On July 23, the New York State Department of Financial Services (“DFS”) announced a new Research and Innovation Division.  The Division will assume responsibility for licensing and supervising virtual currencies.  It will also “assess efforts to use technology to address financial exclusion; identify and protect consumer data rights; and encourage innovations in the financial services

On April 29, 2019 the New York State Department of Financial Services (“DFS”) announced that it has created a new division, called the Consumer Protection and Financial Enforcement Division, which combines the previously separate Enforcement Division and Financial Frauds and Consumer Protection Division.

The new division will be “responsible for protecting and educating consumers and

On October 25, 2018, the Conference of State Bank Supervisors (“CSBS”) filed a complaint in the United States District Court for the District of Columbia to stop the Office of the Comptroller of the Currency (“OCC”) from issuing special purpose national bank charters to fintech companies.  The lawsuit follows a similar suit against the OCC by the New York State Department of Financial Services (“DFS”) in the United States District Court for the Southern District of New York, which we discussed in September.

Continue Reading State Regulators Renew OCC Suit Over Fintech Charter

On November 9, 2016, the New York State Department of Financial Services (“NYDFS”) entered into a consent order with PHH Mortgage Corporation and PHH Home Loans (collectively “PHH”) to settle allegations that PHH violated New York and federal laws relating to mortgage origination and servicing.  NYDFS discovered the alleged violations of law in a series of examinations of PHH conducted between 2010 and 2014, and PHH self-identified one violation in 2014 and reported it to NYDFS in 2016.

Continue Reading New York DFS Enters Consent Order with PHH Mortgage