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☆ New York Adds Stiffer Requirements to Cybersecurity Rules
▼ + stars: | 2023-11-02 | by ( James Rundle | ) www.wsj.com time to read: 1 min

Adrienne Harris, the superintendent of the New York State Department of Financial Services, in May. Photo: Anna Moneymaker/Getty ImagesNew York’s financial watchdog published significant updates to its cybersecurity regulations Wednesday, adding strict provisions around board oversight and ransom payments that go further than recent federal rules. The New York State Department of Financial Services, which oversees banks, insurance firms, mortgage brokers and other financial institutions, expanded its initial cybersecurity rules, published in 2017, because rising cyberattacks require stronger protections, said Adrienne Harris , superintendent of financial services, in a statement.

Persons: Adrienne Harris, Anna Moneymaker Organizations: New York State Department of Financial Services

☆ New York's financial watchdog on recent bank failures, protecting consumers and small businesses
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew York's financial watchdog on recent bank failures, protecting consumers and small businessesAdrienne Harris, Superintendent of New York State Department of Financial Services, joins 'Squawk Box' to discuss the fallout from recent bank failures, ways to prevent bank runs in the future, and more.

☆ Stocks week ahead: SVB and Signature Bank execs are set to testify next week
▼ + stars: | 2023-05-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

The US Senate Committee on Banking, Housing and Urban Affairs is holding three hearings this coming week centered around the collapses of Silicon Valley Bank and Signature Bank in March. ET : Greg Becker, former chief executive, Silicon Valley Bank; Scott Shay, former chairman and co-founder, Signature Bank and Eric Howell, former president, Signature Bank. ET : Mark Bialek, inspector general, Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau; Paul Kupiec, senior fellow, American Enterprise Institute and more. Since then, the Federal Reserve and Federal Deposit Insurance Corporation have released reports detailing management missteps at SVB and Signature Bank, as well as federal regulators’ own mistakes in properly addressing red flags preceding the banks’ demises. A separate report from the Federal Reserve Bank of New York on Friday shows that American households are becoming increasingly frugal.

☆ New York’s financial regulator takes aim at firms co-mingling crypto funds
▼ + stars: | 2023-01-23 | by ( Hannah Lang | ) www.reuters.com time to read: +5 min

Concerns about the crossover between the two firms helped fuel a flurry of customer withdrawals in November, forcing the exchange to file for bankruptcy. New York requires firms to undergo examinations making sure they are in-line with state requirements and comply with know-your-customer, anti-money laundering and capital requirements. Most other states do not subject crypto firms to examinations. Crypto firms' compliance with anti-money laundering rules has also been "a big issue," she said, one she expects her office will continue focusing on in 2023. Earlier in the month, NYDFS announced a $100 million settlement with Coinbase Inc (COIN.O) over the firm's compliance with rules to prevent money laundering.

☆ New York Financial Regulator Notches $100 Million Settlement With Coinbase
▼ + stars: | 2023-01-05 | by ( Mengqi Sun | ) www.wsj.com time to read: +4 min

A $100 million settlement made public by the New York State Department of Financial Services on Wednesday underscores the agency’s intent to set the regulatory agenda for digital currencies. Coinbase also will spend $50 million to improve its compliance program over the next two years. The regulator oversees insurance companies and state-chartered banks and already plays an outsize role nationally in overseeing the financial services sector. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. The agency credited Coinbase for its remediation efforts, including how it strengthened its onboarding process, according to the settlement agreement.

Popular cryptocurrency exchange Coinbase announced an agreement Wednesday to pay $50 million to resolve a New York investigation into lapses concerning its anti-money laundering and know-your-customer practices. "That failure exposed the Coinbase platform to potential criminal activity requiring the Department to take immediate action including the installation of an Independent Monitor,” she said. In one instance, a former Coinbase customer who had been criminally charged with crimes related to child sexual abuse material conducted suspicious transactions potentially associated with illicit activity on the exchange. (Eventually, Coinbase discovered the activity and with the help of law enforcement recovered the funds.) In a statement on its website, Coinbase acknowledged the $100 million settlement and outlined other steps it was taking to address the lapses.

☆ Coinbase to pay $50 mln to settle NY state investigation, invest $50 mln in compliance
▼ + stars: | 2023-01-04 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 4 (Reuters) - U.S.-based cryptocurrency exchange Coinbase Inc (COIN.O) has reached a $100 million settlement with New York's Department of Financial Services (DFS), the exchange and the regulator said in statements on Wednesday. The settlement, which includes a $50 million penalty, caps the regulator's investigation into the firm's compliance with requirements to prevent money laundering. “Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth. That failure exposed the Coinbase platform to potential criminal activity," said New York DFS Superintendent Adrienne Harris. Coinbase, a publicly traded firm and one of the largest global crypto exchanges, will pay another $50 million to boost compliance efforts aimed at blocking potential criminals from using the exchange, the company said.

☆ New York Flags Climate Risks for Banks
▼ + stars: | 2022-12-21 | by ( Richard Vanderford | ) www.wsj.com time to read: +4 min

Financial institutions of all sizes—including foreign-based banks with operations in New York—would be expected to evaluate climate risks throughout their business under guidance released Wednesday by the New York State Department of Financial Services. Banks would be called upon to look at climate-related risks when bringing on new clients and when extending credit. Financial institutions in New York state would be expected to look at, for example, climate-related risks that could impact their branches and offices, or scenarios that could impact liquidity. NYDFS, in contrast, said that in its view, banks of all sizes face climate-related risks. NYDFS guidance said banks should take a “proportionate approach” to managing climate-related risks, based on their exposure.

☆ New York Financial Regulator Issues Crypto Guidance for Banks
▼ + stars: | 2022-12-15 | by ( Mengqi Sun | ) www.wsj.com time to read: +4 min

New York’s financial regulator said banks looking to enter the cryptocurrency space need to first seek approval from the regulator. U.S. banks and foreign banks with branches in New York that are under NYDFS supervision should notify the agency at least 90 days before starting any new or significantly different crypto-related activities, according to the guidance. NYDFS is one of the first state financial regulators to issue such guidance for banks. PREVIEWNYDFS Superintendent Adrienne Harris said the guidance is needed as the traditional financial institutions continue to innovate and as the crypto market evolves over time. New York’s financial regulator, which oversees insurance companies and state-chartered banks, already plays an outsize role nationally in overseeing the financial services sector.

☆ New York financial regulator issues cryptocurrency guidance for banks
▼ + stars: | 2022-12-15 | by ( Hannah Lang | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoDec 15 (Reuters) - The New York State Department of Financial Services (NYDFS) on Thursday issued digital asset guidance to state-regulated banks laying out what information financial institutions must submit before getting approval to engage in virtual currency-related activities. The guidance, one of the clearest paths forward yet for banks to offer cryptocurrency services, instructs banks to submit a business plan with details of the proposed activity, detail how such a service would impact the bank's capital and liquidity and inform NYDFS of its plans at least 90 days beforehand. In a statement, NYDFS Superintendent Adrienne Harris said the new policies are "critical to ensuring that consumers’ hard-earned money is protected" and that New York-regulated banks remain competitive. Such activities could include safeguarding cryptocurrency on behalf of customers or offering clients exposure to certain digital assets. The guidance is effective immediately, NYDFS said.

☆ New York Financial Regulator Wants to Lead on Crypto, Climate Change
▼ + stars: | 2022-10-14 | by ( Mengqi Sun | ) www.wsj.com time to read: +7 min

New York’s financial regulator, which oversees insurance companies and state-chartered banks, already plays an outsize role in financial services, with many other states following its lead on regulation and enforcement. Ms. Harris seeks to bring that leadership role to other areas, including crypto and climate change. She served as a senior adviser at the Treasury Department and as head of an Obama administration financial task force. One of the benefits of being a state regulator is that you can move fast and be nimble; you can respond to changes in the marketplace. The other thing that we’ve done is really calling out the tension between climate goals and fair-lending and equity goals.

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