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New York Offers Some Wiggle Room on Cybersecurity Rule

A widely watched bank cybersecurity proposed rule out of New York has been revised, and its deadline pushed back to March 1, giving the state’s financial industry a bit more wiggle room when it comes to compliance.


Christmas in New York: New State Law Restricts Gift Card Fees, Lengthens Expiration Date

t’s been a bad month for the payments industry in the state of New York. Gov. Andrew Cuomo signed a law Sept. 26 imposing restrictions on gift cards and gift certificates sold in the state. The new law comes just weeks after the New York Department of Labor (DOL) issued a final rule regulating the use of payroll cards. The gift card law goes into effect Dec. 25, 2016, as that is 90 days from the governor’s signing.


N.Y. Cybersecurity Proposal Could Be Template for Other Regulators

New York’s recently proposed cybersecurity rules could push other states and the federal government to adopt similar measures to combat the growing threat posed by cyberattacks—even as certain aspects of the plan likely will present challenges for financial services firms.


New York Backs Off Chief Compliance Officer Certification in New AML Rules

The state of New York will not require financial institutions to have their chief compliance officers make an annual certification attesting to their organizations’ compliance with BSA/AML and OFAC monitoring and filtering programs.


New York State Disciplines Debt Collectors for Payday Loans

Debt collectors who collect or attempt to collect outstanding payments from New Yorkers in violation of New York State and federal Fair Debt Collection Practices laws will be held accountable, says NYDFS.


South Carolina Enacts Money Transmitter Licensing Rules

New law, the South Carolina Anti-Money Laundering Act, defines money transmission to include “selling or issuing payment instruments, stored value, or receiving money or monetary value for transmission.”


California: Treat Store Credits Like Unexpired Gift Certificates

Bed, Bath & Beyond wins a California case in which the state wanted the retail chain to offer monetary refunds for unredeemed merchandise credits on returns without receipts.


Minnesota Bills Grant Fraud Victims Private Right of Action against Money Transmitters

The Minnesota state Senate and House have introduced bills that would significantly increase a money transmitter’s obligations to combat fraud in the state by requiring specific verbal and written warnings, investigatory practices and transmittal forms designed to detect fraudulent transfers.


Appeals Court Upholds Texas ‘No Surcharge’ Law

Merchants have been challenging state surcharge laws, but the courts stand firm.


Washington State Interprets Money Transmission Laws to Apply to Processors

In a break from the traditional understanding of how state licensing requirements apply to merchant payment processors, the state of Washington has issued interpretive guidance concluding that merchant payment processors are generally subject to state licensing and other requirements under the Washington Uniform Money Services Act.

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