The last remaining provisions of the amendments to the New York Department of Financial Services’ (DFS) cybersecurity regulation called Part 500 came into effect Nov. 1, 2025.

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Tags: cyber security, financial regulatory and compliance, GT Insight, nydfs
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Photo of Noah Gillespie Noah Gillespie

Noah N. Gillespie is a thought leader who helps financial institutions, payment processors, money services businesses, and fintech companies bring innovative consumer financial products and services to market. He advises clients on federal and state consumer compliance, licensing, and regulatory requirements across the…

Noah N. Gillespie is a thought leader who helps financial institutions, payment processors, money services businesses, and fintech companies bring innovative consumer financial products and services to market. He advises clients on federal and state consumer compliance, licensing, and regulatory requirements across the banking, payments, and digital finance sectors. He provides practical, focused advice that translates complex statutory and regulatory requirements into actionable operational direction.

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Photo of Lisa M. Lanham Lisa M. Lanham

Lisa M. Lanham focuses her practice on fintech and payments solutions within the financial services sector. Her role encompasses work with a diverse range of clients, including residential and commercial mortgage brokers, lenders, servicers, loan fulfilment providers, student, consumer, and solar loan lenders

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Lisa M. Lanham focuses her practice on fintech and payments solutions within the financial services sector. Her role encompasses work with a diverse range of clients, including residential and commercial mortgage brokers, lenders, servicers, loan fulfilment providers, student, consumer, and solar loan lenders and servicers, marketplace lenders, and entities offering retail installment contracts for consumer goods. Moreover, she advises investors engaged in secondary market activities. Lisa also extends her support to emerging fintech firms, helping them to comply with necessary state licensing requirements and develop products in these realms while keeping regulatory demands in check.

A large part of Lisa’s role involves working closely with regulators such as the New York State Department of Financial Services to facilitate her clients’ pursuit of necessary business licenses and approvals. This not only includes completing audits and examinations but also covering intricate disclosure issues and reporting changes of ownership, executive management, and qualifying individuals. In addition to these tasks, Lisa was involved in the development of the Nationwide Multistate Licensing System & Registry (NMLS) 2.0 system. She handles virtually all aspects of the NMLS, including submissions and amendments of company application forms and electronic surety bonds.

Her contributions extend to representation and regulatory counsel in areas such as structured finance, securitization, secondary market transactions, licensing matters in mergers and acquisitions transactions, regulatory agency coordination for large-scale multistate transactions, and various financial service operations. In addressing state licensing matters, Lisa has contributed to notable projects such as assisting international crypto exchanges enter into the U.S. market by setting up compliant subsidiaries.

Lisa’s work also includes the reporting of material licensing changes, providing technical reviews, analyzing proposed business models in the context of regulatory compliance issues, assisting with the development of policies and procedures for regulatory compliance concerns, negotiating findings before examination report finalization, and managing international licensing issues amidst dynamic regulatory environment.

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Photo of Jena M. Valdetero Jena M. Valdetero

Jena M. Valdetero serves as Co-Chair of the firm’s U.S. Data, Privacy and Cybersecurity Practice where she advises clients on complex data privacy and security issues. She has led more than 1,000 data breach investigations. A litigator by background, Jena defends companies against…

Jena M. Valdetero serves as Co-Chair of the firm’s U.S. Data, Privacy and Cybersecurity Practice where she advises clients on complex data privacy and security issues. She has led more than 1,000 data breach investigations. A litigator by background, Jena defends companies against privacy and data breach litigation, with an emphasis on class action lawsuits. She has designed and conducted dozens of data breach tabletop exercises to empower clients to respond effectively to a data security incident. She also counsels companies on data privacy and security compliance programs and advises on privacy and cyber risks associated with mergers and acquisitions, venture capital, and securities. Jena also advises a diverse array of clients on compliance with existing and emerging privacy laws, including the General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), the Gramm Leach Bliley Act (GLBA), and the Health Insurance Portability and Accountability Act (HIPAA). She is a certified privacy professional through the International Association of Privacy Professionals (CIPP/US), for which she is a former KnowledgeNet Co-Chair.

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Photo of Michael A. Berlin Michael A. Berlin

Michael A. Berlin focuses his practice on financial and insurance regulatory investigations, white collar defense, consumer fraud defense, Medicaid fraud investigations, government affairs, and general litigation matters. In addition, Michael leads Greenberg Traurig’s State Attorney General Practice.

Michael, in addition to his work…

Michael A. Berlin focuses his practice on financial and insurance regulatory investigations, white collar defense, consumer fraud defense, Medicaid fraud investigations, government affairs, and general litigation matters. In addition, Michael leads Greenberg Traurig’s State Attorney General Practice.

Michael, in addition to his work before numerous state and federal authorities, has wide-ranging experience in front of both the New York Attorney General’s office and Attorney Generals’ offices nationwide in both investigations by individual offices and multi-state matters. Michael regularly appears before the New York State Department of Financial Services and other states Insurance and Banking Departments in both regulatory and investigatory matters. Michael also represents numerous health care providers in both federal and state fraud investigations. He conducts internal investigations and represents a wide array of corporations and individuals in complex challenges to government actions.

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Photo of Eileen M. Hayes Eileen M. Hayes

Eileen M. Hayes focuses her practice on health care and insurance regulatory matters. She advises clients on issues related to the New York marketplace, Medicaid, and managed care and insurance regulatory matters. Prior to joining the firm, she spent 20 years with the

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Eileen M. Hayes focuses her practice on health care and insurance regulatory matters. She advises clients on issues related to the New York marketplace, Medicaid, and managed care and insurance regulatory matters. Prior to joining the firm, she spent 20 years with the New York State Department of Financial Services’ (DFS) Health Bureau (formerly, the New York Insurance Department). There, she provided legal advice on all aspects of health insurance regulation, internally and to the governor’s office, the Division of the Budget, various state and federal agencies, legislators, insurers, trade groups, consumer groups, and consumers.

Eileen also developed legislation and regulations, and coordinated the DFS’ federal health insurance reform efforts, ranging from early analysis in lobbying to implementation and integration of state and federal health insurance requirements. She advocated at the national level to minimize disruption to state markets and advance equity; drafted state implementing legislation; managed federal grants, bids, consultant contracts and policy studies to support implementation; provided advice and support to the NYS Department of Health (DOH) and its contractors in developing New York’s state-based health insurance Marketplace; and provided implementation assistance to insurers, federal agencies and the National Association of Insurance Commissioners (NAIC).

While with the DFS, Eileen was responsible for oversight and implementation of numerous market-based health insurance programs, including The New York Bridge Plan, Healthy New York, COBRA program for entertainment workers, TAA federal health care tax credit, and the federal COBRA stimulus program. She also analyzed and provided advice regarding new state laws and bills pending legislative or gubernatorial action. Eileen acted as the liaison to DOH and the Tax Department regarding HCRA and other state taxes impacting insurance.

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