Today, the New York State Department of Financial Services (DFS or the Department) issued new guidance to help New York’s financial services sector understand and assess cybersecurity risks arising from artificial intelligence (AI).

Read the full Notice CLICK HERE

The first rule is a joint rulemaking between the CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency to adjust the threshold for exempting loans from special appraisal requirements under the TILA Higher Priced Mortgage Loan Appraisal rule. This adjustment is effective January 1, 2025.

Read full notice CLICK HERE

MLS has a new and improved login experience that requires action the first time you login. We strongly encourage you to log in to NMLS before Nov. 1 to ensure your account is up to date when you start the renewals process. As a reminder, the NMLS annual renewal period starts Nov. 1 and will continue through Dec. 31.

Read entire message CLICK HERE

Kindly note, beginning November 1st, of each calendar year, New York regulated entities are required to process a renewal request through the Nationwide Multistate Licensing System & Registry (“NMLS”). All renewals must be processed through the NMLS no later than December 31, 2024. Although the Department does not charge a renewal fee for entities to renew their license or registration, the NMLS collects a system processing fee of $100. 

Read the entire notice CLICK HERE

In 2023, the Department of Financial Services (DFS) amendedits Cybersecurity Regulation. To assist entities throughout the rollout of the regulation, DFS is providing regular updates on important information and helpful resources.

CLICK HERE to see what you need to know this month.

As you know, DFS’s Cybersecurity Regulation 23 NYCRR Part 500 requires covered entities, including individual licensees and single person regulated entities, to maintain a cybersecurity program.* To assist individual licensees and single person regulated entities in creating a cybersecurity program, DFS has developed a model Cybersecurity Program Template. 

CLICK HERE to read full post 

Today, the New York State Department of Financial Services (“Department” or “DFS”) adopted amendments to its Cybersecurity Regulation, 23 NYCRR Part 500. The amended regulation incorporates current best practices to better protect businesses and consumers from emerging cyber threats and further tailors the requirements based on businesses’ risks and resources. CLICK HERE FOR FULL NOTICE

Today, the New York State Department of Financial Services (“Department” or “DFS”) adopted amendments to its Cybersecurity Regulation, 23 NYCRR Part 500. The amended regulation incorporates current best practices to better protect businesses and consumers from emerging cyber threats and further tailors the requirements based on businesses’ risks and resources. CLICK HERE FOR FULL NOTICE

Due to the rapidly evolving situation in Ukraine and Russian invasion, the New York State Department of Financial Services is issuing Guidance to all regulated individuals and entities (“regulated entities”). The Guidance can be viewed online here: https://www.dfs.ny.gov/industry_guidance/industry_letters.

Read full update click here

Reference Link: Cybersecurity Resource Center | Department of Financial Services (ny.gov)