News Topic: NYDFS

The former state banking superintendent weighs in on some of the toughest questions bank regulators are grappling with and the lawsuit (still ongoing) that she filed against the OCC. ... Read full article

Maria Vullo served for three years as New York's top banking regulator. ... Read full article

In a state where laws are unusually favorable to high-cost business lenders, taxi drivers are not the only small-business people getting trapped in loans they can't afford to pay back. The question is, what are policymakers going to do about it? ... Read full article

A recent court decision allowing New York’s financial regulator to proceed in a case meant to block the Office of the Comptroller of the Currency from offering fintechs a new federal banking charter is having a chilling effect on potential applicants. ... Read full article

The Office of the Comptroller of the Currency had sought to dismiss the case, but a court ruling suggested that the state regulator’s claim may have merit. ... Read full article

Conduent Education Services has agreed to pay $3.9 million to the CFPB for failing to provide accurate account balances on more than 200,000 student loans. ... Read full article

The Department of Financial Services has created a statewide financial protection division focused on corporate compliance and consumer issues, in line with steps taken by New Jersey and Pennsylvania. ... Read full article

Cryptocurrency exchange Bittrex is protesting New York's decision this week to deny it a virtual license exchange, claiming that its rationale contains factual errors and its personnel were not well versed in blockchain. ... Read full article

The agreement with U.S. and U.K. regulators is on top of the $667 million it paid to U.S. authorities in 2012 for its handling of transactions that violated economic sanctions against Iran. ... Read full article

The agency refuted claims by the Conference of State Bank Supervisors that the OCC was overstepping its authority. ... Read full article

Maria Vullo is stepping down as head of New York's banking and insurance regulator after three years in which she created a national model for cybersecurity regulations at banks and fought back against federal attempts to chip away at payday-lending ... Read full article

The approval marks the New York’s bank regulator 12th license to a crypto-related business. ... Read full article

State regulators have once again sued the OCC, arguing it lacks legal authority to offer a federal fintech banking charter. ... Read full article

Federal and state regulators are at odds over the Office of the Comptroller of the Currency’s new licensing program, but there are ways to improve current law to appease both sides. ... Read full article

Craig Phillips, a counselor to Treasury Secretary Steven Mnuchin, said the department is not trying to undermine the role of state regulation of fintechs. ... Read full article

State regulators are planning to sue the agency over its special-purpose charter, but the charter would be an important step forward for the regulatory system. ... Read full article

The comptroller of the currency argues that special-purpose fintech charters will benefit consumers and businesses, despite opposition. ... Read full article

The state's banking regulator and the Conference of State Bank Supervisors are reviving litigation after the Office of the Comptroller of the Currency said it would accept charter applications. ... Read full article