NY governor pursues BNPL regulation
Payments Dive
JANUARY 3, 2024
New York Gov. Kathy Hochul is seeking to require buy now, pay later providers to obtain a license to operate in the state, in addition to other potential regulations for the industry.
New York To Ease Cryptocurrency Regulations
PYMNTS
JUNE 25, 2020
It will be easier for New York cryptocurrency businesses to launch in New York, thanks to a plan by regulators that would ease licensing rules. The existing licensee would provide the startup with the operational, staffing, and other support until it can obtain a full DFS virtual currency license.
New York 
240
240 Join 50,000+
Insiders
Sign Up for our Newsletter
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Trending Sources
Today In Payments: Wirecard Files For Insolvency; New York To Ease Cryptocurrency Regulations
PYMNTS
JUNE 25, 2020
In today’s top news, Wirecard files for insolvency, and New York proposes easing regulations for cryptocurrency licenses. New York To Ease Cryptocurrency Regulations. plans to offer a Samsung Pay Card that will operate like a digital wall for customers. Samsung Electronics Co.
New York 248
248 
New York State Regulations for Online Lenders to ‘Level Playing Field’ for Banks
Bank Innovation
JULY 12, 2018
For one thing, rising interest rates will increase their cost of funds, and perhaps make their offerings less attractive, and for another, regulations may arrive that make operating their businesses more expensive. In New York State, perhaps anticipating a […].
New York 225
225 
New York DFS Issues Guidance on Climate Change Risks for Financial Institutions
CFPB Monitor
FEBRUARY 28, 2024
On December 21, 2023, the New York Department of Financial Services (“DFS”) published guidance (the Guidance) to assist regulated institutions in assessing and managing their climate-related financial and operational risks.
New York 78
78 
NYSDFS Part 500 Cyber Amendments Finalized: What You Need to Know
Perficient
FEBRUARY 15, 2024
This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence The announcement of significant amendments to the New York State Department of Financial Services (NYSDFS) regulations on December 1, 2023, represents a pivotal moment for entities operating within New York’s financial sector.
New York 221
221 
U.S. Regulations to Consider When Managing a Cryptocurrency Fund
Perficient
MAY 27, 2022
For those wanting to start their own cryptocurrency fund, it’s important to be well informed about cryptocurrency regulations. Regulatory cryptocurrency regulations are most fluid at the state level. State Regulations. For instance, Coinbase can only offer about half the coins available on its platform to New York customers.
cryptocurrency 332
332 
New York Regulator Fines Pakistani Bank $630M
PYMNTS
AUGUST 29, 2017
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. Reuters reported news that if the fine is imposed, it would be the largest ever faced by a Pakistani bank.
New York 102
102 
DFS500 Amendments: What You Need to Know
Perficient
FEBRUARY 15, 2024
This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence Perficient’s Risk and Regulatory Center of Excellence (CoE) remains at the forefront of evolving financial rules and regulations, ensuring readiness to tackle emerging challenges and safeguard financial institutions and its customers.
Compliance 221
221 
New York Wants To Be The Model For Cybersecurity Regulation
PYMNTS
APRIL 10, 2017
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. The New York regulation is a road map with rules of the road.”.
New York 110
110 
Gett Shutters Juno In New York, Partners With Lyft
PYMNTS
NOVEMBER 18, 2019
Ridesharing company Gett, which operates under the name Juno in New York City, is shuttering its operations there and entering into a partnership with Lyft to take on its accounts, according to a report by TechCrunch. We are focusing on reaching operational profitability globally already next month in December,” he said.
New York 100
100 
NYDFS Announces Draft Amendments to Cybersecurity Regulation
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
147 
Three Crypto Operators Sued By US Regulator
PYMNTS
JANUARY 19, 2018
In the latest sign of regulatory action in the virtual currency realm, the Commodity Futures Trading Commission (CFTC) has filed a lawsuit against three virtual currency operators, with allegations that the trio had defrauded customers. In addition, the regulator charged, the three operators broke laws governing commodity trading.
Operations 120
120 
Prosecutors Target Loosely-Regulated Business Lending Sector
PYMNTS
AUGUST 11, 2020
Merchant cash advance companies avoid much of the regulation banks face by claiming that rather than giving loans to businesses, they’re paying the business cash now in return for a cut of future revenue. One business owners said he felt as if he were dealing with an entity almost like “a gangster operation.”.
Lending 237
237 
New York Just Told the OCC to Stick It
Bank Innovation
JANUARY 17, 2017
The New York State Department of Financial Services submitted a formal comment letter to the OCC today, saying that the latter, frankly, isn’t going to do the job of regulating fintechs — and isn’t Read More. Turns out, not everyone is happy about the OCC’s decision to grant banking licenses to (suitable) fintechs.
New York 150
150 
New York amends its Community Reinvestment Act to cover non-bank mortgage lenders; New York DFS issues proposed revisions to CRA regulation to require collection of data by banks on loan applications from minority- and women-owned businesses
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
78 
Is Your Board Ready To Comply With Cybersecurity Regulations?
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
325 
New York Ramps Up Fight Against Predatory SMB Lending
PYMNTS
DECEMBER 14, 2018
Just days after New York Attorney General (AG) Barbara Underwood announced an investigation into possible misconduct among merchant cash-advance (MCA) firms against small business (SMB) borrowers, The Washington Post reported that state legislators are vowing to push for change in the industry. The publication said on Thursday (Dec.
New York 139
139 
NYDFS Announces Updated Cybersecurity Regulation
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
78 
New York AG Wants More Info From Crypto Traders
PYMNTS
APRIL 18, 2018
New York Attorney General Eric Schneiderman has announced the launch of the Virtual Markets Integrity Initiative, a fact-finding inquiry into the policies and practices of cryptocurrency trading platforms.
New York 101
101 
New York DFS enters into two dealer finance charge consent orders
CFPB Monitor
JULY 1, 2021
First, they represent the first effort by a state regulator to pursue the dealer finance charge issue against an assignee of retail installment contracts that we are aware of. The consent orders do not specify the analytical method used to arrive at these disparity figures.
New York 78
78 
France To Allow And Regulate Crypto-Related Companies
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
143 
US Regulators Set Sights On Swedbank As Offices Are Raided
PYMNTS
MARCH 27, 2019
regulators in the wake of money laundering scandals, reported the Financial Times. In what is seen as a significant increase in the level of scrutiny placed on the bank, the New York State Department of Financial Services (DFS) alerted Swedbank in a letter in February that it was looking into seven different cases at the bank.
Regulation 122
122 
Lessons Learned From the Fourth United States Bank Failure of 2023
Perficient
AUGUST 16, 2023
Heartland Tri-State began operations in 1985 under the name First National Bank of Elkhart. Bank Closed By Regulators Almost all bank closures happen on a Friday so that regulators can work all weekend to reopen the bank on Monday. In 2019, it expanded by buying its fourth branch from a competitor.
United States 221
221 
NY Financial Watchdog Calls For Easier Introduction Of Virtual Currency
PYMNTS
DECEMBER 11, 2019
The New York State Department of Financial Services (DFS) is proposing revised rules for the listing of new virtual currencies and will review the state’s BitLicense , the regulator announced in a press release on Wednesday (Dec. DFS Superintendent of Financial Services Linda A. Comments are due on Jan.
New York 132
132 
Wall Street In Talks To Allow Remote Trading
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
154 
NYDFS emergency regulations require 90-day mortgage forbearance, waiver of ATM, overdraft, credit card late fees for borrowers demonstrating financial hardship from COVID-19
CFPB Monitor
MARCH 26, 2020
In response to New York Governor Cuomo’s Executive Order 202.9 issued on March 21 , the New York Department of Financial Services (DFS) has adopted new regulations to provide emergency relief to individuals who can demonstrate financial hardship as a result of COVID-19.
Regulation 88
88 Ether In The Crosshairs Of Regulators
PYMNTS
MAY 1, 2018
Regulators in the U.S. are considering the regulation of digital tokens outside bitcoin. The Wall Street Journal reported that the inquiry is focused on the cryptocurrency Ethereum, which hasn’t been in the crosshairs of regulators as of yet.
Regulation 104
104 
Restaurant Operators On Life Before, During And After COVID-19
PYMNTS
APRIL 1, 2020
Restaurants are tough businesses to operate, even in the best of times — 60 percent fail within their first year, and 80 percent within their first five. Yi said the impact of COVID-19 caught Zoku Sushi “completely flat-footed” by the nearly overnight shutdown that came to its base of operations in Midtown Manhattan.
Operations 171
171 
3 Ways Financial Services Institutions Can Reap the Benefits of a Data-Driven Mindset
Perficient
MAY 15, 2023
Additionally, maintaining clear, comprehensive data systems promotes business ethics and adherence to laws and regulations enforced by regulatory bodies. Want to learn more about financial services industry-specific considerations for improving operational efficiency through data optimization?
Data 275
275 
New York Proposes Major Changes to Cybersecurity Regulation
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
40 
New York orders crypto lenders to close operations in state
American Banker
OCTOBER 18, 2021
(..)
New York 100
100 
NYC To Reopen Indoor Dining As Virus Cases Stay Low
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
141 
As GDPR Entrenches, Some Regulators Seek Exemptions
PYMNTS
JULY 2, 2018
Just a few weeks in, the data privacy law that has just taken root in the European Union already has some regulators seeking exemptions around the globe. Pertaining to investigations, the regulation – which took effect on May 25 – places restrictions on the data that can be shared internationally in the “public interest.”
Regulation 100
100 
US Retailers Confront Data Privacy Shifts
PYMNTS
MARCH 27, 2020
While the advancement of open banking regulations may be seeing a small skip due to the spread of the coronavirus , many countries saw business and typical banking operations halted right after deciding upon new online privacy rules. Considering t he global nature of COVID-19, regulators outside of the U.S. Security .
Data 199
199 
Facebook Threatens EU Pullout As Data Sharing Comes Under Scrutiny
PYMNTS
SEPTEMBER 21, 2020
In a bit of high-tech saber-rattling, Facebook is threatening to pull the plug on its social media platform in the European Union if a controversial decision by Irish regulators is allowed to stand. according to Metro. government.
social media 230
230 
Uber Dials Back Drivers’ Hours In NY
PYMNTS
SEPTEMBER 16, 2019
17), per new regulations in New York City , according to a report by Reuters. The new regulations are meant to boost driver pay and help to lessen congestion in the city. Lyft recently took similar action due to city regulations. The New York Taxi Workers Alliance said Uber was lying to its drivers.
New York City 109
109 
Fed To Credit Suisse: Improve Anti-Money Laundering Practices
PYMNTS
DECEMBER 22, 2020
operations, Reuters reported. According to an order, the bank will have to put forth a plan to change the policies in 90 days, to show it's appropriately looking for illegal activity and reporting it regularly to the regulator, according to Reuters.
New York 151
151 NY Dept Financial Services: Online Lenders Need Oversight
PYMNTS
JULY 12, 2018
New York’s Department of Financial Services is recommending that online lenders are subjected to the same scrutiny and regulations that traditional banks face. Cuomo on June 1, 2017, required DFS to study online lending in New York State and submit a report of its findings. A bill signed by Governor Andrew M.
Online 100
100 
Regulators Want Answers From Uber Over Hidden Hack
PYMNTS
NOVEMBER 23, 2017
Ride-hailing app company Uber, which made news when it covered up a huge data breach that exposed roughly 600,000 driver’s license numbers, could face investigations by regulators around the globe. 22), regulators in the U.K., According to a report in Fortune published Wednesday (Nov. Meanwhile, in the U.K., s capital.
Regulation 100
100 
NYDFS requires regulated institutions to submit plans describing preparations for LIBOR transition by Feb. 7
CFPB Monitor
JANUARY 9, 2020
The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR cessation and transition risk.” (LIBOR is the acronym for the London Inter-Bank Offered Rate.).
Regulation 78
78 
Taking Real-Time Payment Rails To The Tipping Point
PYMNTS
MARCH 6, 2020
Real-time payments are imperative for running successful operations in today’s global ecosystem. Digital payments sent internationally are expected to move past $1 trillion in 2025, but getting to that point will require support from payment providers, regulators and other such firms still building out the necessary infrastructure.
Payments 304
304 
Santander Adds Three Lending Executives
PYMNTS
OCTOBER 11, 2020
Santander Bank has announced three high-level appointments, two overseeing lending operations and another overseeing marketing, according to a press release. Marchesi holds a Bachelor of Arts degree in international marketing from Hofstra University and an MBA in finance from New York University, according to Santander. “We
Lending 160
160 
Banking Computer-Security Incident Notification Requirements Take Effect
Abrigo
APRIL 6, 2022
Takeaway 1 Financial institutions must revise their incident response and business continuity procedures to meet new requirements by May 1, 2022. Takeaway 2 The change includes an obligation to inform regulators of a “notification incident” ASAP and no later than 36 hours after a reportable event occurs.
Security 195
195 
Let's personalize your content