News & Analysis as of June 29, 2025

Banks

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk... more +

Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

New York Cybersecurity Regulation Requires Submission of Compliance Certification or Acknowledgement of Noncompliance Next Week

Quarles & Brady LLP on 4/10/2025

On April 3, 2025, the New York State Department of Financial Services (“DFS”) issued reminders about upcoming implementation and reporting deadlines related to its cybersecurity regulations. Upcoming deadlines require...more

DFS Issues Circular Letter Addressing Cybersecurity Risks Related to AI

ArentFox Schiff on 10/24/2024

On October 16, the New York Department of Financial Services (DFS) issued a circular letter addressing cybersecurity risks related to the increasing use of artificial intelligence (AI) in relation to insurers, insurance...more

[Event] 29th Annual Flagship Conference on Regulatory Compliance for Financial Institutions - November 21st - 22nd, Toronto, ON,...

American Conference Institute (ACI) on 10/30/2023

Don’t miss the opportunity to gain valuable insights from industry experts at Canadian Institute’s Annual Flagship Conference on Regulatory Compliance for Financial Institutions. This event will equip you with strategies to...more

Nutter Bank Report: June 2023

Nutter McClennen & Fish LLP on 6/30/2023

The federal banking agencies have published new guidance to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology (fintech) companies. The new...more

Developing Contingency Plans: The NYDFS Mandate on Licensed Virtual Currency Businesses

King & Spalding on 4/2/2020

The events surrounding COVID-19 have increased the use of fintech products, both out of necessity and convenience. Shelter-in-place directives have moved customers towards fintech solutions, as have concerns aligned with the...more

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

Bracewell LLP on 3/3/2017

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

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

Sheppard Mullin Richter & Hampton LLP on 2/1/2017

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

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

Patterson Belknap Webb & Tyler LLP on 1/28/2017

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

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

Herbert Smith Freehills Kramer on 1/7/2017

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

[Webinar] Business E-mail Compromise Scams - Practical Perspectives - January 12th, 10:30am EST

Troutman Pepper Locke on 1/3/2017

An increasing number of businesses are targeted by very sophisticated email scams designed to convince company employees responsible for executing financial transactions to wire funds to overseas accounts controlled by...more

DFS Cyber Regulation: Part II – An Interview with Bay Dynamics’ Steven Grossman

Patterson Belknap Webb & Tyler LLP on 11/23/2016

This is the second installment in our interview with Steven Grossman, VP Strategy & Enablement at Bay Dynamics, the cyber risk analytics company. Here, Steven discusses the importance of aligning an institution’s risk...more

New York and Feds Leading the Charge on Financial Institution Cybersecurity Regulations

Bass, Berry & Sims PLC on 11/21/2016

Both federal and state officials recently proposed new regulations aimed at the financial sector in an effort to promote protection against high-impact technology failures and cyberattacks...more

The New York State Department of Financial Services Proposes Robust Cybersecurity Rules

Stinson - Corporate & Securities Law Blog on 10/17/2016

On September 13, 2016, the New York State Department of Financial Services (DFS) proposed new rules that would require certain “Covered Entities” to establish and implement cybersecurity programs designed to protect nonpublic...more

New York DFS Proposes New Cybersecurity Regulations

Patterson Belknap Webb & Tyler LLP on 9/21/2016

Earlier this month, the New York State Department of Financial Services (“DFS”) announced proposed cybersecurity regulations for financial institutions. This proposal is, according to Governor Cuomo, a “new...more

Privacy & Cybersecurity Update: New York State Proposes Cybersecurity Regulation for Financial Institutions

Skadden, Arps, Slate, Meagher & Flom LLP on 9/15/2016

New York state has proposed a new regulation — to go into effect January 1, 2017 — that would require banks, insurance companies and other financial services institutions regulated by the New York State Department of...more

Cybersecurity: What You Must Know and What You Must Do

Spilman Thomas & Battle, PLLC on 3/8/2016

On February 1, 2016, the Federal Deposit Insurance Corporation (“FDIC”) published the Winter 2015 issue of Supervisory Insights. Not surprisingly, the first article dealt with the most important issue facing the financial...more

OCC’s Cybersecurity Regulatory Expectations: A Call to Action

Patterson Belknap Webb & Tyler LLP on 1/11/2016

Not surprisingly, cybersecurity remains a top examination priority for the Comptroller of the Currency (“OCC”). And that means national banks and federal savings associations – and their leadership teams – should be prepared...more

OCC Releases Semiannual Risk Perspectives Report

Troutman Pepper Locke on 12/18/2015

On December 16, 2015, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspectives report for the fall of 2015. The OCC’s Semiannual Risk Perspective report “addresses key issues facing banks,...more

TN Ethics Opinion Approves Lawyers’ Cloud Storage of Client Data

Burr & Forman on 9/25/2015

Tennessee has joined other states in formally approving lawyers’ cloud-storage of client-confidential data. The Board of Professional Responsibility (“BOPR”) held that lawyers ethically may use cloud storage for...more

The Fourth European Union Anti-Money Laundering Directive and Its Effects on Financial Institutions Operating in the EU

Davis Wright Tremaine LLP on 8/26/2015

The Fourth European Union Anti-Money Laundering Directive (Fourth AML Directive), approved by the European Parliament on May 20, 2015, went into effect on June 25, 2015, repealing the 2005 Third AML Directive. Given the...more

New York Department of Financial Services Unveils “New Cyber Security Examination Process”: Five Key Takeaways

K&L Gates LLP on 12/22/2014

On December 10, 2014, Superintendent Benjamin Lawsky of the New York Department of Financial Services (the “DFS”) announced a “New Cyber Security Examination Process” (the “New Examination Process”) for New York-chartered and...more

Maximum Cybersecurity: FFIEC Releases Cybersecurity Assessment

King & Spalding on 11/19/2014

On November 3, 2014, the Federal Financial Institutions Examination Council (“FFIEC”), an interagency body that prescribes principles and standards for the federal examination of financial institutions, released a set of...more

FFIEC Member Agencies and State of New York to Focus Attention on Cybersecurity

Katten Muchin Rosenman LLP on 5/15/2014

On May 7, the Federal Financial Institutions Examination Council (FFIEC) highlighted regulatory efforts to enhance financial institutions’ cybersecurity during a webinar for approximately 5,000 chief executive officers and...more

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