News & Analysis as of

NYDFS

New York State Department of Financial Services Issues Guidance to Virtual Currency Entities

On February 7, 2018, the New York State Department of Financial Services (“DFS”) issued guidance for all virtual currency entities licensed by New York State regarding the prevention of market manipulation, fraud, and other...more

April 15 Isn’t Just Tax Day—It’s Also AML Certification Compliance Day

It’s not just your taxes that are due each year on April 15. For financial institutions, this coming April 15 is the date the New York Department of Financial Services’ (NYDFS’s ) new Anti-Money Laundering (AML) Part 504...more

Do Your Cyber and D&O Policies Cover Emerging Exposures Arising Out Of The New NYDFS Cybersecurity Regulations?

by King & Spalding on

March 1, 2018 will mark one year since the effective date of the New York Department of Financial Services’ (“NYDFS”) cybersecurity regulations, which may signal a trend towards stricter industry-specific regulatory oversight...more

NY DFS Cybersecurity Compliance Certificate Required Today; Additional Requirements Looming

by Locke Lord LLP on

As previously warned, February 15, 2018 is the first annual deadline for individuals and companies licensed or otherwise authorized under the New York Insurance, Banking and Financial Services laws (defined as Covered...more

Data Privacy + Cybersecurity Insider - February 2018 #3

by Robinson & Cole LLP on

As of February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) are required to file their first certification of...more

Financial Services Weekly News - February 2018 #2

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) released its five-year Strategic Plan and issued a request for information on its enforcement processes; the New York State Department of...more

New York’s Landmark Cybersecurity Regulation Amendment Proposed, Deadlines Looming

by Robinson & Cole LLP on

On February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) will be required to file their first certification of...more

The DFS Effect: Cyber Meets Sarbanes Oxley

Financial institutions with ties to New York spent their Valentine’s Day learning how to use the New York State Department of Financial Services (DFS) web portal....more

Cybersecurity and Insurers

Whether it is a data breach of a corporation's computer systems or alleged hacking by foreign governments, Cybersecurity and Privacy issues seem to bombard us daily. As counsel for insurance companies, it is important to stay...more

New York Department of Financial Services Issues Crypto Guidance; Outlines Enhanced Reporting Requirements

by Goodwin on

On February 7, 2018, the New York State Department of Financial Services (NY DFS) issued guidance to all virtual currency businesses that maintain a “BitLicense” or that are chartered as a limited purpose trust company under...more

Deadline Approaching under NY Cybersecurity Regulations

If your company is one of the broad group of businesses licensed by the New York Department of Financial Services (NY DFS), a very important deadline is bearing down on February 15. Regulated entities have under Thursday to...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Volatility was again the name of the game on Thursday in the US markets, which closed down nearly 4% again and headed into official “correction” territory....more

Bills introduced directing NY DFS to issue report on online lending

by Ballard Spahr LLP on

Identical bills have been introduced in the New York Assembly (A08938) and Senate (S07294) that would direct the New York Department of Financial Services (DFS) to issue a report on online lending by July 1, 2018....more

NYSDFS Upcoming Deadlines Fast Approaching: Next Key Date is February 15, 2018

by Shipman & Goodwin LLP on

On March 1, 2017, the New York State Department of Financial Services’ (“DFS”) first-in-nation Cybersecurity Regulations, designed to protect consumers and financial institutions from cyber-attacks, went into effect (the...more

Upcoming Deadlines For Covered Entities Subject To NYS DFS Cybersecurity Regulations

by Jackson Lewis P.C. on

Last week, the New York State Department of Financial Services (“DFS”) issued a press release to remind covered entities of an upcoming deadline under the DFS cybersecurity regulations. The next deadline under the...more

New York State Department of Financial Services Reminds Institutions of Upcoming Deadline for Cybersecurity Certification

by Shearman & Sterling LLP on

New York State Department of Financial Services Superintendent Maria Vullo issued a press release reminding regulated entities and licensed persons of the NYDFS’s upcoming February 15, 2018 compliance certification deadline...more

Rise of Blockchain and ICOs Brings Regulatory Scrutiny

In 2017, the increased adoption of blockchain technology in various industries was partially obscured by the dramatic fluctuations in the price of bitcoins and the prevalence of so-called initial coin offerings (ICOs) to...more

OCC’s Proposed Charter for Fintech Companies in Limbo

by Dorsey & Whitney LLP on

Late last year, the Office of the Comptroller of the Currency (“OCC”) announced that a proposed national charter for fintech companies is currently on hold as the OCC’s new Comptroller of the Currency, Joseph Otting, needs...more

Cybersecurity Compliance for Financial Institutions

by Michael Volkov on

The New York Department of Financial Services has adopted detailed cybersecurity regulations for financial institutions. (Here). The NYDFS has filled a vacuum created by the failure of the federal government to act in this...more

Sign and Submit by February 15, 2018: NYDFS Cybersecurity Certification Due Date Nears as Additional Compliance Requirements Close...

by White & Case LLP on

Since the New York Department of Financial Services ("NYDFS") issued its Cybersecurity Requirements for Financial Services Companies regulation ("Cybersecurity Regulation") on March 1, 2017, organizational efforts to meet...more

DFS Filing “Reminder” as Deadline Looms

For the several thousand financial institutions and insurance companies covered by New York’s landmark data security regulation, the first certification of compliance must be filed with the State’s Department of Financial...more

Cybersecurity Reminder and Heads Up from NY DFS: File Cybersecurity Reg Compliance Certificates, and Prepare for Cybersecurity...

by Locke Lord LLP on

A press release issued by the New York Department of Financial Services on January 22, 2018 reminds Covered Entities (including banks, insurers and producers, and others regulated by DFS) of their obligation to file a...more

NYS Budget: The Impact of the Governor’s Proposals

by Harris Beach PLLC on

As New York state lawmakers prepare to learn details, schools and municipalities face impacts of Governor Andrew Cuomo’s 2019 spending plan. The State Budget, totaling $168.2 billion in spending calls for $100 billion in...more

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

New York Issues Trade Practice Guidance on the Sale of Wireless Equipment Protection Products

by Locke Lord LLP on

The New York Department of Financial Services (“DFS”), in Circular Letter No. 1 (1/3/18), provides guidance on certain improper trade practices related to the sale of insurance and service contracts covering phones and other...more

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Cybersecurity

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