News & Analysis as of

New York Compliance Financial Services Industry

Harris Beach Murtha PLLC

May 1 Deadline for Amendments to NY Department of Financial Services Cybersecurity Standard

New York State’s Department of Financial Services is warning all regulated entities has released a Cybersecurity Regulation Updates and Reminder warning all companies that all regulated entities without a full exception that...more

Foley & Lardner LLP

Risk Bearing Entity Requirements: New Jersey and New York

Foley & Lardner LLP on

This blog reviews the regulatory requirements that apply to risk bearing entities (RBE) in New Jersey and New York. New Jersey and New York demonstrate distinct approaches to the registration and regulation of RBEs and...more

Harris Beach Murtha PLLC

NY Office of Cannabis Management Launches Banking Directory to Support Cannabis Businesses

The New York State Office of Cannabis Management (“OCM”) recently announced it has created a Cannabis Banking Directory (the “Directory”), which currently lists 10 financial institutions servicing cannabis businesses and open...more

Adams & Reese

Financial Institutions Face New Risks in Allowing Consumers to Execute Wire Transfers Online

Adams & Reese on

A recent court order issued in New York should concern any financial institutions that allow consumers to initiate wire transfers online. Financial institutions that allow consumers to execute wire transfers online should...more

Sheppard Mullin Richter & Hampton LLP

NY Federal Court Rules CFPB Vicarious Liability Suit Can Proceed

In August, a New York federal district court denied a motion to dismiss a CFPB lawsuit against three affiliated companies engaged in the business of purchasing distressed consumer debt and several of the companies’ owners and...more

ArentFox Schiff

New York Pushes For New Cybersecurity Requirements For Financial Services Companies

ArentFox Schiff on

The New York State Department of Financial Services (DFS) has set forth a revised proposed second amendment to 11 NYCRR Part 500, the regulation regarding cybersecurity requirements for financial services companies (the...more

Moritt Hock & Hamroff LLP

Disclosure Laws: NY Regulations Finalized, Certain Bank Subsidiaries Now Exempt, and Law Only Applies To Recipients Located Or...

For those of you doing business in New York, you’ll know the state passed legislation providing for a CFDL. However, implementation is running behind that of California, the first state to create these regulations, which saw...more

Shipkevich PLLC

Coinbase Agrees To Settlement With New York Regulator

Shipkevich PLLC on

On January 4, 2023, the New York State Department of Financial Services issued a consent order against Coinbase, a virtual currency company. Pursuant to the consent order, Coinbase will be paying a $50 million penalty to the...more

Bradley Arant Boult Cummings LLP

New York Adds ADA-Type Requirement and Teeth to Debt Collection Procedure Act

On October 8, the governor of New York signed Bill No. AO-2260A to assist borrowers who need accommodation for visual impairments. Bill No. AO-2260A is “an act to amend the general business law, in relation to requiring debt...more

Faegre Drinker Biddle & Reath LLP

New York Department of Financial Services and National Securities Corporation Agree to $3 Million Settlement in Cybersecurity...

Earlier this month, the New York State Department of Financial Services (NYDFS) announced a settlement and consent order with National Securities Corporation (National Securities) for $3 million in connection with National...more

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