New York DFS Launches Research and Innovation Division

On May 1, 2023, bitFlyer USA, Inc. (“bitFlyer”) entered into a Consent Order with the New York Department of Financial Services (“DFS”) for multiple deficiencies in bitFlyer’s cybersecurity program, most notably for failure to conduct periodic risk assessments to sufficiently inform the design of bitFlyer’s cybersecurity program (as required by 23 NYCRR § 500.09(a)). BitFlyer […]

The post NYDFS Penalizes bitFlyer $1.2 Million for Violations to Cybersecurity Regulation appeared first on Alston & Bird Privacy, Cyber & Data Strategy Blog.

A&B Abstract: New York is one of the first states that enacted laws requiring consumer-style disclosures for commercial financing transactions (the “New York Law”). Previously, the New York Department of Financial Services (“NYDFS”) issued guidance stating that compliance with the requirements would be delayed until it issued final implementing regulations. Those final regulations were published […]

The post New York’s Commercial Finance Disclosure Law Set to Take Effect August 1, 2023 appeared first on Alston & Bird Consumer Finance ABstract.

The New York State Department of Financial Services has issued an industry letter detailing the prior approval process for all New York banking organizations seeking to engage in new or significantly different virtual currency-related activity.

The New York Department of Financial Services (“DFS”) released their proposed second amendment to the Cybersecurity Regulation, 23 NYCRR Part 500 (“Proposed Second Amendment”) on October 9, 2022. DFS issued a minor amendment on April 2, 2020, revising the certification of compliance date (from February to April). The Proposed Second Amendment follows DFS’s “pre-proposed” draft […]

The post NYDFS Releases Significant Enhancements to its Cybersecurity Regulation in the Proposed Second Amendment appeared first on Alston & Bird Privacy, Cyber & Data Strategy Blog.