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State and Local Government New York Financial Services Industry

Troutman Pepper

New York AG Sues Yellowstone Capital Over Alleged “Fraudulent Loans” Targeting Small Businesses

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New York Attorney General (AG) Letitia James filed a lawsuit on March 5 against Yellowstone Capital, its founder David Glass, and a network of 30 other affiliated companies and individuals. James alleges that Yellowstone...more

Troutman Pepper

New York AG Secures $77M Judgment With Merchant Cash Advance Companies

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On February 8, New York attorney general (AG) Letisha James announced a $77 million judgment with three merchant cash advance (MCA) companies, Richmond Capital Group, Ram Capital Funding, and Viceroy Capital Funding, and...more

Perkins Coie

N.Y. Governor Proposes Measures To Ensure Fairness in “Buy Now Pay Later” Services

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On January 2, New York Governor Kathy Hochul announced a proposal to establish regulations for the “Buy Now Pay Later” (BNPL) loan industry. Gov. Hochul announced that she will propose legislation to require BNPL providers...more

Ballard Spahr LLP

New York Governor’s Proposed TED Bill Includes Sweeping BNPL Legislation

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After promising earlier this year to “establish nation-leading regulations for the Buy Now Pay Later loan industry,” New York Governor Kathy Hochul took a significant first step in that direction by including Buy Now Pay...more

Ballard Spahr LLP

New York enacts new requirements for subscription auto-renewals and credit card surcharge pricing

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On December 13, 2023, New York Governor Hochul signed two laws, which aim to protect consumers from (1) unwanted subscriptions by requiring notice to consumers for upcoming automatic renewals with clear instructions for...more

Ballard Spahr LLP

CO and NY enact laws to prevent reporting of medical debt to credit bureaus

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Colorado and New York are not waiting for the Fair Credit Reporting Act rulemaking to eliminate creditor use of medical debt announced by the CFPB in September 2023. As we previously blogged, in the past two years, Equifax,...more

Sheppard Mullin Richter & Hampton LLP

NY Enhances Financial Cybersecurity Regulations

New York recently announced amendments to the State Department of Financial Services’ cybersecurity regulations. The changes further solidify the state’s already comprehensive cybersecurity regulatory regime. The amendments...more

Troutman Pepper

NY DFS Amendments to Cybersecurity Regulations

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On November 1, New York Governor Kathy Hochul announced that the state’s Department of Financial Services (NY DFS) has amended its Cybersecurity Regulations to “enhance cyber governance, mitigate risks, and protect New York...more

Faegre Drinker Biddle & Reath LLP

Cybersecurity Enforcement Update: New York Department of Financial Services Announces Amended Cybersecurity Regulations and Latest...

Recent enforcement actions and announcements show that state and federal regulators are continuing to focus intensely on cybersecurity and data protection. Notably, the New York Department of Financial Services (“NYDFS”)...more

Morgan Lewis

New York Attorney General Proposes Comprehensive and Restrictive Digital Assets Bill

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New York Attorney General Letitia James introduced on May 5, 2023 a proposed bill that, if enacted, would significantly tighten regulation over digital asset market participants and exchanges. While the New York State...more

Paul Hastings LLP

The New York Department of Financial Services Cybersecurity Rules — What Companies Need to Know

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On March 1, 2017, New York’s Department of Financial Services (“NYDFS”) implemented a comprehensive cybersecurity regulation aimed at financial institutions (the “Cybersecurity Regulation”)....more

Sheppard Mullin Richter & Hampton LLP

New York Publishes Proposed Rules on Commercial Financing Disclosures

On September 14, the New York Department of Financial Services (NYDFS) published a notice of proposed rules under New York’s Commercial Financing Disclosure Law (CFDL)...more

Sheppard Mullin Richter & Hampton LLP

New York’s Superintendent of Financial Services Addresses BitLicense Delays

This January, Adrienne A. Harris was confirmed as superintendent of New York’s Department of Financial Services, which administers New York’s BitLicense program, among others.  In a March 28 interview, Harris discussed the...more

Bradley Arant Boult Cummings LLP

New York Adds ADA-Type Requirement and Teeth to Debt Collection Procedure Act

On October 8, the governor of New York signed Bill No. AO-2260A to assist borrowers who need accommodation for visual impairments. Bill No. AO-2260A is “an act to amend the general business law, in relation to requiring debt...more

Sheppard Mullin Richter & Hampton LLP

NYDFS Issues Proposed Rules to Implement New Commercial Financing Disclosure Law

On October 20, the New York Department of Financial Services (NYDFS) issued proposed rules under New York’s Commercial Financing Disclosure Law (CFDL) (See S5470-B, as amended by S898). Under the CFDL, commercial financing...more

Seyfarth Shaw LLP

Initial Government Guidance on Steps New York Landlords Should Take to Protect Health and Safety

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Many landlords of commercial and residential buildings in New York City have been looking into possible ways to address the health and safety of individuals at their premises. Although New York courts have not yet weighed in...more

Seyfarth Shaw LLP

If Pain, Yes Gain—Part 84: New York State Paid Sick Leave Law Signed

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Seyfarth Synopsis: New York’s paid sick leave law, applicable to employers of all sizes, goes into effect on September 30, 2020, permitting employees to use sick leave beginning January 1, 2021. ...more

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