News & Analysis as of

NYDFS Penalties

Sheppard Mullin Richter & Hampton LLP

NYDFS Joins Multistate Action Against Money Transmitter for Financial and Licensing Violations

On March 20, the New York Department of Financial Services (NYDFS) entered into a consent order with a money transmitter, joining a group of state financial regulators acting through a multi-state task force coordinated by...more

Harris Beach Murtha PLLC

Recent New York Cybersecurity Enforcement Provides Latest Reason for Companies to be Proactive

New York’s Department of Financial Services signaled once again its intent to strongly enforce the state’s Cybersecurity Regulation by finding OneMain Financial Group violated the law in several ways and imposing a $4.25...more

Pillsbury Winthrop Shaw Pittman LLP

NYDFS Continues Series of Fair Lending Enforcement Actions against New York State-Chartered Banks

NYDFS is closely evaluating fair lending compliance at the institutions it regulates, and bringing enforcement actions based on statistical analyses of lenders’ loan portfolios. NYDFS has entered into a series of consent...more

Harris Beach Murtha PLLC

Cryptocurrency: In the Face of Increased Enforcement, Be Prepared

This summer was a busy one for cryptocurrency regulators, with aggressive actions potentially signaling an increase in consumer protection compliance activity. In August alone, the New York Department of Financial Services...more

Mintz

Cryptocurrency - Compliance Matters

Mintz on

July was a hot month for crypto enforcement, but August is off to a hot start in its own right. On August 2, 2022, the New York State Department of Financial Services (the “Department”) issued a Consent Order with Robinhood’s...more

Faegre Drinker Biddle & Reath LLP

New York Department of Financial Services Announces $5 Million Penalty in Most Recent Cybersecurity Enforcement Action

On June 23, 2022, the New York State Department of Financial Services (NYDFS) announced the entry of a Consent Order in connection with its most recent cybersecurity enforcement action, which included a $5 million monetary...more

Patterson Belknap Webb & Tyler LLP

New York DFS Announces Settlement With Insurance Company Under Cybersecurity Regulation

On April 14, 2021, the New York Department of Financial Services (“DFS”) announced a cybersecurity settlement with insurance company National Securities Corporation, which suffered four separate breaches, two of which went...more

Carlton Fields

New Enforcement Powers for NYDFS? More Sanctions and More Defendants

Carlton Fields on

Legislation proposed as part of Gov. Andrew Cuomo’s executive budget for 2021 would substantially expand the enforcement powers of the superintendent of the New York State Department of Financial Services, as well as the...more

Rivkin Radler LLP

NYS Offers Forbearance to Borrowers, NYC Allows Penalty Waivers

Rivkin Radler LLP on

On March 21, 2020, Governor Cuomo issued Executive Order 202.9, which is in effect through April 20, 2020. The order provides financial relief to consumers and businesses with outstanding bank loans....more

Proskauer Rose LLP

Regulation Round Up - February 2017

Proskauer Rose LLP on

The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more

Goodwin

NY DFS Obtains $3 Million in Restitution for Illegal Payday Lending

Goodwin on

On May 18, the New York State Department of Financial Services (DFS) announced a consent order with a debt buyer for purchasing and collecting on allegedly illegal payday loans made to New York consumers, in violation of the...more

Goodwin

NY DFS Obtains $119K in Restitution for Illegal Payday Lending

Goodwin on

On May 18, the New York State Department of Financial Services (DFS) announced a consent order with a Virginia debt buyer for collecting on illegal payday loans from New York consumers, in violation of the Fair Debt...more

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