News & Analysis as of

Department of Financial Services

NY Fines Money Transfer Company $60M for Lax Controls, Facilitating Suspicious Transaction

by Weiner Brodsky Kider PC on

The New York State Department of Financial Services fined a large money transfer company $60 million for allowing some of its agents to aid in a significant number of money laundering transactions—including payments that...more

Court Tosses DFS Challenge to Fintech Charters

Finding the action unripe, a federal court judge has dismissed the New York Department of Financial Services’ (DFS) challenge to the Office of the Comptroller of the Currency’s (OCC) decision to grant special purpose national...more

DFS Grants Virtual Currency License To bitFlyer USA, Inc.

On November 28, 2017, the New York State Department of Financial Services (“DFS“) announced that it has approved the application of bitFlyer USA, Inc., for a virtual currency license.” Pursuant to this license bitFlyer USA...more

Bank Of Tokyo Mitsubishi Sues DFS And Alleges That DFS Has No Investigatory Or Enforcement Authority Over It Since It Is Now...

by Shearman & Sterling LLP on

On November 7, 2017, in the midst of a pending examination by, and implementation of previously agreed upon consent orders with, the New York State Department of Financial Services (“DFS”), the Bank of Tokyo Mitsubishi UFJ...more

Renewable Energy Update - November 2017

by Allen Matkins on

Focus - Wells Fargo global operations now powered by 100 percent renewable energy - PennEnergy - Nov 8 Wells Fargo & Company has announced that 100 percent of its global electricity consumption for 2017 will be met with...more

National Association of Insurance Commissioners Issues Insurance Data Security Model Law

• NAIC recently adopted an Insurance Data Security Model Law that follows the risk assessment-based approach of the New York DFS Cybersecurity Regulation. This signals the growing influence of the New York Regulation,...more

Fintech Week in Review – October 2017

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Payday Debt Collector, Servicer Must Forgive $12M

Shortly before the Consumer Financial Protection Bureau (CFPB) issued its payday loan rule, the New York Department of Financial Services (DFS) announced a consent order with a payday loan servicer and debt collector totaling...more

Object Lesson on How Not to Respond to Consent and Enforcement Actions

by Sullivan & Worcester on

Last week, the DFS announced an enforcement action and charges against the NY Branch of Habib Bank, a Pakistani bank that had been doing business in NY for almost 40 years....more

Timeline For Compliance With New DFS Cybersecurity Regulations

by Jackson Lewis P.C. on

The deadline to comply with the first set of requirements under the new DFS Cybersecurity Regulations (“the Regulations”) is here! By today, August 28, 2017, businesses subject to the Regulations must ensure that...more

Developments in New York and Colorado Cybersecurity Regulations

by Wilson Elser on

New York - For the first time since New York’s Cybersecurity Regulation (23 NYCRR Part 500) became effective on March 1, 2017, the Department of Financial Services (DFS) has issued Frequently Asked Questions to assist...more

Deadline to Comply with New York's Cybersecurity Regulation Is Approaching

by Jones Day on

For entities regulated by the New York Department of Financial Services, the deadline for complying with the new Cybersecurity Requirements for Financial Services Companies, 23 NYCRR Part 500, is Monday, August 28, 2017. To...more

Delaware (Re)Proposes Unclaimed Property Reporting and Examination Manual Regulation

by McDermott Will & Emery on

On August 1, the Delaware Department of Finance (DOF) published a revised version of its proposed reporting and examination manual regulation addressing audit procedures and method of estimation. See 21 DE Reg 123 (Aug. 1,...more

Are You Ready for the New York August 28th Compliance Deadline?  

If you are one of the many businesses licensed by the New York Department of Financial Services (DFS), and cannot avail yourself of the (very) limited exemptions, you must be ready for the first compliance transition date for...more

And So It Begins: The First DFS Transition Period Comes to an End August 28

by King & Spalding on

In September 2016, the New York Department of Financial Services (“DFS”) introduced the first draft of its cybersecurity regulation, which is now in a position to lead a new trend in industry-specific cybersecurity...more

DFS Provides Answers to Cybersecurity FAQs

Hoping to provide greater clarity to financial institutions subject to its new cybersecurity requirements, New York’s Department of Financial Services (DFS) published a Frequently Asked Questions (FAQ) document to assist...more

Corporate Investigations and White Collar Defense - July 2017

Supreme Court Limits SEC’s Disgorgement Power - Why it matters: On June 5, 2017, the Supreme Court held in Kokesh v. SEC that the five-year statute of limitations found in 28 U. S. C. §2462 with respect to actions for...more

Five Questions for Investors in Insurtech

Decisions you make when founding and/or investing in an insurtech venture can dictate your regulatory obligations, tax liability, operational structure and, ultimately, profitability. Here are five seemingly simple...more

Maximum Employee Contribution Rate Announced for New York State Paid Family Leave Law

As we recently reported, the New York Workers Compensation Board has issued revisions to its proposed rules for implementation of the New York Paid Family Leave Law (“PFLL”). Subsequently, on June 1, 2017, the New York State...more

Blockchain Week in Review – May 2017 #4

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Officer and director checklist: Complying with the global reach of the New York Department of Financial Services Cybersecurity...

by White & Case LLP on

The New York State Department of Financial Services (NYDFS) issued Cybersecurity Requirements for Financial Services Companies (the "Cybersecurity Regulation") effective March 1, 2017. The regulation imposes tight compliance...more

Comments Reveal Mixed Reaction to OCC Fintech Charter

As the comment period ended on the Office of the Comptroller of the Currency's (OCC) proposal to establish a fintech charter, stakeholders weighed in on both sides of the idea....more

New York stiffens data protection regs

by Thompson Coburn LLP on

New York has once again positioned itself as a leader among states by recently implementing one of the most detailed and stringent data security regulations to date. It should come as no surprise that New York is a prime...more

New York Cyber Regulations Likely to Result in Increased Claims

by Wilson Elser on

The New York State Department of Financial Services (NYDFS) recently promulgated cyber regulations for financial institutions that are likely to increase the risks to directors & officers (D&Os), resulting in an increase in...more

NYDFS Cybersecurity Regulations Compliance Guide: Applicability, Exemptions and Penalties

by White & Case LLP on

As discussed in our March 1, 2017 update,1 the New York Department of Financial Services ("NYDFS") issued final regulations that require New York banks and insurance companies, as well as other financial services companies...more

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Cybersecurity

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