NYDFS SUPERINTENDENT ADRIENNE HARRIS LEAVING AGENCY NEXT MONTH
EXECUTIVE DEPUTY KAITLIN ASROW APPOINTED TO ASSUME ACTING POSITION Announcement is here.
Recent developments about the New York State Department of Financial Services
(Not affiliated with NYDFS; just a blog.)
EXECUTIVE DEPUTY KAITLIN ASROW APPOINTED TO ASSUME ACTING POSITION Announcement is here.
NYDFS issued guidance in the form of a policy statement on obtaining what it terms a “Notice of Satisfaction of Agreements.” · Importantly, a Satisfaction Notice does not serve as the termination of a Consent Order, Written Agreement or MOU: “Notices will not alter, rescind, or seal an Agreement, and they will not cancel any restriction imposed … Read more
NYDFS issued guidance for regulated banking institutions concerning their approach to risks associated with cryptocurrency businesses that may be bank customers or that interact with bank customers · The guidance sensibly responds to the more permissive regulatory environment for cryptocurrency filtering down from the Trump Administration’s major policy shifts · The guidance principally relates to the use … Read more
Does the Supreme Court’s decision in SEC v. Jarkesy entitle a licensed NYDFS entity to a jury trial in an enforcement action? Maybe. If interested see my latest blog post for the NYU Program on Corporate Compliance and Enforcement.
Some takeaways: • On the BitLicense generally: o Harris: New York has an outsized role to play; the BitLicense framework remains a model for the U.S. and the world o Coghill: DFS has been very careful to uphold standard, that is very why most entities do not make it through the application process • On the Application Process: o Harris: Team of 60 … Read more
“Buy Now Pay Later” (BNPL) loans will now be subject to licensing and supervision by the New York State Department of Financial Services under legislation enacted by the legislature and governor. ICYMI, this step follows the CFPB’s statement just three days ago that it is de-prioritizing enforcement around BNPL finance.
According to Compliance Week: • “The New York Department of Financial Services (NYDFS), led by Superintendent Adrienne Harris, doesn’t intend to let up on cryptocurrency enforcement, even in the face of pullback from the federal government.” • “Speaking during a fireside chat at Compliance Week’s 20th National Conference in Washington, D.C., Harris described how her office intends to remain … Read more
In a pair of recent announcements, NYDFS: Announced the appointment of Gabriel O’Malley as the permanent Executive Deputy Superintendent for the Consumer Protection and Financial Enforcement Division. He joins after serving for many years in enforcement at the CFPB. Announced the launch of its regulatory management platform “DFS Connect.” According to the agency’s announcement, … Read more
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
Superintendent Harris testified before NYS legislature and DFS issued its Regulatory Agenda. Per testimony: Looking Back: • “Since August 2021, DFS has adopted or amended 54 regulations, issued 98 pieces of regulatory guidance, and closed 117 enforcement actions resulting in more than $418 million in penalties.” •“We have addressed more than 157,000 consumer complaints and returned $$645 million to New York State consumers and health care providers, including over … Read more