New York State Of (Cybersecurity) Mind

PYMNTS

As the Sinatra tune goes (a bit paraphrased) … New York: If you can make it there in cybersecurity, you can make it anywhere. The financial services industry is girding for the new regulations by the New York State Department of Financial Services (DFS), which take effect as of Aug. Yes, the rules apply to a single state, but as some sources, including New York Law Journal , report, the regulations could have a global impact.

New York Venture Bank Seeks National Bank Charter

PYMNTS

New York Venture Bank, a new financial institution (FI) created by big names in the financial services industry, has applied for a national bank charter. 22) report by American Banker , New York Venture Bank, which will be headquartered in New York, needs the nod of the Office of the Comptroller of the Currency (OCC) before it can launch operations. FDIC), the news report noted the new bank will begin with $100 million in capital.

New York Regulator Fines Pakistani Bank $630M

PYMNTS

The New York State Department of Financial Services (DFS) is looking to fine Habib Bank Ltd (HBL) nearly $630 million for failing to comply with state and federal laws at its only U.S. The New York State Department of Financial Services could not immediately be reached for comment. Habib Bank has submitted an application to DFS to shut its New York operations. That bank still has a New York branch.

Group files application to form national bank in New York

BankThink

New York Venture Bank would be run be a former Square 1 executive and would feature former CFPB deputy director Raj Date on its board. Community banking De novo banks Capital OCC FDIC Federal Reserve New York

NY Mag To Open Pop-Up Shop; Amazon Go Plans New York Store

PYMNTS

Magazines have been testing the waters of brick-and-mortar retail by opening temporary stores in major cities, and New York Magazine is no exception. New York Magazine eCommerce GM Camilla Cho said the project’s aim is to put The Strategist brand in front of a large audience. “It’s

New York Wants To Be The Model For Cybersecurity Regulation

PYMNTS

New York’s financial regulator had a bold claim to offer over the weekend — she claimed that other states should use New York’s sweeping cybersecurity rules as a model for how insurers must protect their networks from hackers. New York also has clear guidelines for when and how firms have to report when there are hacks. “We The New York regulation is a road map with rules of the road.”.

NY Lawsuit Against FinTech Banking Licenses Can Proceed

PYMNTS

Regulators from New York got the nod from a judge to move forward with their lawsuit aimed at stopping FinTechs from offering banking services on a national level. According to a report in MarketWatch citing court proceedings, Manhattan Federal Judge Victor Marrero ruled Thursday (May 3) the New York State Department of Financial Services can move forward with its lawsuit against the Office of Comptroller of the Currency.

Regulatory Environment Looking Brighter for New York Community

American Banker

The regulatory environment could be looking brighter for New York Community Bancorp as it is poised to cross an important regulatory threshold. dealmaking-strategy law-regulation breaking_news earnings-national-regional-banks performance consolidation m-a ny national-regional

New York Community, Astoria Terminate $2B Merger

American Banker

New York Community Bancorp in Westbury and Astoria Financial in Lake Success, N.Y., breaking_news national-regional dealmaking-strategyhave terminated their merger.

New York Proposes Cybersecurity Requirements for Banks

American Banker

New York Gov. The plan, the first of its kind in the nation, could have far-reaching effects on some of the nation's largest banks. Andrew Cuomo on Tuesday announced the proposal of a state regulation requiring banks to develop and maintain a cybersecurity program. breaking_news bank-technology fsoc fed occ fdic cyber-security law-regulation

New York Proposes Major Changes to Cybersecurity Regulation

FICO

Look no further than the US presidential debates , where our two candidates have highlighted the need to address hackers, security breaches and even foreign nations that may be using sophisticated cyber tactics to influence the outcome of the upcoming November elections.

Delay for New York Community-Astoria Deal

American Banker

New York Community's acquisition of Astoria Financial will not get the necessary regulatory OK this year, but both parties “remain committed to the transaction,” the CRE-heavy acquirer said. breaking_news national-regional community-banking m-a consolidation dealmaking-strategy

Join FinDEVr New York’s Impressive Audience — Save On Tickets Through Friday

Fintech Labs Insights

This March, dozens of startup and established organizations will take the stage with fintech tools in hand at FinDEVr New York. Senior VP Operations – Polish National Credit Union. FinDEVr 2017 New York FinDEVr Marketing

New York State Employees FCU Closed

Keith Leggett's Credit Union Watch

The National Credit Union Administration liquidated New York State Employees Federal Credit Union of New York, New York. Palisades Federal Credit Union of Pearl River, New York, immediately assumed most of New York State Employees Federal Credit Union’s assets and all members, shares and loans. New York State Employees Federal Credit Union is the fourth federally insured credit union liquidation in 2017.

New York MTA Puts Wells Fargo Business on Hold

American Banker

New York MTA has put business with Wells Fargo Securities and approval as a senior manager for bond transactions on hold pending its review of the bank’s practices, following revelations that Wells Fargo bank employees secretly created accounts without clients’ approval.

How Tough Will New York's Bank Regulator Be?

American Banker

Maria Vullo, still stuck in limbo as acting superintendent of the New York State Department of Financial Services, is hindered from putting her mark on the agency until she gets confirmed. community-banking law-regulation enforcement cyber-security ny national-regional

MUFG Launches Aviation Finance Business in New York

American Banker

The Japanese banking giant Mitsubishi UFJ Financial Group has launched a new aviation finance business in the Americas and has named aircraft finance veteran Olivier Trauchessec managing director of the unit. breaking_news people commercial-lending national-regional

New York Community Scores Naming-Rights Deal at Nassau Coliseum

American Banker

New York Community Bank in Westbury will have its name attached to the Nassau Veterans Memorial Coliseum, former home of the New York Islanders hockey team, when the renovated arena reopens next spring. breaking_news dealmaking-strategy national-regional

Investigative Story Looks at the Rise and Fall of the New York City Taxi Medallions

Keith Leggett's Credit Union Watch

A two-part story in the New York Times (subscription required) investigated the role of lenders, regulators, and city officials in the rise and collapse in taxi medallion values in New York City. Over 10 months, the New York Times spoke to 450 people, built a database on every medallion sales, and reviewed thousands of loans and other documents, The articles cited risky lending practices at banks and credit unions, which devastated taxi drivers.

H&M Just Says No Thanks To Plus-Sized Customers In New York

PYMNTS

A little over a week after Tim Gunn excoriated the fashion industry for its plus-sized hostility, H&M has decided to pull plus-sized clothes out of all New York City locations, according to Revelist , an online news site aimed at millennial women. Last year, The NPD Group found that the plus-size market accounted for 17 percent of the market, despite the fact that far more than 17 percent of the nation’s shoppers would be categorized as plus-sized.

NY Seizes Municipal Credit Union After Embezzlement

PYMNTS

New York’s Department of Financial Services seized Municipal Credit Union , New York’s oldest credit union, on Friday (May 17), saying it is facing “unsafe and unsound” conditions.

Debt Move Pays Off for New York Community

American Banker

New York Community Bancorp in Westbury, N.Y., dealmaking-strategy breaking_news performance earnings-national-regional-banks ny m-a consolidation national-regionalreported higher third-quarter earnings after a debt repositioning last year helped its net interest income.

New York passes sweeping legislation impacting student loan servicers

CFPB Monitor

On April 1, 2019, New York enacted Article 14-A, governing servicers of student loans owed by New York residents, in connection with New York’s fiscal year 2020 budget. Though sweeping legislation has been anticipated for some time, awareness of the extensive provisions of the new legislation are critical for student loan servicers nationwide.

New York City Taxi Medallions Valued at $160,000

Keith Leggett's Credit Union Watch

Signature Bank of New York announced on April 18 that it has valued each of its New York City taxi medallion loan or asset at approximately $160,000 at the end of the first quarter. Below is comments from Joseph DPaolo, President and CEO of Signature Bank of New York, from the conference call. As such, we further wrote down the value of our New York medallion loans to 160,000 each and our Chicago portfolio to 27,000."

NY Creates Cryptocurrency Task Force

PYMNTS

A New York State politician announced the creation of what he called the nation’s first cryptocurrency task force, to “study how to properly regulate, define and use” the currency, according to a Facebook post and reports.

Bump On The Road To National FinTech Charters?

PYMNTS

The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. The suit can proceed.

Mastercard General Counsel Tapped To Chair National Urban League

PYMNTS

The world of payments has provided a new leader to the National Urban League. Murphy was elected to the post during the National Urban League’s Board of Trustees quarterly meeting in New York City.

Amazon Picks Two HQ2s

PYMNTS

Amazon is expected to announce later Tuesday (November 13) that it chose New York City and Northern Virginia as the homes for its second and third headquarters, reported the Wall Street Journal. Amazon Crystal City headquarters HQ2 new york city News What's Hot

Patriot National Hits Regulatory Snag In SBA Platform Plans

PYMNTS

Community bank Patriot National has hit a regulatory roadblock in its plans to launch a Small Business Administrative platform, but reports in American Banker on Thursday (March 13) said the financial institution remains undeterred by the challenge.

It’s Alive! New York Finalizes Cybersecurity Regulations

New York's State of Mind

First, the Cuomo Administration announced in banner headline font that it had finalized its first in the nation Cybersecurity Regulations. There were three developments yesterday afternoon that will make today much more interesting for you. Secondly, the fate of CFPB director Richard Cordray and the future structure of the bureau he oversees was thrown into […]. General

CardX CEO: Ban On Card Surcharge Ban May Lead to Lower Interchange Fees

PYMNTS

As noted in this space by Karen Webster, the ban on the ban – where, now, in New York, surcharges are allowed when merchants post total prices for transactions – shows the inefficiencies of regulation that supersede card networks’ own rules governing merchant activities.

Cards 208

Two New York credit unions placed into conservatorship

CU Insight

The National Credit Union Administration placed two New York-based credit unions into conservatorship, citing “unsafe and unsound” conditions at each credit union. The post Two New York credit unions placed into conservatorship appeared first on CUInsight.

Wow! NY’s Primary Night Shakes Up National Politics

New York's State of Mind

Even if you despise politics, as a member of an industry dependent on a positive legal and regulatory environment You should take some time this morning to read up on the amazing primary results in New York State. They have implications not only for New York Stater’s but for politicians throughout the country. New York State Political Regulatory Crowely NCUA Federal and State Charters

Southeastern, New York leagues to collaborate

CU Insight

The CEOs of the League of Southeastern Credit Unions and the New York Credit Union Association said Tuesday they signed a letter of intent that will create the nation’s largest league collaboration project.

Will S.2155 Help Nationalize Mobile Banking?

New York's State of Mind

New York State S.2155We are entering the stretch run for passage S.2155 (Economic Growth, Regulatory Relief, and Consumer Protection Act.) If all goes according to plan, sometime next week the House is expected to take up a bill passed by the Senate. I’ve been reviewing the bill again and one of the provisions I overlooked is what I […].

How Might NYC’s New Ride-Hailing Minimum Wage Change Things?

PYMNTS

The new year will bring a minimum wage for Uber and Lyft drivers in New York City — that much is clear, even if the new rules on payments are a bit complicated. 4), New York City’s Taxi and Limousine Commission voted to set a minimum wage for ride-sharing drivers.

Amazon HQ2 Secures $51M Funding Vote In VA

PYMNTS

Late last year Amazon chose National Landing, a location that is owned by Arlington County and the city of Alexandria, as its second headquarters in conjunction with New York City. But in February Amazon pulled plans for the New York headquarters after local opposition.

Let’s Get A National Breach Notification Requirement Once and For All

New York's State of Mind

New York State Regulatory technology 899-aa Data breach notification Google If Watergate taught us anything it’s that the cover-up almost always ends up being worse than the crime. Apparently the wunderkind who run Google were apparently spending too much time programing to absorb this basic lesson of history. On Monday they announced in this incredibly cryptic blog that the personal information of hundreds of thousands of […].

Fizzle Of The Week: The NYC Amazon HQ That Will Never Be

PYMNTS

Amazon and the city of New York managed to pull off one of history’s more spectacular break-ups this week, with the Valentine’s Day announcement that the city and the nation’s largest eCommerce firm would not be joining forces to build half of Amazon’s HQ2 in Long Island City.

Morning Scan: To Catch a Money Launderer; Promontory vs. New York Regulators

BankThink

Bad Day for Promontory: Get ready for a battle of the titans: New York's banking regulator versus financial consulting heavyweight Promontory Financial Group. New York's Department of Financial Services on Monday suspended Promontory from consulting with banks licensed in the state, accusing the firm of covering up the extent of Standard Chartered's sanctions violations in a 2011 report. national-regionalReceiving Wide Coverage.

NY Proposes “First in Nation” Cybersecurity Requirements

New York's State of Mind

Compliance New York State cybersecurityUpdated-Because of a technical glitch(i.e. I forgot to press the send button) today’s post was never sent out. Here it is; better late than never . With a special shout-out to those of you who attended the Legal & Compliance Conference at the beautiful Turning Stone Casino, good morning. In case you missed it, on Tuesday, […].

Why this bank is walking away from shared national credits

BankThink

Evans Bancorp in New York believes the business is ill-suited for community banks and that it can draw unwanted attention from regulators. Community banking Leveraged loans Leveraged finance Commercial lending OCC New York

MILE High Confusion Has National Implications

New York's State of Mind

New York State announced the five companies that would be allowed to legally produce and distribute marijuana for medical purposes. Compliance Legal Watch Mortgage Lending New York State canabis Kansas Share InsuranceThe legal fog surrounding banking and marijuana got thicker on Friday. On the same day NCUA and the Federal Reserve Bank in Kansas City were being sued in federal court after blocking a Colorado credit […].