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Pay Gov State Update

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03.21.17

Illinois Regulator Joins Global Virtual Currency Consortium

The Illinois Department of Financial and Professional Regulation has become the first U.S. regulatory agency to join the R3 Consortium, a global partnership of banks and other parties working to develop distributed ledger-based applications for financial services. The agency oversees the regulation and licensing of banks and financial institutions, among other businesses, in the state.

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03.01.17

Cybersecurity Requirements Take Effect in New York State

Cybersecurity requirements to protect the financial services industry and consumers from cyberattacks go into effect in New York State on March 1. The mandates require certain banks, insurance companies and other financial services providers that are regulated by the New York Department of Financial Services (NYDFS) to develop and maintain a cybersecurity program.

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03.01.17

N.Y. Gov Budget Includes More Online Lending Supervision, Stokes OCC Charter Debate

New York Governor Andrew Cuomo’s proposed budget includes verbiage giving the Department of Financial Services additional oversight of online lenders, including thresholds on the amount of loans and licensing requirements, which could adversely affect loan providers in the state.

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03.01.17

Bank Regulators Launch BSA/AML Risk-Assessment Tool

To assist financial institutions in identifying, monitoring and communicating BSA/AML risk, a national organization of bank regulators has released a voluntary tool FIs can use to mitigate uncertainties regarding BSA/AML compliance, as well as foster more transparency within the financial sector.

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02.01.17

N.Y.’s Payroll Card Templates Raise Questions as March Compliance Deadline Looms

New York’s Department of Labor, as part of its new payroll card rules, has issued its draft of notice and consent forms employees must fill out when deciding how to receive their wages. What the state calls “model templates” have created some confusion in the prepaid industry, as payroll card providers examine their plans for either complying with the rules—which go into effect March 7—or exiting the state.

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02.01.17

Digital Currency Exchange Coinbase Wins Rare ‘BitLicense’ from New York State

Coinbase, a digital currency exchange company, has won a formal license from the New York State Department of Financial Services to do business in the state.

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02.01.17

Delaware Unclaimed Gift Card and Property Law Comes under Renewed Fire

The bill is said to bring Delaware into closer conformity with how other states manage unclaimed property, including 10-year limits for the state to seek payment and audit businesses for unclaimed property.

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01.18.17

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.

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09.27.16

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.

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09.27.16

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.

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