A Japanese bank agreed to pay the New York State Department of Financial Services $33 million to settle claims relating to the conduct occurring prior to the bank's conversion of its state-licensed branches to federally licensed branches in November 2017.
Thirty-three attorneys general urged the Consumer Financial Protection Bureau to reconsider a reported decision to discontinue reviewing lenders’ compliance with the Military Lending Act as part of its examinations.
A national bank agreed to pay $65 million to settle charges for misleading investors by failing to disclose sales misconduct, which affected its reported "cross-sell" (i.e., selling products/services to existing customers) metrics.
In a newly released Report, the New York Attorney General found that many virtual currency exchanges lack necessary policies, procedures and controls to protect retail customers against "theft, fraud and abuse."
New York Department of Financial Services cybersecurity rules went into effect on August 28, 2017. Cadwalader attorneys reviewed the rules and prepared a visual brief highlighting specific implementation dates.
The New York Department of Financial Services requested comments on proposed revisions to cybersecurity rules that apply to a wide range of insurance, banking and financial services companies under its supervision.
Commentary by Joseph Facciponti
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