All NYDFS articles
-
News BriefOneMain Financial fined $4.25M in NYDFS cybersecurity case
Mortgage servicer OneMain Financial Group will pay $4.25 million to settle allegations it left customer information vulnerable to cyberattacks by failing to implement required controls under New York’s cybersecurity law.
-
News Brief
NYDFS proposes enhanced character reviews for bank officers, including CCOs
Banks operating in New York would have to step up their vetting of executives and senior officers, including chief compliance officers, under new guidance proposed by the New York State Department of Financial Services.
-
News Brief
New York vies to lead way on cryptocurrency regulation
New York would be the first state in the nation to comprehensively regulate cryptocurrency under a sweeping bill introduced by Attorney General Letitia James.
-
News Brief
Coinbase to pay $100M after NYDFS probe into compliance lapses
Cryptocurrency exchange Coinbase agreed to pay $100 million as part of a settlement with the New York State Department of Financial Services for compliance failures that opened the door for criminals to carry out illegal activity through the platform.
-
Article
NYDFS issues guidance for banks interested in virtual currency
The New York State Department of Financial Services issued guidance outlining guidelines banks and financial institutions must follow to engage in virtual currency activities in the state.
-
Article
EyeMed fined $4.5M over cybersecurity lapses that led to breach
EyeMed Vision Care agreed to pay $4.5 million as part of a settlement with the New York State Department of Financial Services for cybersecurity control failures that helped enable a 2020 data breach.
-
Article
John Hancock to repay $23.8M over N.Y. insurance law violations
John Hancock Life & Health Insurance Company will return a total of $23.8 million to customers and the state of New York and pay a $2.5 million fine for violations of the state’s law regarding the handling of long-term care insurance policies.
-
Article
Robinhood Crypto fined $30M for AML, cybersecurity failures
Robinhood Crypto agreed to pay a $30 million fine to the New York State Department of Financial Services for “significant failures” in its Bank Secrecy Act/anti-money laundering and cybersecurity compliance programs.
-
Article
NYDFS penalizes Carnival $5M for cybersecurity failures
The New York State Department of Financial Services announced a $5 million penalty against Carnival Corp. for “significant” cybersecurity failures, including not implementing basic protocols to prevent four separate data breaches from 2019-21.
-
Article
Lummis-Gillibrand bill would regulate crypto for first time
The Responsible Financial Innovation Act, introduced by Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), seeks to regulate digital assets, blockchain technology, and cryptocurrencies in the United States for the first time.
-
Article
MoneyGram, NYDFS agree on $8.25M settlement for supervision lapses
MoneyGram will pay $8.25 million as part of a settlement with the New York State Department of Financial Services for supervision failures regarding local agents processing suspicious transactions in China.
-
Article
MoneyGram sets aside $15.8M to settle NYDFS, CFPB investigations
MoneyGram disclosed it expects to pay a total of $15.8 million to settle two separate investigations by the New York State Department of Financial Services and the Consumer Financial Protection Bureau.
-
Article
NYDFS investigating Coinbase’s compliance practices
The New York State Department of Financial Services has initiated an investigation into cryptocurrency exchange platform Coinbase relating to its compliance program.
-
Article
National Bank of Pakistan to pay $55.4M for AML compliance lapses
The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with two U.S. regulators for deficiencies in the bank’s risk management and anti-money laundering compliance program.
-
Article
Adrienne Harris confirmed to lead NYDFS
Former U.S. Treasury official Adrienne Harris was confirmed to be the first Black woman to officially lead the New York State Department of Financial Services.
-
Article
NYDFS guidance addresses common MFA problems—and how to fix them
The New York State Department of Financial Services outlined common vulnerabilities in multi-factor authentication and how to address them from a cybersecurity risk management standpoint.
-
Article
Ignoring compliance, Mashreqbank fined $100M for Sudan sanctions violations
The New York State Department of Financial Services fined United Arab Emirates-based Mashreqbank $100 million for violating now-repealed Sudanese sanctions regulations and for having in place an inadequate compliance program.
-
Article
NYDFS first state banking regulator to establish Climate Risk Division
The New York State Department of Financial Services announced the creation of a new Climate Risk Division to oversee regulated entities’ efforts at managing the financial risks of climate change.
-
Article
Adrienne Harris nominated to lead NYDFS
The new head of New York’s Department of Financial Services is expected to be Adrienne Harris, who was nominated to the post by Gov. Kathy Hochul.
-
Article
Robinhood Crypto anticipates $10M penalty for cyber, AML failures
Robinhood Markets said its cryptocurrency platform might face a penalty of “at least” $10 million from the New York State Department of Financial Services for anti-money laundering and cyber-security failures.
