News & Analysis as of

New York NYDFS Financial Services Industry

Alston & Bird

NYDFS Issues Guidance on Heightened Cybersecurity and Sanctions Risk from Global Conflict

Alston & Bird on

Overview - On June 23, 2025, the New York State Department of Financial Services (“NYDFS”) issued an industry letter encouraging all regulated entities to review their cybersecurity and sanctions compliance programs in light...more

Husch Blackwell LLP

Five Things to Know About the New York Buy-Now-Pay-Later Act

Husch Blackwell LLP on

As part of an omnibus 2026 budget bill, New York passed a new law that will broadly govern point-of-sale (POS) installment financing offered to New York residents. The Buy-Now-Pay-Later (BNPL) Act was signed into law in early...more

Cadwalader, Wickersham & Taft LLP

Digital Assets-Focused UCC Amendments Pass New York Legislature

On June 11, 2025, the New York State Senate passed a bill adopting the 2022 Amendments to the Uniform Commercial Code (UCC). The 2022 Amendments have now been passed by both houses of the New York legislature, and can be...more

Fisher Phillips

New Cyber Rules in Effect as of May 1 for NY Financial Firms: 3 Key Compliance Priorities

Fisher Phillips on

New cybersecurity requirements just kicked in for thousands of financial firms operating in New York, and companies need to make sure they have taken action to comply. As of May 1, the latest amendments to the New York...more

Hogan Lovells

NYDFS: Penultimate set of cybersecurity requirements under amended Part 500 take effect May 1, 2025

Hogan Lovells on

On May 1, 2025, additional cybersecurity requirements introduced by the Second Amendment to the New York Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) (the “Second Amendment”) took...more

Quarles & Brady LLP

New York Cybersecurity Regulation Requires Submission of Compliance Certification or Acknowledgement of Noncompliance Next Week

Quarles & Brady LLP on

On April 3, 2025, the New York State Department of Financial Services (“DFS”) issued reminders about upcoming implementation and reporting deadlines related to its cybersecurity regulations. Upcoming deadlines require...more

Faegre Drinker Biddle & Reath LLP

Lessons from PayPal’s $2 Million Cybersecurity Settlement with the New York State Department of Financial Services

On January 23, 2025, PayPal settled an enforcement action brought by the New York State Department of Financial Services (NY DFS) for failing to comply with cybersecurity regulations required for financial services businesses...more

Troutman Pepper Locke

New York Issues Proposed Regulations About Overdraft Fees

Troutman Pepper Locke on

Given the future uncertainty of the Consumer Financial Protection Bureau’s (CFPB) efforts to regulate bank overdraft fees, New York’s Department of Financial Services (DFS) has stepped in to fill a perceived gap. The DFS...more

Troutman Pepper Locke

New Year = New Earned Wage Access Legislation in New York

Troutman Pepper Locke on

This week, New York became the latest state to introduce legislation aimed at regulating Earned Wage Access (EWA) services. Assembly Bill 258 titled — “An Act to Amend the Banking Law, in Relation to Providing for Income...more

Baker Botts L.L.P.

New York State Department of Financial Services Issues Guidance Concerning Cybersecurity Risks Posed by Artificial Intelligence

Baker Botts L.L.P. on

Last month, the New York State Department of Financial Services (“DFS”), which has broad regulatory powers over financial services-related entities and insurance companies operating in New York State, published guidance...more

Paul Hastings LLP

Reminder: More New York Department of Financial Services (NYDFS) Requirements Go Into Effect Next Month

Paul Hastings LLP on

As we have previously written, late last year the New York Department of Financial Services (NYDFS) adopted long-awaited amendments to its Part 500 Cybersecurity Regulations (Part 500). These are some of the most significant...more

Quarles & Brady LLP

New York DFS Cybersecurity Regulation Outlines Actions with High ROI

Quarles & Brady LLP on

As of November 1, 2024, financial services companies regulated by the New York Department of Financial Services Cybersecurity Regulation face new requirements relating to cybersecurity governance, encryption, and incident...more

Morrison & Foerster LLP

MoFo’s State + Local Government Enforcement Newsletter - April 2024

Morrison Foerster’s State and Local Government Task Force is pleased to provide our bimonthly newsletter summarizing some of the most important and interesting developments from state attorneys general across the country and...more

Sheppard Mullin Richter & Hampton LLP

New York Governor Consumer Protection Agenda Targets Unfair and Deceptive Practices and BNPL Providers

On January 2, 2024, New York Governor Kathy Hochul announced “a sweeping consumer protection and affordability agenda,” what she termed as the “most significant expansion of consumer laws since 1980.” As part of that agenda,...more

Ballard Spahr LLP

New York Governor’s Proposed TED Bill Includes Sweeping BNPL Legislation

Ballard Spahr LLP on

After promising earlier this year to “establish nation-leading regulations for the Buy Now Pay Later loan industry,” New York Governor Kathy Hochul took a significant first step in that direction by including Buy Now Pay...more

McGlinchey Stafford

New York Cybersecurity Regulation Amended and Expanded

McGlinchey Stafford on

On November 1, 2023, the New York Department of Financial Services (NYDFS) adopted amendments to its Cybersecurity Regulation, 23 NYCRR Part 500 (Cybersecurity Regulation). This is the second amendment (Amendment) to its...more

Wyrick Robbins Yates & Ponton LLP

Empire State of Security: New York DFS Finalizes Significant Amendment to Financial Services Cybersecurity Regulation

The New York State Department of Financial Services (“NYDFS”), which regulates financial services institutions including banks, insurance companies, and mortgage brokers, finalized an amendment to its Cybersecurity Regulation...more

Sheppard Mullin Richter & Hampton LLP

NY Enhances Financial Cybersecurity Regulations

New York recently announced amendments to the State Department of Financial Services’ cybersecurity regulations. The changes further solidify the state’s already comprehensive cybersecurity regulatory regime. The amendments...more

Troutman Pepper Locke

NY DFS Amendments to Cybersecurity Regulations

Troutman Pepper Locke on

On November 1, New York Governor Kathy Hochul announced that the state’s Department of Financial Services (NY DFS) has amended its Cybersecurity Regulations to “enhance cyber governance, mitigate risks, and protect New York...more

Carlton Fields

New York Department of Financial Services Plays Pit Boss for Consumer Protection

Carlton Fields on

Worried that the cards may be stacked against certain consumers and producers, the New York Department of Financial Services (DFS) released a circular letter and filing guidance note on July 17 to remind insurers of their...more

Faegre Drinker Biddle & Reath LLP

Cybersecurity Enforcement Update: New York Department of Financial Services Announces Amended Cybersecurity Regulations and Latest...

Recent enforcement actions and announcements show that state and federal regulators are continuing to focus intensely on cybersecurity and data protection. Notably, the New York Department of Financial Services (“NYDFS”)...more

Morgan Lewis

New York Attorney General Proposes Comprehensive and Restrictive Digital Assets Bill

Morgan Lewis on

New York Attorney General Letitia James introduced on May 5, 2023 a proposed bill that, if enacted, would significantly tighten regulation over digital asset market participants and exchanges. While the New York State...more

Faegre Drinker Biddle & Reath LLP

New York Department of Financial Services Levies $1.2 Million Fine on Cryptocurrency Platform for Violations of Cybersecurity...

A recent consent order between the New York State Department of Financial Services (“NYDFS”) and cryptocurrency trading platform, bitFlyer USA (“bitFlyer”), shows that the NYDFS continues to utilize an aggressive enforcement...more

Perkins Coie

NYDFS Implements Virtual Currency Assessments Rule

Perkins Coie on

The New York Department of Financial Services (NYDFS) formally implemented its Virtual Currency Assessments Rule as 23 NYCRR 102 on Wednesday, April 19, 2023, by publishing a notice of adoption in the State Register. Under...more

Cadwalader, Wickersham & Taft LLP

New York Department of Financial Services Issues Regulations Regarding Commercial Finance Disclosures

The State of New York passed a law in December 2020 – the Commercial Finance Disclosure Law (“CFDL”), with an effective date of June 2021 – that prescribed required disclosures for commercial finance transactions that are...more

45 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide