JONES DAY TALKS®: Financial Regulators and Asset Managers Warm to Acknowledging Climate Risks
2024 has seen a significant amount of activity by state insurance regulators and the National Association of Insurance Commissioners (the “NAIC”) including the adoption of major revisions to the regimes governing investments...more
On August 2, the Utah Department of Financial services sent a letter to all consumer credit notification filers notifying them that the state will transition all consumer credit notification to the NMLS. The letter cited a...more
Morrison Foerster’s State and Local Government Task Force is pleased to provide our bimonthly newsletter summarizing some of the most important and interesting developments from state attorneys general across the country and...more
The New York Department of Financial Services (DFS) previously circulated proposed guidance on using AI in underwriting and pricing to address discrimination. DFS requested public comment. Commenters expressed concern over: ...more
On June 29, 2024, California’s Governor signed Senate Bill (SB) 159, a budget bill pertaining to healthcare. Within this budget bill were revisions to California’s health care worker minimum wage, further delaying the...more
On May 30, the US Supreme Court, in National Rifle Ass’n of Am. v. Vullo, 602 US __ (2024), unanimously held that the National Rifle Association (NRA) plausibly alleged in a complaint that it filed in federal court that...more
House Bill 1029 established The My Safe Florida Condominium Pilot Program (the “Program”) effective July 1, 2024. This new Program aims to assist eligible condominium associations by offering hurricane mitigation inspections...more
New York Department of Financial Services (DFS) is concerned that AI’s self-learning behavior increases the risks of unlawful or unfair discrimination. DFS will audit insurers’ use of AI. Such insurers need to maintain...more
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 New York State Department of Financial Services (DFS) recently announced the publication of proposed regulations that would increase the state’s oversight of pharmacy benefit managers (PBMs). According to DFS, the...more
The New York Department of Financial Services (DFS) has been increasingly active in enforcing the rigorous cybersecurity requirements imposed on “covered entities” under 11 NYCRR Part 500 (Reg 500). DFS has published an...more
August 9, 2023- The U.S. Department of the Treasury issued an Advance Notice of Proposed Rulemaking seeking public comment related to the implementation of the President Joseph R. Biden's Executive Order of August 9, 2023...more
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more
July 25, 2023- Securities and Exchange Commission (SEC) Chair Gary Gensler gave remarks at a roundtable co-hosted by the SEC, North American Securities Administrators Association (NASAA) and the Wisconsin Department of...more
Yesterday, New York’s Department of Financial Services (“DFS”) announced another enforcement action under the state’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R. Part 500 (“Reg 500”). According...more
On May 5, New York Attorney General Letitia James announced a landmark legislative proposal—titled the Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act (hereinafter, the Proposal)—to tighten regulations...more
Current state of affairs - Even before Hurricane Ian made landfall and devastated southwest Florida in September 2022, six property & casualty insurers had voluntarily declared themselves insolvent and allowed the State to...more
After New York Governor Kathy Hochul created a new Pharmacy Benefits Bureau within the Department of Financial Services specifically charged with regulating and licensing Pharmacy Benefit Managers (PBMs), the Bureau recently...more
October 26, 2022- The U.S. Department of the Treasury's Office of Foreign Assets Control took action to counter the Government of the Russian Federation's persistent influence campaigns and systemic corruption in Moldova by...more
Major Developments- DFS Announces New Regulatory Guidance on the Issuance of U.S. Dollar-Backed Stablecoins- New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today issued new DFS...more
On May 11, 2022, New York Governor Kathy Hochul announced the creation of the Department of Financial Services’ Pharmacy Benefits Bureau. Governor Hochul noted that the Pharmacy Benefits Bureau is the first of its kind in the...more
On May 11, New York Gov. Kathy Hochul announced the establishment of the Pharmacy Benefits Bureau within the State’s Department of Financial Services (DFS). The Bureau will handle the licensing and supervision of pharmacy...more
The past year has seen a flurry of crypto-related activities by the federal financial regulators, including the issuance of reports, guidance, joint statements, and interpretive letters....more
IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more
In an effort to counteract rising prescription drug costs and health insurance premiums, New York Governor Hochul signed S3762/A1396 (the Act) on December 31, 2021. This legislation specifies the registration, licensure, and...more