New York Department of Financial Services News

New York to Investigate Insurers’ Cybersecurity Work After Hacks

Insurers doing business in New York State must tell a regulator there about efforts to prevent computer hacking, detailing the precautions taken and the personnel devoted to the task. Benjamin Lawsky, superintendent of the state Department of Financial Services, said …

New York DFS Opens Inquiry Into Price Optimization

The New York Department of Financial Services (DFS) on March 18 sent out letters to hundreds of property/casualty insurers operating in the state, seeking information concerning price optimization. New York joins a growing number of states around the country that …

N.Y.’s Lawsky: Cybersecurity Likely Most Important Issue DFS Will Face in 2015

Cybersecurity is likely the most important issue that the New York Department of Financial Services (DFS) will face in 2015, and perhaps for many years to come after that, New York Financial Services Superintendent Benjamin Lawsky said in a speech …

N.Y. Regulator Lawsky Says Banks Need Money-Laundering Spot Checks

New York’s banking regulator floated a plan Wednesday to spot-check banks’ money laundering controls and hold executives accountable if they fail. Benjamin Lawsky, superintendent of New York’s Department of Financial Services, made the remarks in a speech at Columbia Law …

N.Y. Announces New, Targeted Cybersecurity Assessments for Insurers

New York State Department of Financial Services (DFS) today released a report on cybersecurity in the New York insurance industry and announced a series of measures that DFS will take to help strengthen cyber hacking defenses at insurers. DFS announced …

New York DFS Requires Ocwen Reforms, $150M Homeowner Help

New York financial regulators have reached a settlement with Ocwen Financial Corp. requiring the nation’s largest subprime mortgage servicer to reform its practices and provide $150 million to help struggling New York homeowners. The consent order requires William Erbey to …

New York DFS Announces New Cybersecurity Assessment Process for Banks

New York’s Financial Services Superintendent Benjamin Lawsky today issued an industry guidance letter to all New York Department of Financial Services (DFS)-regulated banks announcing the department’s new, targeted cybersecurity preparedness assessments. Lawsky said that in an effort to promote greater …

New York DFS Superintendent Lawsky Leaving After $3B in Fines Makes Mark

When Ocwen Financial Corp. shares soared on the news that regulator Benjamin Lawsky, who’s probing the company, will step down, Bill Miller shrugged. The next head of New York’s Department of Financial Services will probably be as aggressive as Lawsky, …

New York DFS Superintendent Lawsky Considering 2015 Exit Plan

New York’s top banking regulator Benjamin Lawsky, who used his leverage to stiffen penalties against some of the world’s largest financial institutions, will probably step down next year to take a job in the private sector, said a person familiar …

New York’s Lawsky Says Punishing Individuals Is Essential to Deterrence

Punishing executives for misconduct at banks is essential to deter wrongdoing on Wall Street, New York’s banking regulator said. “Just damning the entire firm is often times counterproductive,” Benjamin Lawsky, superintendent of the New York Department of Financial Services, said …