To further its ongoing diversity, equity, and inclusion (DEI) efforts, the New York State Department of Financial Services (DFS) announced an initiative to collect and publish diversity data on the demographic makeup of NY-regulated financial institution’s boards and senior management teams. In its July 29th business industry letter, DFS emphasized that transparency around
DFS
NYDFS brings first action to enforce state’s debt collection regulation
By Ballard CFS Group on
The New York Department of Financial Services (DFS) announced on September 16 that it has filed a Statement of Charges against debt collector Forster & Garbus LLP (Forster) for alleged violations of the state’s Debt Collection Regulation, Part 1 of Title 23 of the New York Codes, Rules, and Regulations, promulgated in 2015. The alleged…
OCC files brief with Second Circuit in appeal from district court judgment in NYDFS lawsuit challenging fintech charter
By Ballard CFS Group on
The OCC has filed its opening brief in its appeal to the Second Circuit from the district court’s final judgment in the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies.
In May 2019, the district…
OCC moves to dismiss NY DFS lawsuit challenging fintech charter; more filings in CSBS lawsuit challenging fintech charter
By Alan S. Kaplinsky on
As expected, the OCC filed a motion to dismiss the second lawsuit filed by the New York Department of Financial Services (DFS) in a New York federal district court to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies. The OCC also filed a reply brief in support of its…
Linda Lacewell nominated as new NY DFS Superintendent
By Barbara S. Mishkin on
Posted in Regulatory and Enforcement
New York Governor Andrew Cuomo has nominated Linda Lacewell to become Superintendent of the state’s Department of Financial Services. Ms. Lacewell would replace Maria Vullo who announced last month that she will leave DFS on February 1.
Ms. Lacewell most recently served as Governor Cuomo’s Chief of Staff. She previously served as executive director of…
NY DFS Superintendent Vullo announces departure plans
By Barbara S. Mishkin on
Posted in Regulatory and Enforcement
Maria Vullo, the current Superintendent of the New York Department of Financial Services, has announced that she will leave DFS on February 1, 2019.
Ms. Vullo, who has served as Superintendent since 2016, has been an aggressive regulator. In September 2018, she made a public announcement stating that the DFS intended to pursue what appeared…
CSBS To Oppose OCC Fintech Charter (Again)
By Scott A. Coleman on
On September 12th, the Conference of State Bank Supervisors (CSBS) announced that it would again pursue litigation in opposition to the OCC’s recent decision to accept applications from non-depository financial technology firms for a special purpose national bank (SPNB) charter.
While it announced that its Board of Directors had approved renewing litigation against the OCC…
Bills introduced directing NY DFS to issue report on online lending
By Scott M. Pearson on
Posted in Fintech, Regulatory and Enforcement
Identical bills have been introduced in the New York Assembly (A08938) and Senate (S07294) that would direct the New York Department of Financial Services (DFS) to issue a report on online lending by July 1, 2018.
The bills are intended to amend legislation signed into law by New York Governor Cuomo…
OCC moves to dismiss NYDFS lawsuit challenging special purpose national bank charter for fintech companies
By Scott M. Pearson on
The Office of the Comptroller of the Currency (OCC) has filed a motion to dismiss the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s authority to grant special purpose national bank (SPNB) charters to nondepository fintech companies.
The DFS lawsuit, which was filed in May 2017 in a…
New York DFS files lawsuit challenging OCC special purpose national bank charter for fintech companies
By Scott M. Pearson on
Posted in Regulatory and Enforcement, Technology
The New York Department of Financial Supervision (DFS) has filed a complaint in a New York federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special purpose national bank (SPNB) charters to fintech companies. The lawsuit follows the filing of a similar action earlier…