Agency
NYDFS
30 published works
Byte Back
Deadline Ahead: NYDFS Compliance Notifications are due by April 15
By Erik Dullea, Former Attorney Matti Mortimore
Keypoint: Section 500.17(b) of 23 NYCRR Part 500 (“Part 500”) requires all non-exempt Covered Entities regulated by the New York Department of Financial Services to submit their annual notices of compliance…
Byte Back
NYDFS Warns Against the Threat of Accidentally Hiring North Korean Remote IT Workers
By Erik Dullea, Former Attorney Matti Mortimore
Keypoint: The New York State Department of Financial Services (NYDFS) issued an industry letter outlining the threats posed to U.S. companies who hire remote technology workers linked to North Korea…
Money Laundering Watch
ICBC Agrees to Two Consent Orders for Alleged BSA/AML Deficiencies and Disclosure of Confidential Supervisory Information
Recently, the Industrial and Commercial Bank of China Ltd. (“ICBC”) entered into two consent orders. The first consent order is with the New York State Department of Financial Services (the…
Privacy & Information Security Law Blog
NYDFS Issues $8 Million Fine Against Virtual Currency Company
On January 12, 2024, the New York State Department of Financial Services (“NYDFS”) announced a consent order with virtual currency company Genesis Global Trading, Inc. (“Genesis”) for “significant” failings in…
Eye On Privacy
EyeMed Data Breach Multistate Settlement
EyeMed recently entered into a settlement with the Attorneys General of Oregon, New Jersey, Florida and Pennsylvania around a 2020 breach of an EyeMed email account that contained the data…
The Blockchain Monitor
NYS DFS Focuses on Cybersecurity Violations and Increasing Crypto Resources
By George Stamboulidis, Teresa Goody Guillén, Michelle Tanney, Jonathan A. Forman, Robert A. Musiala, Sydney Park
On May 1, 2023, the New York State Department of Financial Services (DFS or Department) issued a consent order (Consent Order), imposing a $1.2 million fine on bitFlyer USA, a cryptocurrency trading…
Law of The Ledger
New York Settles with Crypto Company, Proposes Crypto Legislation
By Moorari Shah, A.J. Dhaliwal, Kathryn Smith
On May 1, NYDFS settled with a cryptocurrency trading platform over the company’s cybersecurity deficiencies, resulting in a consent order and $1.2 million fine for the crypto company. NYDFS alleged “multiple…
Blockchain and the Law
New York Department of Financial Services Issues Guidance on Cryptoasset Custody in Wake of Recent High-Profile Bankruptcies
By Jason Finger, Timothy Q. Karcher
Demand for virtual currency services, including custody services, has soared in the past several years. Like their counterparts in traditional finance, these custodians are stewards of retail and institutional customer…
Consumer Financial Services Review
NYDFS Adopts Final Commercial Finance Disclosure Rules
By Jeffrey P. Taft, Daniel Pearson, Krista Cooley, Francis L. Doorley, Steven M. Kaplan, Eric T. Mitzenmacher
Small business financers and brokers active in New York must comply with New York’s Commercial Finance Disclosure Law (“CFDL”) by August 1, 2023, according to the new effective date the…
Retained Interest
Legal Update: The Suspense Is Over – NYDFS Adopts Final Commercial Financing Disclosure Rules, Announces Effective Date, and Provides New Exemptions
By Krista Cooley, Francis L. Doorley, Steven M. Kaplan, Eric T. Mitzenmacher, Jeffrey P. Taft, Daniel Pearson, Molly McGrail
Small business financers and brokers (“providers”) active in New York are officially on notice to finalize their preparations to comply with New York’s Commercial Finance Disclosure Law (“CFDL”) by August…