Regulations

NYDFS ISSUES FIRST-IN-THE-NATION STABLECOIN GUIDANCE

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Its finally here:  first-in-the-nation stablecoin guidance for regulated cryptocurrency entities.  Some highlights: Backing and Redeemability: The stablecoin must be fully backed by a Reserve of assets, meaning that the market value of the Reserve is at least equal to the nominal value of all outstanding units of the stablecoin as of the end of each … Read more

NYDFS ENFORCMENT ACTION FOR $5.6 MILLION AGAINST NATIONWIDE LIFE INSURANCE CO FOR VIOLATIONS RELATED TO ANNUITY REPLACEMENT

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NYDFS entered into a consent order with Nationwide Life Insurance Company for $5.6 million in penalties and restitution arising from violations alleged to have occurred in connection with the annuity replacement business.  According to NYDFS, “DFS’s investigation found that Nationwide failed to properly disclose to consumers income comparisons and suitability information, causing consumers to exchange … Read more

NYDFS ISSUES GUIDANCE ON USE OF BLOCKCHAIN ANALYTICS BY REGULATED CRYPTO FIRMS

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NYDFS issued guidance concerning the use of blockchain analytics by regulated cryptocurrency firms.  NYDFS stated:  “The purpose of this guidance … is to emphasize to all virtual currency business entities that are either licensed under 23 NYCRR Part 200 or chartered as a limited purpose trust company … the importance of blockchain analytics to effective policies, … Read more

NYDFS ANNOUNCES PROPOSED REGULATION TO INCREASE TRANSPARENCY IN SMALL BUSINESS LOANS; FIRST BY NEW SUPERINTENDENT

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NYDFS announced a new proposed regulation designed to improve transparency for small businesses seeking commercial loans. The regulation applies to companies offering commercial financing in amounts under $2.5 million, requiring them to make standardized disclosures about credit terms. The regulation implements legislation enacted by the State legislature earlier this year. It is the first proposed regulation issued by recently appointed Acting Superintendent Harris.

 

The proposed regulation may be found here:

https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202109211