On June 28, 2023, the New York Department of Financial Services (“NYDFS”) published updated proposed amendments to its cybersecurity regulation (the “2023 Proposal”) applicable to “covered entities.”1 Covered entities are any person operating under, or required to operate under, a license, registration, charter, certificate, permit, accreditation or similar authorization under the New York Banking
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Cybersecurity Examination Guidance for Nonbank Financial Services Companies
By Jeffrey P. Taft & Julyana Dawson on
Cybersecurity has become one of the biggest risks facing the financial services industry, and there have been extensive guidance and initiatives from US banking regulators to help ensure the safety of the institutions and the banking system. Some of the more recent regulatory requirements and other developments will have a significant impact on nonbank financial…
US Federal Trade Commission Adopts Prescriptive Data Security Requirements and Other Updates to Its Gramm-Leach-Bliley Act Safeguards Rule
- On October 27, 2021, the Federal Trade Commission issued a final rule (“Final Rule”) implementing most of the revisions it proposed in 2019, with some important modifications, to its Gramm-Leach-Bliley Act safeguards rule.
- Financial institutions covered by the Final Rule include finders, finance companies, mortgage companies, motor vehicle dealerships, payday lenders and other non-banks involved
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