers Embrace Crypto, Bitcoin Environmental Costs Debated, New NFT Initiatives Launch, Various Agencies Address...

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According to reports, a major U.S.-based global investment bank has allowed a borrower to use bitcoin as collateral for a cash loan, for the first time in the bank’s history. In other financial news, according to reports, the...more

Ballard Spahr LLP

New York amends its Community Reinvestment Act to cover non-bank mortgage lenders; New York DFS issues proposed revisions to CRA...

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Expansion of CRA coverage. On November 1, New York Governor Hochul signed into law amendments (S.5246-A/A.6247-A) to the New York Community Reinvestment Act (NYCRA) that expand the NYCRA’s coverage to non-depository mortgage...more

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