On November 1, 2024, the next phase of several significant amendments to the New York Department of Financial Services’ (NYDFS) cybersecurity regulation take effect. These specific amendments, enacted in 2023, impact the...more
New York has joined California and several other states in finalizing regulations requiring consumer-style disclosures for broad categories of commercial financing transactions....more
In 2023, the NYDFS is poised to finalize several significant new regulations and will likely continue its aggressive cybersecurity, anti-money laundering (AML) and consumer protection enforcement.
The New York Department of...more
Lenders will soon be required to collect detailed demographic and financial data on commercial credit applicants and report this data to regulators.
The NYDFS issued a proposed rule that will require New York banks to...more
11/11/2022
/ Commercial Loans ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Applicants ,
Dodd-Frank ,
ECOA ,
FDIC ,
HMDA ,
Notice of Proposed Rulemaking (NOPR) ,
NYDFS ,
Proposed Rules ,
Small Business Loans
NYDFS is closely evaluating fair lending compliance at the institutions it regulates, and bringing enforcement actions based on statistical analyses of lenders’ loan portfolios.
NYDFS has entered into a series of consent...more
10/19/2022
/ Compliance ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Fair Lending ,
Financial Regulatory Agencies ,
Interest Rates ,
Lenders ,
NYDFS ,
Penalties ,
Protected Class ,
State Banks
New York will for the first time require companies that hold a BitLicense to pay annual assessment fees.
The new fee will increase the already high cost of obtaining a BitLicense and operating a crypto business in New...more