PYMNTS

MARCH 13, 2019

The New York Times newspaper posted a job called “Lead, Blockchain Exploration” on Wednesday (March 13), and later took it down, according to reports. The posting said the organization was looking for someone to “design a blockchain-based proof of concept for news publishers.”.

New York 139

New York blockchain cryptocurrency Compliance 139

CFPB Monitor

AUGUST 12, 2022

On July 29, 2022, the New York Department of Financial Services (“NYDFS”) released Draft Amendments to its Cyber Security Regulations. The Amendments, if adopted, would further regulatory trends and impose important new requirements on covered entities.

Regulation 147

Regulation Cyber Security New York Trends 147

American Banker

JANUARY 19, 2024

The Federal Reserve and New York State Department of Financial Services fined the Industrial and Commercial Bank of China for violations related to a lack of internal controls for confidential supervisory information and anti-money laundering compliance failures.

New York 41

New York Compliance Industry Regulation 41

BankInovation

AUGUST 2, 2022

s cryptocurrency arm was fined $30 million by New York’s financial regulator after the brokerage was accused of violating anti-money-laundering and cybersecurity rules. The unit must enlist an independent consultant to monitor compliance, according to an order filed Tuesday. Robinhood Markets Inc.’s

New York 52

New York Regulation cryptocurrency Compliance 52

American Banker

JUNE 27, 2023

New York is seeking to procure a supercomputer to run artificial intelligence systems and gain a deeper understanding of the technology for more effective regulation.

New York 36

New York Regulation System Technology 36

CFPB Monitor

NOVEMBER 16, 2021

On November 1, New York Governor Hochul signed into law amendments (S.5246-A/A.6247-A) 6247-A) to the New York Community Reinvestment Act (NYCRA) that expand the NYCRA’s coverage to non-depository mortgage lenders. Expansion of CRA coverage. The amendments are effective November 1, 2022.

New York 78

New York Community Regulation Data 78

CFPB Monitor

NOVEMBER 9, 2022

On November 9, 2022, New York Department of Financial Services (NYDFS) Superintendent Adrienne Harris announced that the NYDFS formally proposed an updated cybersecurity regulation. The proposed regulations would create three different tiers of companies based on their size, operations, and nature of their businesses.

Regulation 78

Regulation Compliance New York Training 78

PYMNTS

APRIL 1, 2020

Consumer data privacy laws were making compliance difficult before a pandemic brought the world to a halt. In the latest Merchants Guide To Navigating Global Payments Regulations we find that dastardly data deeds aren’t stopping despite COVID-19. Are we living in those conditions now? No one is totally sure. Sixty-three percent of U.S.

Compliance 153

Compliance Data Google Regulation 153

Bank Innovation

FEBRUARY 17, 2017

In his recent 2017 budget proposal, Governor Andrew Cuomo outlined a few changes that might be in store for New York State fintechs, particularly online lenders. The Empire State really wants to be in charge of the fintech sandbox—and it wants the OCC out already. These changes include expanding the Read More.

New York 218

New York Fintech Online Compliance 218

Bank Innovation

MAY 16, 2017

Last year, regulators in New York decided to take cybersecurity matters for financial institutions into their own hands, releasing a set of rules (which went into effect in March), requiring banks and other FIs to establish a stricter cybersecurity program.

Regulation 325

Regulation New York Data Report 325

CFPB Monitor

MAY 3, 2022

On April 28, 2022 the New York Department of Financial Services (“NYDFS”) issued its Guidance on Use of Blockchain Analytics , a document directed to all virtual currency business entities that either have a NYDFS Bitlicense or are chartered as a limited purpose trust company under the New York Banking Law.

Analytics 147

Analytics Compliance blockchain Policies 147

CFPB Monitor

DECEMBER 6, 2022

Earlier this year, New York delayed the effective date of its new law requiring card issuers to provide a grace period for using credit card rewards points that was slated to be effective later this week. The delay means that the effective date of the new law is now December 10, 2023.

New York 78

New York Cards National Compliance 78

CFPB Monitor

OCTOBER 25, 2021

On October 20, 2021, the New York Department of Financial Services published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470–B , which requires consumer-like disclosures for “commercial financing” transactions of $2.5 million or less.

Regulation 78

Regulation New York Compliance 78

PYMNTS

JANUARY 10, 2020

Deribit , a popular global cryptocurrency options exchange, is moving to Panama in February to sidestep the Netherlands’ upcoming regulation changes on the industry, according to Bloomberg. In other news, blockchain compliance startup Securrency has received $17.65 million in a Series A funding round, led by WisdomTree.

Illinois 131

Illinois blockchain Regulation Bitcoin 131

PYMNTS

FEBRUARY 1, 2021

Manhasset, New York-headquartered Apple Bank For Savings will have to pay a $12.5 million fine for violating anti-money laundering (AML) regulations, The Wall Street Journal reported on Monday (Feb. Apple Bank was asked to hire staff, conduct AML risk assessments and implement a Bank Secrecy Act compliance solution. .

Apple 150

Apple FDIC New York Compliance 150

CFPB Monitor

OCTOBER 25, 2022

Following up on a threat it made back in 2018 , the New York State Department of Financial Services (DFS) announced on October 6, 2022 that it entered into a consent order with Rhinebeck Bank (“Rhinebeck”) to settle discrimination claims involving discretionary dealer markups on retail installment contracts with minority borrowers.

New York 78

New York Lending Community Bank Community 78

American Banker

JUNE 9, 2020

The Department of Financial Services is going live with DFS FastForward, which aims to help innovators in finance, healthcare and insurance consult directly with regulators on specific compliance issues.

New York 73

New York Compliance Fintech Regulation 73

Cisco

NOVEMBER 1, 2022

In 2017, New York Department of Financial Services (NYDFS) passed cybersecurity regulation 23 NYCRR 500, requiring all financial services companies to implement multi-factor authentication (MFA). Since its creation, the Cybersecurity Framework has continued to offer updates and guidance on best security practices.

Regulation 124

Regulation Security System New York 124

PYMNTS

FEBRUARY 22, 2019

Office of the Comptroller of the Currency (OCC), over deficiencies that the OCC identified in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The OCC identified the deficiencies in the bank’s branches in New York, Los Angeles and Chicago. On Wednesday (Feb.

Compliance 108

Compliance Los Angeles New York blockchain 108

American Banker

FEBRUARY 9, 2024

In a surprise move this week, banking veteran Sandro DiNello was appointed executive chairman of the embattled Long Island-based company, whose stock plummeted in the face of questions about its financial health.

New York 84

New York Community Company Risk Management 84

PYMNTS

MARCH 9, 2020

Banks on Wall Street are talking to regulators about waiving rules regarding brokers working remotely while the coronavirus makes its way through New York, according to a report by Reuters. New York Gov. A rule change would allow the thousands of daily traders to work from home.

New York 154

New York Regulation Meeting Industry 154

PYMNTS

JULY 16, 2019

France’s financial regulator is set to approve a wave of cryptocurrency-related firms in the country, subjecting them to new rules that include paying taxes and complying with capital requirements and consumer protections, according to a report by Reuters. Because digital currency is so new, regulations vary around the world.

Regulation 143

Regulation Company cryptocurrency Taxes 143

American Banker

OCTOBER 20, 2023

The New York State Department of Financial Services and the Federal Reserve Board penalized Metropolitan Commercial Bank for failing to prevent $300 million in fraud in a prepaid card program. It is the latest example of a bank being sanctioned in connection with rampant fraud during the COVID-19 pandemic.

New York 36

New York Fraud Examples Cards 36

Abrigo

JUNE 27, 2023

Regulations such as Geographic Targeting Order updates help identify AML risks by requiring identification for certain real estate purchases. The real estate market is enticing to more than just new homeowners or investors. The institutions are the ones shouldering the costs of compliance, examinations, and fines.

El Paso 195

El Paso Miami United States New York City 195

American Banker

APRIL 17, 2024

The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.

Compliance 36

Compliance New York Community Bank Community 36

PYMNTS

DECEMBER 13, 2018

CUs are also actively communicating with law enforcement agencies, keeping regulators informed about suspicious activity, while receiving tips on noticeable trends that these same agencies are eyeing. AML Compliance Turns CUs Into Law Enforcement. However, their members are not the only ones with whom credit unions must regularly work.

Regulation 135

Regulation South Dakota ATM New York City 135

FICO

NOVEMBER 1, 2016

Some policy leaders, like those in New York, are not deferring to the federal government to take the lead. On September 13, the New York Department of Financial Services (NYDFS) proposed first-of-its-kind cybersecurity rules covering a wide range of banks, insurers and financial services companies under its jurisdiction.

New York 40

New York Regulation Policies National 40

CB Insights

NOVEMBER 9, 2021

Laika , a compliance and security audit platform for software companies, has raised $35M in a Series B. New York-based Laika helps businesses obtain audits and security certifications as well as remain compliant with regulations. Laika has offices in New York and Costa Rica. ARR growth YoY.

Compliance 61

Compliance Software Security Company 61

PYMNTS

SEPTEMBER 9, 2020

New York City will reinstate indoor dining as of Sept. The reason for the reopening of indoor dining, Cuomo said, is because compliance with distancing restrictions among New York City restaurants has now exceeded 99 percent. A recent report from New York City Comptroller Scott M.

New York City 141

New York City New York Apple Compliance 141

CFPB Monitor

JANUARY 11, 2022

While it requires disclosures to be provided “according to formatting prescribed by” the DFS and authorizes the DFS to promulgate implementing regulations, it does not delay the effective date until regulations are adopted. The comment period on the proposal ended on December 20, 2021.

Regulation 78

Regulation New York Compliance 78

CFPB Monitor

FEBRUARY 16, 2022

Around the nation, regulators are preparing to implement and enforce new consumer-like disclosure laws for small business commercial finance providers. New York regulators have yet to issue final regulations implementing the state’s Commercial Finance Disclosure Law (CFDL), which went into effect on January 1, 2022.

North Carolina 78

North Carolina Missouri Maryland Mississippi 78

PYMNTS

JANUARY 30, 2019

The New York Department of Financial Services (DFS) announced it has fined Standard Chartered $40 million for attempting to rig transactions in foreign exchange (FX) markets between 2007 and 2013. The DFS’ investigation discovered that traders used emails, phone calls and personal meetings to try to rig transactions.

New York 128

New York Compliance Risk Management Meeting 128

Bobsguide

MAY 22, 2017

Colin Domoney, Consultant Solution Architect, Veracode. In the past year alone, one in five large business reported falling victim to a cyberattack, with the British Chambers of Commerce finding that bigger businesses are at greater risk of being attacked than their smaller.

New York 60

New York Compliance Regulation Report 60

CFPB Monitor

AUGUST 12, 2021

SB 1235 requires the DFPI to issue regulations implementing the specific requirements of the disclosures that must be given to recipients. Compliance with the new disclosure requirements is not required until the DFPI’s final regulations become effective. Modifications to the proposal were issued in April 2021.

CA 78

CA Regulation California New York 78

CFPB Monitor

AUGUST 14, 2018

On August 10, the New York Times reported that Mick Mulvaney, the CFPB Acting Director, intends to dispense with routine supervisory examinations of creditors for violations of the Military Lending Act (MLA). We agree with Acting Director Mulvaney that the CFPB lacks statutory authority to examine creditors for MLA compliance.

Compliance 101

Compliance Utah Lending New York 101

CFPB Monitor

MAY 2, 2022

A federal district court judge in the Southern District of New York ruled late last week that three credit unions had successfully established a likelihood of success on their claims that the retroactive application of New York’s recently-passed rate reduction law constitutes a regulatory taking in violation of the U.S.

New York 147

New York Exercises Policies Compliance 147

PYMNTS

NOVEMBER 10, 2020

Atlanta payments encryption firm Bluefin is partnering with New York mobile payments processor PAAY to advance eCommerce security. New York-headquartered PAAY, a consumer authentication innovator co-founded in 2011 by James Ruffer and Yitz Mendlowitz, has a new security solution that aims to obliterate hacking and fraud threats.

Security 233

Security New York Atlanta Fraud 233