New York Department of Financial Services Signals Aggressive Enforcement Stance | Dorsey & Whitney LLP
State Notifications Deemed to Trigger DFS Reporting of Non-material Breaches Two successive Consent Orders have demonstrated the seriousness of non-compliance with New York’s Department of Financial Services financial regulations. While not surprising given the relatively egregious facts of the two cases, DFS’s unprecedented interpretation of the ‘other’ reporting prong of DFS Part 500.17(a) – any notice to another regulatory authority even if the incident is not material – creates a potential hidden standard for the timing of reporting such incidents. In March 2021, the New Yor...
Source: jdsupra.com