News & Analysis as of

Regulatory Oversight NYDFS Financial Services Industry

Husch Blackwell LLP

Deadline Ahead: NYDFS Compliance Notifications are due by April 15

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Businesses that are subject to the NYDFS Cybersecurity Regulations have four weeks left to submit their annual notices of compliance or acknowledge their noncompliance. When the regulations were amended in 2023, several of...more

Akerman LLP - Health Law Rx

NYDFS Highlights Strategies to Combat AI Cybersecurity Risks

The increased use of artificial intelligence (AI) in the banking, insurance, and financial services industries has led the New York State Department of Financial Services (NYDFS or Department) to publish an Industry Letter on...more

Mayer Brown

New York State Department of Financial Services Issues Industry Letter on Cybersecurity Risks Arising from Artificial Intelligence

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BACKGROUND - On October 16, 2024, the New York State Department of Financial Services (DFS) issued an industry letter, Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related Risks,...more

Saul Ewing LLP

New York Department of Financial Services Guidance on AI-Related Cybersecurity Risks

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On October 16, 2024, the New York Department of Financial Services (“NYDFS”) issued guidance and strategies (“Guidance”) concerning cybersecurity risks that arise in response to the advancements in artificial intelligence...more

Alston & Bird

NYDFS Issues Guidance on Artificial Intelligence-related Cybersecurity Risks

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On October 16, 2024, the New York Department of Financial Services (“NYDFS”) issued an industry letter covering Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related Risks (the “Industry...more

Alston & Bird

The Digital Download – Alston & Bird’s Privacy & Data Security Newsletter – February 2024

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Selected U.S. Privacy and Cyber Updates - NYDFS Releases Circular Letter on Use of AI in Insurance Underwriting and Pricing - On January 17, 2024, the New York State Department of Financial Services (NYDFS) issued a proposed...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

McDermott Will & Emery

"Control" of Insurers: A Concept That Remains a Work in Progress

The concept of “control” of insurers received significant attention from state insurance regulators last year and will receive even more in 2023. We wrote a brief report in April 2022 following the New York Department of...more

McDermott Will & Emery

Insurance Regulators Continue Big Data Scrutiny

We previously reported on regulators’ increased attention to the use of big data systems, including external consumer data and information sources, algorithms and predictive models. Recent announcements in Colorado, Louisiana...more

Patterson Belknap Webb & Tyler LLP

New York DFS Proposes Revisions to Landmark Cybersecurity Regulation

On Wednesday, November 9, 2022, the New York Department of Financial Services (“DFS”) announced proposed revisions to New York State’s landmark Cybersecurity Regulation, 23 NYCRR Part 500. The proposed amended regulation...more

Foley Hoag LLP - White Collar Law &...

NY Department of Financial Services Slaps $30 Million Fine on Robinhood’s Crypto Platform for Lax Anti-Money Laundering Controls

On August 1, 2022, the New York Department of Financial Services (“DFS” or the “Department”) secured its first enforcement win against a cryptocurrency platform, Robinhood’s crypto trading arm Robinhood Crypto, LLC....more

McDermott Will & Emery

Climate Change Regulatory Update for US Insurers

After a variety of promises concerning climate change-related regulatory development activity last year, forward movement has been relatively slow. The leading exception has been the New York Department of Financial Services...more

White & Case LLP

The French and New York Financial Regulators Partner to Boost Cross-Border Fintech Cooperation

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The New York Department of Financial Services ("NYDFS") and the French Autorité de Contrôle Prudentiel et de Résolution ("ACPR") signed a Memorandum of Understanding ("MOU") to position New York and France as innovation hubs...more

Jones Day

Facilitating Transatlantic Fintech Innovation and Cooperation: The New MOU Between the NYSDFS and the French ACPR

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The Situation: From both sides of the Atlantic, United States and French financial authorities are keen to facilitate technology innovations in the financial sector. Beyond having set up dedicated teams to focus on the...more

Hinshaw & Culbertson - Consumer Crossroads

New York DFS Launches "FastForward" Program Aimed at Driving Innovative Financial Services and Products

In support of re-opening and adapting New York to the new economic and social normal caused by COVID-19, New York’s Department of Financial Services (DFS) announced the launch of a program called “DFS FastForward” which will...more

Herbert Smith Freehills Kramer

NY DFS Regulations Allow Superintendent to be Group-Wide Supervisor

On June 3, amendments to New York insurance regulations, available here, became effective that will permit the New York Superintendent of Financial Services to act as group-wide supervisor of internationally active insurance...more

BCLP

Consumer Financial Services and Fintech Enforcement Trends in New York

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The New York Department of Financial Services (NYDFS) is New York’s primary regulator of financial institutions, consumer protection, and financial activity.  With jurisdiction over more than 1,500 financial institutions, the...more

Hogan Lovells

New York State Expected to Increase Enforcement of Cybersecurity Practices

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Companies should take note of two imminent developments in New York in the area of cybersecurity regulation: enforcement of the New York Department of Financial Services (NYDFS) Cybersecurity Regulation (Regulation) and the...more

Mayer Brown

Going Through Changes: Transitioning to a LIBOR-less World for Consumer Loans

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It is widely anticipated that the London Interbank Offered Rate (“LIBOR”) will be discontinued in 2021. As LIBOR commonly is used as an index rate for both residential mortgage and consumer loans, its discontinuance has the...more

Ballard Spahr LLP

NYDFS announces creation of new Consumer Protection Task Force

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The New York Department of Financial Services has announced the creation of a new Consumer Protection Task Force within the NYDFS. ...more

Ballard Spahr LLP

NYDFS requires regulated institutions to submit plans describing preparations for LIBOR transition by Feb. 7

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The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR...more

Jones Day

NY DFS Doubles Down on FinTech, Consumer Protection, and Cryptocurrency Regulation - The New York State Department of Financial...

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Consistent with New York's status as a financial services and technology hub, the New York State Department of Financial Services (the "NY DFS") announced on July 23, 2019 a new Research and Innovation Division (the...more

Ballard Spahr LLP

NYDFS Creates Research and Innovation Division and Prioritizes Fintech and Consumer Protection

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Linda Lacewell, the recently confirmed Superintendent of the New York Department of Financial Services, detailed in a recent interview that she will prioritize fintech and consumer protection. True to her word, NYDFS...more

Robins Kaplan LLP

Financial Daily Dose 6.4.2019 | Top Story: DOJ, FTC, and Congress Set to Investigate Big Tech

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Much more on the suddenly hot topic of Big Tech antitrust oversight, including a negotiated agreement among regulators that will see the DOJ handling Apple and Google while the Federal Trade Commission will take on Facebook...more

Sheppard Mullin Richter & Hampton LLP

New York DFS Consumer Protection and Financial Enforcement Division: New Name, New Look, Old Mandate

On April 29, 2019, just months into her new job at the New York State Department of Financial Services (“DFS”), acting DFS Superintendent Linda Lacewell announced a significant reorganization within the financial and...more

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