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 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 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.
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.
An international investment bank agreed to pay a $135 million fine to settle charges brought by the New York Department of Financial Services. The charges relate to improper conduct in the bank's foreign exchange business.
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.