JONES DAY TALKS®: Financial Regulators and Asset Managers Warm to Acknowledging Climate Risks
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
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
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
New York's Department of Financial Services (DFS or Department) has used its authority to extend a statutorily-mandated January 1, 2022, effective date. As we previously reported in our September 30 Client Alert, the DFS...more
On September 21, 2021, the State of New York Department of Financial Services (DFS) issued proposed regulations that will implement statutory requirements related to commercial financing disclosures for certain types of...more
On February 4, 2021, New York’s Department of Financial Services (DFS) issued Insurance Circular Letter No. 2, which builds on the robust cybersecurity regulation provided in its 2017 Cybersecurity Regulation (23 NYCRR 500)....more
Jones Day partners Lanier Saperstein and Jay Tambe talk about The New York Department of Financial Services' recent guidance on Climate Change and Financial Risks, and BlackRock CEO Larry Fink's annual January letter to...more
The New York State Department of Financial Services (DFS) has issued guidance imposing rigorous cyber risk measurement and management practices on NY-regulated property/casualty insurers that write cyber insurance. The...more
Having sent a similar letter to New York's domestic and foreign insurance companies, the New York State Department of Financial Services (DFS) issued a letter on October 29, 2020 explicitly calling on its regulated financial...more
In the News. The Securities and Exchange Commission (SEC) adopted broad exempt offering reforms; the Department of Labor (DOL) finalized a rule, with significant revisions from the original proposal, on ESG investments; the...more
The New York Department of Financial Services (DFS) announced on September 16 that it has filed a Statement of Charges against debt collector Forster & Garbus LLP (Forster) for alleged violations of the state’s Debt...more
On July 21, 2020, the New York Department of Financial Services (DFS) filed a “Statement of Charges and Notice of Hearing” (the “Charges”) against First American Title Insurance Company (the “Company”) alleging violations of...more
Newly enacted Banking Law 9-x, signed by New York Gov. Andrew Cuomo on June 17, 2020, provides certain financial institutions with a directive to address mortgage forbearances and repayment of deferred amounts granted during...more
On June 17, 2020, Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more
On March 12, 2020, the Superintendent of New York State’s Department of Financial Services (“DFS”) issued an Order granting persons and entities impacted by COVID-19 temporary relief from certain requirements under New York...more
NYDFS Extends Deadline to File Certificate of Compliance Under Cybersecurity Regulation in Light of COVID-19 Crisis Given the ongoing COVID-19 pandemic, the New York State Department of Financial Services (NYDFS) extended...more
Joining Pennsylvania, California looks to be the next state to create a state version of the federal Consumer Financial Protection Bureau. And with recent pronouncements from New York that may place greater authority with its...more
Under its new leader, the New York Department of Financial Services (“DFS”) has staked out high ground for itself by self-identifying as the “regulator of the future” DFS’s pronouncement came in a July press release issued...more
Only a few months have passed since the U.S. Department of Housing and Urban Development filed a charge of discrimination against Facebook, alleging that the ad-targeting techniques used to determine which users would see...more
Over the past couple of years, the crypto industry has come under heavy scrutiny from skeptical regulators seeking to root out fraud and protect investors amid the initial coin offering boom that generated over $4 billion in...more
New York Governor Andrew Cuomo has issued a final regulation that requires credit reporting agencies doing business in New York to register annually with the Department of Financial Services (DFS) and also to comply with...more
The time has come for entities regulated by the New York Department of Financial Services to make their first certification of compliance with the regulator’s cybersecurity rules....more
Financial institutions covered by the New York State Department of Financial Services’ (NYDFS) new Cybersecurity Requirements for Financial Services Companies must file their first annual certification by February 15, 2018....more
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 they: ...more
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