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New York DFS Launches "FastForward" Program Aimed at Driving Innovative Financial Services and Products

In support of re-opening and adapting New York to the new economic and social normal caused by COVID-19, New York's Department of Financial Services (DFS) announced the launch of a program called "DFS FastForward" which will support innovators who can deliver novel digital solutions that advance the state's recovery from the pandemic. The program builds on the successful launch in February of an InsurTech pilot program by DFS, and promises to "reduce barriers and speed up" the regulatory process for qualifying services and products. More ›

NYDFS Issues Order and Instructions to Regulated Entities in Response to COVID-19

In response to challenges facing the financial services industry as a result of coronavirus (COVID-19), New York's Department of Financial Services (DFS) has issued a COVID-19 compliance order, along with a series of industry guidance letters related to the organizational preparedness of regulated institutions to manage risks associated with the outbreak.

Below is a summary of these recent actions and requests for information. Institutions are encouraged to visit the DFS website for additional updates and information. Hinshaw is well-positioned to assist impacted institutions in their review of the DFS instructions and the preparation of responses. More ›

Governor Cuomo Mandates Compliance by Credit Reporting Agencies with Sweeping New Cybersecurity Requirements

New York Governor Andrew Cuomo has issued a final regulation that requires credit reporting agencies doing business in New York to register annually with the Department of Financial Services (DFS) and also to comply with accompanying cybersecurity regulations, including the implementation of a cybersecurity program consistent with the requirements already in place for banks, insurance companies and other financial services institutions. The purpose of the new regulation is to protect New Yorkers from data breaches, such as the Equifax breach which exposed the private data of millions of individuals. More ›

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