News & Analysis as of

Proposed Legislation NYDFS

Sheppard Mullin Richter & Hampton LLP

NYC Comptroller Report Calls for Overhaul of State Consumer Financial Protections

On June 9, 2025, New York City Comptroller Brad Lander released a report urging City and State leaders to modernize consumer financial protections. The report outlines a series of legislative and regulatory recommendations...more

Orrick, Herrington & Sutcliffe LLP

New York publishes a report highlighting areas to strengthen consumer financial laws

On June 9, New York City Comptroller Brad Lander issued a report highlighting the ways in which New York State policymakers can strengthen consumer financial protections for New York citizens. Specifically, the report...more

Goodwin

New York Seeks to Expand Consumer Protections by Proposing New Legislation and by Increasing Recruitment at its Department of...

Goodwin on

As we recently reported, there have been rollbacks of consumer protections on the federal level, including the curtailing of enforcement activity at the CFPB. ...more

Ballard Spahr LLP

As Trump Administration rolls back CFPB’s work, New York wants to fill the void

Ballard Spahr LLP on

As the Trump Administration attempts to drastically cut CFPB funding and staffing, New York regulators and legislators are attempting to fill what could be a void in consumer protection efforts....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

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

Orrick, Herrington & Sutcliffe LLP

New York Governor highlights NYDFS in 2024 State of the State proposal

On January 2, New York Governor Kathy Hochul revealed a proposed plan focused on consumer protection and affordability as the initial part of the Governor’s 2024 State of the State address. The plan includes changes to New...more

WilmerHale

New York Attorney General James Proposes Landmark Digital Asset Law

WilmerHale on

On May 5, New York Attorney General Letitia James announced a landmark legislative proposal—titled the Crypto Regulation, Protection, Transparency and Oversight (CRPTO) Act (hereinafter, the Proposal)—to tighten regulations...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

Latham & Watkins LLP

New York Attorney General Proposes Stringent Crypto Bill

Latham & Watkins LLP on

The CRPTO Act is intended to increase transparency and consumer protections, and reduce conflicts of interest, through heightened disclosures and penalties. On May 5, 2023, New York Attorney General (NYAG) Letitia James...more

Goodwin

New York CRPTO Bill Would Prohibit Many Digital Asset Activities and Impose Sweeping Market Structure Changes

Goodwin on

On May 5, 2023, New York Attorney General Letitia James released a bill for consideration by the New York State Legislature that would implement comprehensive and far-reaching regulation of digital asset activities in the...more

WilmerHale

Crypto Currently: New York Attorney General James Proposes Landmark Digital Asset Law

WilmerHale on

On May 5, New York Attorney General Letitia James announced a landmark legislative proposal—titled the Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act (hereinafter, the Proposal)—to tighten regulations...more

Sheppard Mullin Richter & Hampton LLP

New York Settles with Crypto Company, Proposes Crypto Legislation

On May 1, NYDFS settled with a cryptocurrency trading platform over the company’s cybersecurity deficiencies, resulting in a consent order and $1.2 million fine for the crypto company. NYDFS alleged “multiple deficiencies in...more

Orrick, Herrington & Sutcliffe LLP

New York proposes “landmark legislation” to oversee crypto industry

On May 5, New York Attorney General Letitia James announced proposed legislation to increase oversight of the cryptocurrency industry. Calling the “landmark legislation” the “strongest and most comprehensive set of...more

Sheppard Mullin Richter & Hampton LLP

New York Publishes Proposed Rules on Commercial Financing Disclosures

On September 14, the New York Department of Financial Services (NYDFS) published a notice of proposed rules under New York’s Commercial Financing Disclosure Law (CFDL)...more

Sheppard Mullin Richter & Hampton LLP

NYDFS Issues Proposed Rules to Implement New Commercial Financing Disclosure Law

On October 20, the New York Department of Financial Services (NYDFS) issued proposed rules under New York’s Commercial Financing Disclosure Law (CFDL) (See S5470-B, as amended by S898). Under the CFDL, commercial financing...more

Pillsbury - Policyholder Pulse blog

New York Bad Faith Bill Targets Insurers Behaving Badly

When Frank Sinatra famously sang “if I can make it there, I’ll make it anywhere,” he was probably not crooning about making a claim for insurer bad faith. New York has indeed acquired a reputation as a difficult place to...more

Harris Beach Murtha PLLC

SAFE Banking Act, Protecting Financial Partners of Cannabis Businesses, Likely to Become Law

A bill to protect financial institutions that offer services to state-legal marijuana-related businesses was recently reintroduced by a bipartisan group of over 100 members of the House. The Secure and Fair Enforcement (SAFE)...more

ArentFox Schiff

The End of LIBOR: The Twilight Zone™ Edition

ArentFox Schiff on

The United Kingdom’s Financial Conduct Authority announced the future cessation and loss of representativeness of worldwide LIBOR rates. Potential Detrimental Developments - Recent Events - On Friday, March 5,...more

Rivkin Radler LLP

State Governments Look to Property Insurers for Small Business Relief

Rivkin Radler LLP on

The economic realities brought on by the COVID-19 pandemic have forced our government at both the federal and state level to take unprecedented action. And, despite congressional passage of the Coronavirus Aid, Relief, and...more

Eversheds Sutherland (US) LLP

New York Governor Cuomo’s proposed budget bill bolsters DFS Superintendent’s fining authority

On January 21, New York Governor Andrew Cuomo released his Fiscal Year 2021 executive budget proposal for the State of New York. The budget includes proposed legislative that would increase the authority of the Superintendent...more

White & Case LLP

The House Passes Cannabis Banking Legislation: Implications for the Financial Services Industry

White & Case LLP on

On September 25, 2019, the US House of Representatives ("House") passed, by a vote of 321 to 103, the Secure and Fair Enforcement Banking Act ("SAFE Banking Act"), bipartisan legislation designed to secure and regulate...more

Jones Day

Jones Day Global Privacy & Cybersecurity Update | Vol. 23

Jones Day on

UNITED STATES - Regulatory—Policy, Best Practices, and Standards - NIST Produces Roadmap for Improving Critical Infrastructure Cybersecurity Version 1.1 - On April 25, the National Institute of Standards and Technology...more

Katten Muchin Rosenman LLP

Bridging the Week - April 2019 #2

The New York State Department of Financial Services cancelled the temporary authority of a major cryptocurrency exchange to operate in New York, saying its failure to meet anti-money laundering, AML compliance officer quality...more

Mintz - Health Care Viewpoints

New York (Again) Seeks to Regulate Pharmacy Benefit Managers

On January 15, 2019, Governor Cuomo released the 2019-2020 Executive Budget, which proposes substantial legislative changes that would affect pharmacy benefit managers (PBMs). Among other things, the law would require PBMs to...more

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