News & Analysis as of

NYDFS

Federal Court Dismisses Second Lawsuit Challenging OCC Special Purpose National Bank Charter Proposal for Fintech Companies

On April 30, 2018, the U.S. District Court for the District of Columbia dismissed the lawsuit filed by the Conference of State Bank Supervisors (CSBS) in April 2017 challenging the Office of the Comptroller of the Currency’s...more

Changes To New York Insurance Regulation 187: Are They April Showers Bringing May Flowers, Or Are June Bugs On The Way?

by Carlton Fields on

On April 27, New York's Department of Financial Services (NY DFS) issued its updated proposed First Amendment (Updated First Amendment) to New York's Suitability in Annuity Transactions, 11 NYCR 224 (the Annuity Suitability...more

Breaching the D&O Firewall: The Rise of Cybersecurity Regulations for Businesses and the Future Effects on D&O Insurance

by White and Williams LLP on

For many D&O insurers, the risk of exposure posed by cybersecurity incidents involving their insureds has been unclear at best. Cybersecurity incidents, and the corresponding shareholder claims that follow, pose unique and...more

NY Regulator Issues Consumer Alert on Rent-to-Own and Land Installment Contracts

by Weiner Brodsky Kider PC on

The New York Department of Financial Services (NYDFS) recently issued an alert, warning consumers to use caution before entering into any rent-to-own, land installment contracts, or other forms of alternative home purchase...more

Consumer financial services at a crossroads: Marketplace lending

by White & Case LLP on

Supervision - Federal regulators - Although the CFPB does not have direct supervisory or regulatory oversight over marketplace lending generally, industry participants remain subject to consumer financial protection...more

What’s Been Going On In New York Cyber Regulation Since New York’s “First-Of-Their-Kind” DFS Regulations?

by Jackson Lewis P.C. on

As reported in our blog post from November 6, 2017, the New York State Attorney General announced the release of the proposed Shield Act in early November, 2017. This new legislation (we have some links for you below) would...more

New York DFS Reaches 17 Million Settlement with Large Mortgage Servicer

by Weiner Brodsky Kider PC on

The New York Department of Financial Services (NYDFS) announced April 11 that it had reached a settlement in excess of seventeen million dollars with a large mortgage servicer (Company) for violations of New York banking law...more

“Title Insurance: Is the Sky the Limit?”

In 2017, real estate sale and purchase numbers continued to rise. The largest single property sale reported in New York City in 2017 was the sale of 245 Park Avenue, for a purchase price of $2,210,000,000. As 2018 begins...more

M&A and Cyber Diligence: New York’s DFS Issues a Reminder

Over the last year, U.S. companies have been hit with a wave of new data security regulations and agency guidance, ranging from the SEC’s Guidance on Public Company Cybersecurity Disclosures to the European Union’s General...more

NYDFS Cybersecurity Update: Two Transition Dates Remaining

by Locke Lord LLP on

Several of the new requirements of the New York State Department of Financial Services (DFS) Cybersecurity Regulation are now operative for firms and individuals engaged in financial services (including insurance companies...more

A Closer Look at the NAIC Insurance Data Security Model Law

by Locke Lord LLP on

Following New York’s lead after the Department of Financial Services (the NYDFS) promulgated its Cybersecurity Regulation, in October 2017 the NAIC adopted its Insurance Data Security Model Law (the NAIC Model) to establish...more

Cybersecurity Enforcement and Regulation - 2017 In Review

by Moore & Van Allen PLLC on

Cyber attacks continue to be a pervasive and destructive threat to all institutions and the legal and regulatory landscape currently in place to address those threats continues be reshaped in an effort to address those...more

NYDFS sends survey request to online lenders

by Ballard Spahr LLP on

The New York Department of Financial Services has sent a letter directed to businesses that the DFS “understands…may be involved in online lending in the State of New York” and that asks recipients to complete a “New York...more

DFS Issues Compliance Certificate “Reminder”

Last week, the New York Department of Financial Services (DFS) sent notices to companies that had not yet certified their compliance with the DFS Cybersecurity Regulation....more

New York DFS Issues New FAQs Regarding Cybersecurity Regulations

by Weiner Brodsky Kider PC on

The New York Department of Financial Services (DFS) has issued four additional Frequently Asked Questions (FAQs) concerning its cybersecurity regulations that went into effect last year....more

Data Privacy + Cybersecurity Insider - March 2018 #2

by Robinson & Cole LLP on

Cybersecurity Task Force Launched in Arizona - Arizona Governor Doug Ducey launched the Arizona Cybersecurity Team (ACT) by Executive Order on March 1, 2018. The ACT is comprised of 22 members representing officials from...more

Financial Regulatory Observer - February 2018: The year of blockchain: Global legal framework begins to take form

by White & Case LLP on

Virtual currency and blockchain (VC&B) technology are becoming an important component of the global financial system. Although VC&B were founded on a non-governmental philosophy, the technology is steadily gaining legitimacy....more

New York Cybersecurity Regulations: Additional Testing and Reporting Requirements Take Effect

by McGuireWoods LLP on

The one-year transitional period under the New York Department of Financial Services (NYDFS) Cybersecurity Requirements for Financial Services Companies expired on March 1, 2018. Financial services companies that are...more

New York Department of Financial Services Updates Cybersecurity Guidance: Coverage of Cybersecurity Requirements Addressed in 4...

On March 1, 2018, the New York Department of Financial Services (NYDFS) “cybersecurity regulations” (23 NYCRR Part 500) took effect, placing a number of cybersecurity requirements on banks, insurance companies, and other...more

Data Privacy + Cybersecurity Insider - March 2018

by Robinson & Cole LLP on

According to bloggers on techtarget.com, security risks around the internet of things (IoT) continue to be problematic, and a new free guide, “The Developer’s Guide to IoT” has been published specifically for IoT device...more

A guide to NYDFS Cybersecurity Regulation's March 1 implementation deadline

by Hogan Lovells on

It’s been almost a year since the New York State Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) came into effect. Since that time, a series of key dates have marked the implementation of...more

New York Financial Services Cybersecurity Regulations Deadline Looming This Week

On March 1, 2018, the one year transition period within which banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (“Covered Entities”)...more

The March 1 Deadline for NY DFS Cyber Compliance: One Week to Go!

by Locke Lord LLP on

As we reported here, March 1, 2018 brings a new transition date, with a new set of compliance obligations for Covered Entities subject to the Cybersecurity Regulation of the New York Department of Financial Services. By...more

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

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Cybersecurity

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