New York may soon be joining California in requiring consumer-like disclosures on commercial financing transactions. On July 23, 2020, the New York State legislature passed SB 5470 (S.5470/A.10118-A), which closely follows...more
The payroll advance industry is the subject of a newly announced multistate investigation seeking information to enable regulators to determine whether there is unlawful lending by online companies engaged in this business....more
Joining the innovation trend, the New York Department of Financial Services (DFS) announced the creation of a new Research and Innovation Division.
The new division will support internal transformation and market...more
In a surprising decision, a New York federal district court not only refused to dismiss the New York Department of Financial Services’ (DFS) challenge to the Office of the Comptroller of the Currency’s (OCC) plans to issue...more
There’s yet another state CFPB, and this one could be significant. Joining Pennsylvania’s earlier effort, the New York Department of Financial Services (DFS) has just created a new office, the Consumer Protection and...more
Here we go again: The New York Department of Financial Services (DFS) has filed its second lawsuit against the Office of the Comptroller of the Currency (OCC) over the agency’s plan to permit fintech companies to apply for...more
A reminder from the New York Department of Financial Services (DFS): Beginning Sept. 4, all banks, insurance companies and other financial services institutions regulated by the DFS must begin complying with several...more
Based on a law requiring a survey of online lending in the state, New York’s Department of Financial Services (DFS) issued a report on the methods of operation, lending practices, and risks and benefits of online lending,...more