The New York Department of Financial Services reminded banking institutions of recent amendments to the New York Community Reinvestment Act that require additional information on activities with respect to minority- and women-owned businesses.
The U.S. District Court for the Southern District of New York held that certain syndicated loans sold to institutional investors are not "securities" and rejected claims of violations of federal and state securities laws.
The New York State Department of Financial Services provided temporary regulatory relief for New York-chartered financial institutions concerning (i) conducting in-person meetings and (ii) holding annual stockholder meetings.
The New York State Department of Financial Services issued an emergency regulation on New York Governor Andrew Cuomo’s Executive Order directing NYDFS-regulated institutions to provide loan forbearance.
The New York State Department of Financial Services extended the deadline for regulated entities to submit their plans to address the end of LIBOR and the associated risks. The deadline was extended to March 23, 2020.
New York State Department of Financial Services Superintendent Linda A. Lacewell proposed regulation designed to streamline the disclosure processes of confidential supervisory information to legal counsel and independent auditors.
The New York State Department of Financial Services joined the Network for Greening the Financial System, an international coalition of bank supervisors created to "mobiliz[e] the financial industry to address climate change."
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.
The U.S. District Court for the Southern District of New York denied the Office of the Comptroller of the Currency’s motion to dismiss a lawsuit that challenged the OCC’s authority to issue "FinTech" charters under the National Bank Act.
New York State Department of Financial Services Superintendent Maria Vullo reminded regulated entities that they must be in full compliance with the requirements of NYDFS cybersecurity regulation by March 1, 2019.