State Regulators Sue OCC Over Fintech Charter


The Conference of State Bank Supervisors yesterday sued the Office of the Comptroller of the Currency over the agency’s plan to issue special-purpose national bank charters to fintech firms, American Banker reported. “Citing the National Bank Act, the bank supervisor group argued that the OCC has the authority to charter only those firms engaged in…

NY DFS Cyber Rule Effective March 1, 2017


In a press release, Governor Andrew Cuomo said New York State’s “first-in-the-nation cybersecurity regulation” will be applicable starting March 1, 2017. “The final regulation requires banks, insurance companies, and other financial services institutions regulated by the Department of Financial Services to establish and maintain a cybersecurity program designed to protect consumers’ private data and ensure…

NYDFS Updates Cybersecurity Regulation to Become Effective March 2017


The New York Department of Financial Services yesterday announced it had updated its proposed first-in-the-nation cybersecurity regulation to protect New York State from the ever-growing threat of cyber-attacks,” said an agency press release. According to the American Banker, the updated proposal eased the timeline for reporting and testing cybersecurity incidents, and gives “regulated entities more…