Recent developments about the New York State Department of Financial Services
(Not affiliated with NYDFS; just a blog.)
NYDFS Superintendent Adrienne A. Harris participated in a fireside chat with the Institute of International Bankers and gave the following updates (summarized): • Impact of Change in Federal Administration: Superintendent Harris said that the change in administration at the CFPB and elsewhere would not alter DFS’ course; that there were gaps in consumer protection even before the … Read more
Many takeaways from this 43-page Consent Order from NYDFS against Nordea Bank, including the view of DFS that: • “[t]he combination of deficient AML controls, an unsophisticated transaction monitoring apparatus, and a decentralized global compliance program created a set of circumstances that exposed Nordea’s financial channels to a high risk of criminal abuse. Nordea’s relationships with … Read more
According to the DFS allegations (and other public information): • State-owned Industrial and Commercial Bank of China has $22 Billion in assets in the New York branch alone, and over $5 Trillion globally, and is the world’s largest bank by assets according to the WSJ and third largest by capitalization according to Forbes. • ICBC entered into … Read more