News

FUTURE OF NYDFS ENFORCEMENT — MORE HOT TAKES FROM LAW360 INTERVIEW WITH SUPERINTEDENT HARRIS — PART TWO

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Hot takes from Part Two of Law360’s interview with NYDFS Superintendent Adrienne A. Harris: NYDFS intends to streamline the Bitlicense application process but “without sacrificing regulatory rigor.” Diversity in the Board and management of regulated financial institutions is a “safety and soundness” issue. Superintendent Harris’ favorite musical artist is Jay-Z. Part Two of the Law360 … Read more

FUTURE OF NYDFS ENFORCEMENT — HOT TAKES FROM LAW360 INTERVIEW WITH SUPERINTENDENT HARRIS -PART ONE

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Hot takes from Part One of Law360’s interview with NYDFS Superintendent Adrienne A. Harris: NYDFS will focus on “kitchen table” Issues, so consumer-facing businesses will be in focus for enforcement efforts. BSA/AML/OFAC enforcement “continues to be incredibly important.” Three — “Predatory behavior” and “cybersecurity governance and protocols” also will be enforcement emphasis. Part One of … Read more

NYDFS ANNOUNCES STRENGTHENED CRYPTO TRACING TO ENFORCE RUSSIAN SANCTIONS

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According to NYDFS:  “As part of DFS’s work to become a leading, data-driven regulator of the global financial services sector, the Department has been assessing a number of technology tools and service providers to augment current supervisory capabilities. Accelerating the procurement process is a critical step to strengthen the Department’s ability to enforce anti-money laundering … Read more

NYDFS ISSUES ADVISORY RELATING TO UKRAINE SITUATION REGARDING CYBERSCURITY, CRYPTO, AND SANCTIONS

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In light of the Russian invasion of Ukraine, NYDFS issued an advisory concerning compliance issues relating to cybersecurity, cryptocurrency and sanctions. Press release found here:  https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220225_ukraine_escalation_impact_financial  

NYDFS SUPERINTENDENT ADRIENNE A. HARRIS SITS FOR FIRESIDE CHAT WITH BROOKINGS CENTER ON REGULATION AND MARKETS

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NYDFS Superintendent Adrienne A. Harris sat down for a fireside chat with the Brookings Institution’s Center on Regulation and Markets.  Here are some takeaways: –   On Enforcement:  NYDFS will be focusing enforcement on “kitchen table” issues. –  On Cybersecurity:  NYDFS is working on updating and improving its cybersecurity regulation. –  On Climate Change:  NYDFS will … Read more

NYDFS COMPLETES FIRST INVESTIGATION BY OFFICE OF PHARMACY BENEFITS INTO PRICE SPIKE

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NYDFS completed its first investigation by the new Office of Pharmacy Benefits regarding a price spike.  According to NYDFS findings:  “Cipla has entered into an agreement with OPB to put in place new internal controls governing the reporting of drug prices and will report on the implementation and maintenance of those new controls in one … Read more

“NYDFS GETTING A FIRM, FRIENDLY CRYPTO REGULATOR”: PYMTS.COM

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Interesting take in pymts.com on NYDFS Crypto Regulation: “NYDFS will not only remain relevant as the regulator of the largest financial center in the world, but as the obvious yardstick against which proposed national rules are measured.”   Article is found here:  https://www.pymnts.com/cryptocurrency/2022/in-adrienne-harris-nydfs-getting-firm-but-friendly-crypto-regulator/    

NYDFS SUPERINTENDENT ADRIENNE HARRIS HAS CONFIRMATION HEARING

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Want to know what’s on the mind of NYDFS Superintendent Adrienne Harris? Interesting discussion including re: crypto, fintech, the Community Reinvestment Act, and cannabis during her confirmation hearing in the NYS Senate, link here:  https://www.nysenate.gov/calendar/meetings/insurance/january-24-2022/insurance-meeting      

XAPO SURRENDERS ITS NYDFS BITLICENSE

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Xapo has informed DFS of its business decision to conclude its virtual currency business in New York. Effective January 11, 2022, Xapo surrendered its New York virtual currency license issued under 23 NYCRR Part 200.  Xapo said: “Serving the U.S. market would require quite a lot of effort, time and investment, it would require a … Read more