NY DFS

NY Governor Announces Auto Insurance Reform Saves MTA $50 Million Annually

New York Governor Kathy Hochul announced that auto insurance reforms have resulted in nearly $50 million in annual savings for the Metropolitan Transportation Authority (MTA). This reform is part of a broader effort to lower costs for New Yorkers.

Jericho Share Ceases NY Operations for Selling Unlicensed Health Insurance

The New York State Department of Financial Services announced that Jericho Share has agreed to cease all operations in New York for selling unlicensed health insurance plans. This action follows an investigation into the company's activities.

Statement on FY 2027 Executive Budget Hearing

New York State Department of Financial Services Acting Superintendent Kaitlin Asrow delivered a statement at a joint legislative public hearing on the FY 2027 Executive Budget, focusing on economic development. The statement outlines the DFS's priorities and budget requests for the upcoming fiscal year.

New York Designates Butternut Valley Banking Development District

New York State Comptroller DiNapoli and the Department of Financial Services (DFS) have designated the Butternut Valley as a Banking Development District. This designation aims to support community banking and economic development in the region.

New York Regulation for Buy Now, Pay Later Loans

New York Governor Kathy Hochul announced a new regulation establishing comprehensive consumer protections for Buy Now, Pay Later (BNPL) loans. This regulation aims to provide a framework for BNPL services operating within the state, ensuring greater transparency and fairness for consumers.

New York Behavioral Health Treatment Access Campaign Launched

Governor Hochul has launched a public awareness campaign to educate New Yorkers on accessing behavioral health treatment. The campaign aims to inform individuals about their rights and available resources for mental health and substance use disorder services.

Block, Inc. Consent Order with NY DFS

The New York State Department of Financial Services (DFS) has entered into a consent order with Block, Inc. (formerly Square, Inc.) resolving an enforcement investigation into deficiencies in its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program and violations of consumer protection regulations. Block will pay a penalty to resolve these matters.

NY DFS Consent Order to Roach & Murtha

The New York State Department of Financial Services (DFS) issued a consent order to Roach & Murtha, Attorneys at Law, P.C. The order addresses violations of the Fair Debt Collection Practices Act (FDCPA) related to debt collection practices between January 1, 2018, and December 31, 2022. The firm failed to conduct meaningful attorney review, used deceptive representations, and employed unfair means to collect consumer debts.

Wise US Inc. Consent Order with Multiple States

Wise US Inc. has entered into a Consent Order with six states (California, Minnesota, Nebraska, New York, Texas, and Massachusetts) following a multi-state examination. The examination identified deficiencies in Wise's Bank Secrecy Act/Anti-Money Laundering/Countering the Financing of Terrorism (BSA/AML/CFT) program, including issues with independent reviews, suspicious activity reporting, and transaction monitoring.

NY DFS Consent Order to Paxos Trust Company

The New York State Department of Financial Services (DFS) issued a consent order to Paxos Trust Company, LLC. The order resolves findings that Paxos failed to conduct proper due diligence on Binance and maintain effective anti-money laundering programs, as required by a 2020 letter agreement.