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.

Key Points to Remember About New York’s Student Loan Servicer Framework

New York's State of Mind

I’m taking some time off from filling out my application to be the fourth National Security Adviser – fourth time is a charm – to provide you an update on an issue that has been percolating in and around New York Credit Union Land for about a month now. Compliance Legal Watch New York State Regulatory New York State DFS proposed regulation Student Loan ServicesGreetings, folks.

Nationalizing a New York reg could combat Capital One-style breaches

Payments Source

Data breaches Payment fraud Risk Capital One New York

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

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.

The New York Times Is Delivering Food With The News (No, Really)

PYMNTS

For those of use who’ve ever perused a recipe in The New York Times and fantasized about preparing it before rapidly realizing we own absolutely none of the appropriate ingredients to prepare said dish, a new service is arising just for us. And, surprisingly, it is being offered by The New York Times itself. Merchant Innovation food delivery Meal Kits New York Times Retail

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

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

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

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.

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

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.

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.

NY To Lead 47 AGs In Nationwide Facebook Antitrust Probe

PYMNTS

In a New York-led antitrust probe into Facebook , New York State Attorney General Letitia James said on Tuesday (Oct. However, it has since grown to almost the entire nation.

Attorneys General From 47 States To Probe Facebook

PYMNTS

In a New York-led antitrust probe into Facebook , New York State Attorney General Letitia James said on Tuesday (Oct. However, it has since grown to almost the entire nation.

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.

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.

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.

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.

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.

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

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.

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

State Finalizes Student Loan Servicer Requirements

New York's State of Mind

I just wanted to give my faithful readers a quick heads up this morning that the state has finalized its student loan servicer regulations, which compliment legislation passed last session, making New York the first state in the nation to mandate licensing requirements […]. New York State student loan servicersGreetings from beautiful Verona, NY, where the monsoon season has officially begun.

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.

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.

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.

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.

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.

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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."

CUs Try To Solve The Cannabis Cash Conundrum

PYMNTS

And yet, beyond the patch quilt of states that have accepted marijuana sales, such transactions are illegal on a national level. Recent developments in New Hampshire show how financial services can extend at the state level to cannabis firms.

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.

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

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 […].

Retail Pulse: The North Face To Open NYC Location; Walgreens To Shutter 200 Stores

PYMNTS

The North Face , for instance, is opening a new experiential retail store in the New York City’s SoHo neighborhood as it plans to make existing stores into “basecamps for exploration.”. Retail Barneys New York News Shake Shack The North Face Walgreens

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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.