New York Governor Andrew Cuomo announced that in response to the Equifax breach he was proposing a new NY Department of Financial Services (“DFS”) regulation that would give DFS oversight over credit reporting agencies for the first time. To date, DFS’s cybersecurity regulations, some of the toughest in the country, have applied to financial institutions and insurance companies. Under the proposed regulation, all consumer credit reporting agencies that operate in New York would be required to register annually with DFS beginning on or before February 1, 2018 and by February 1 of each successive year for the calendar year thereafter. The registration form would include an agency’s officers or directors who will be responsible for compliance with DFS’s regulations.
Click here for the full statement and the proposed regulation.