NYDFS APPOINTS NEW HEAD OF CYBER DIVISION
Harriet Pearson has been appointed Executive Deputy Superintendent for Cybersecurity by Superintendent Adrienne A. Harris, following the departure of Justin Herring. Announcement here.
News
NYDFS ISSUES REVISED PROPOSED SECOND AMENDMENT TO CYBERSECURITY REGULATION
NYDFS has published in the State Register its revised proposed second amendment to Part 500, the Cybersecurity Regulation. Some changes have been made based on comments received on the prior draft. It is a dense document, as is the Assessment of Comments. More to come.
SENATE PASSES BILL TO ENHANCE NYDFS ENFORCEMENT POWERS AGAINST UNLICENSED ACTIVITY
The New York State Senate passed legislation that will enhance NYDFS enforcement powers against unlicensed activity in the State. Takeaways: • While there has been some argument over the powers of NYDFS to go after unlicensed financial services activity in the state, new legislation passed by the Senate and pending in the Assembly clarifies that it … Read more
NYDFS SUPERINTENDENT HARRIS TESTIFIES ABOUT SUPERVISION ISSUES AND SIGNATURE BANK BEFORE NY SENATE STANDING COMMITTEE ON BANKS
NYDFS Superintendent Adrienne A. Harris testified today before the New York State Senate standing committee on Banks concerning DFS supervision and other issues. The testimony may be found here.
NYDFS ARGUES IT FACES PAY GAP CHALLENGES IN RECRUITING
According to Bloomberg: “New York’s top financial industry regulator is trying to expand bank examiner staffing, but relatively low pay and federal agencies’ competition for skilled labor are posing stiff challenges. The New York Department of Financial Services has faced ‘internal staffing restraints’ that hinder adequate staffing of examination teams, the DFS said in an … Read more
NYDFS ADOPTS REGULATION ON CRYPTO FIRM ASSESSMENTS
Superintendent Harris announced today final adoption of the assessment regulation. Quick takeaways: • The adopted regulation effectuates legislation in the NYS FY23 Budget giving DFS authority to collect supervisory costs from licensed virtual currency businesses, similar to other licensees regulated by DFS. • Says DFS: “As stewards of others’ assets, virtual currency entities play an important role in the … Read more
DOJ & SEC EXTEND ERICSSON MONITORSHIP
While the jury appears still to be out on what will result in imposition of a new DOJ monitorship under the Monaco Memos, if you breach a DPA — twice — you will get an extension of the Monitorship. DOJ has now extended the Ericsson monitorship arising out of an FCPA prosecution for one year. … Read more
BACK TO THE WORLD OF BANKING: NYDFS SUPERINTENDENT ADRIENNE A. HARRIS APPOINTED TO FSOC
State bank supervisors have appointed New York State Department of Financial Services Superintendent Adrienne A. Harris to serve as the state banking representative on the Financial Stability Oversight Council (FSOC), according to the Conference of State Banking Supervisors. “Superintendent Harris’ background and experience at both the federal and state level will be an asset for … Read more
NYDFS TAKES ADDITIONAL ENFORCEMENT ACTION AGAINST REDLINING
According to its second report on fair lending violations, NYDFS took action against two mortgage lenders, although it did not make any findings of violations: “After taking the testimony of Premium Mortgage and 1st Priority executives, as well as a number of licensed mortgage loan originators at Premium Mortgage, and reviewing documents provided by the … Read more
NYDFS TO ISSUE ADDITIONAL GUIDANCE ON CRYPTOCURRENCY
According to Superintendent Harris, NYDFS will issue additional guidance for cryptocurrency firms. Superintendent Harris via Law360: “We’ll have more to say on capitalization,….You’ll hear more from us on consumer protection, disclosures, advertising … [and] complaints, making sure these companies have an easy way for consumers to complain. . . . Harris indicated that the forthcoming … Read more