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Showing 3 posts in NYS DFS.

Following Fair Lending Investigation, NYS DFS Issues Report, Recommendations, and Mortgage Lender Best Practices

The New York State Department of Financial Services (DFS) issued a report on February 4, 2021, detailing its investigation of the mortgage lending market in the Buffalo metropolitan area. The report includes findings about a "distinct lack of lending" by mortgage lenders, particularly nonbank lenders, in neighborhoods with majority-minority populations and to minority homebuyers in general. More ›

New York State DFS Urges Financial Institutions to Consider and Prepare for Impact of Climate Change

Having sent a similar letter to New York's domestic and foreign insurance companies, the New York State Department of Financial Services (DFS) issued a letter on October 29, 2020 explicitly calling on its regulated financial institutions to start integrating financial risks associated with climate change into their business strategies, risk management processes, and governance frameworks. DFS' expectations apply to New York-regulated banks, mortgage bankers and servicers (Regulated Organizations), as well as to other New York-regulated non-depositories, including money transmitters, licensed lenders, sales finance companies, and virtual currency firms (Regulated Non-Depositories). More ›

NYS DFS Publishes its Investigative Report of the Twitter Hack of July 2020

The New York State Department of Financial Services issued a press release on Thursday announcing the publication of its investigative report of the July 2020 Twitter hack. The exhaustive report reviews the facts surrounding the hack, provides a visual timeline, and explores the cybersecurity weaknesses at Twitter that made the hack possible, including a lack of leadership, vulnerability to social engineering, and a failure to address the new vulnerabilities caused by the pandemic-driven shift to mass remote working. More ›

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