News & Analysis as of

NYDFS Hiring & Firing

Orrick, Herrington & Sutcliffe LLP

NYDFS seeks to hire displaced federal financial employees amidst Trump administration cuts

On March 11, the Superintendent of NYDFS, Adrienne Harris, reportedly announced her agency’s intention to hire federal financial agency employees affected by recent job cuts under the Trump administration. Harris highlighted...more

Wiley Rein LLP

Continued Remote Hiring Concerns in IT Sector: What to Look for in 2025 and How to Mitigate Business Risk

Wiley Rein LLP on

Remote worker fraud is expected to continue to proliferate in 2025. Fully remote hiring and work, particularly in the technology sector, continues to pose unique business and legal risks for companies. Just in December 2024,...more

Husch Blackwell LLP

NYDFS Warns Against the Threat of Accidentally Hiring North Korean Remote IT Workers

Husch Blackwell LLP on

Keypoint: The New York State Department of Financial Services (NYDFS) issued an industry letter outlining the threats posed to U.S. companies who hire remote technology workers linked to North Korea and may embezzle funds...more

Guidepost Solutions LLC

Will your Due Diligence Program Meet the New DFS Requirement?

The final guidance, issued by DFS on January 22, 2024, requires “regular and rigorous” vetting of key personnel at banking organizations and non-depository institutions. It is clear, that DFS is focused on enhanced scrutiny...more

Jones Day

Germany: Termination for Breach of US Regulatory Rules Not Permissible, European Labour & Employment Update

Jones Day on

The New York State Department of Financial Services ("NYDFS") required Commerzbank to terminate the employment of a Germany-based employee on the basis that he played "a central role" in the breaching of US sanctions...more

Littler

German Employee's Dismissal at U.S. Regulator's Behest Ruled Invalid

Littler on

On July 13, 2016, the Frankfurt Higher Labor Court held the dismissal of an employee in response to demands by the New York State Department of Financial Services (NYDFS) was invalid. (Frankfurt Labor Court, 18 Sa 1498/15)....more

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