Tag Archives: Department of Financial Services

NY Department of Financial Services Proposes its Own Fiduciary Rule in Response to U.S. DOL Delay

In February, President Trump signed an Executive Order directing the U.S. Department of Labor (DOL) to review the fiduciary rule for brokers that President Obama’s Labor Department adopted. The federal rule would expand the definition of “investment advice” in the retirement context and require brokers to provide advice that is in the consumer’s best interest. … Continue Reading

NY Governor’s Proposed Budget Forecasts Increased Regulation of Fintech

In his proposed budget for fiscal year 2017-2018, New York Governor Andrew Cuomo advanced changes to the New York Banking Law that would give the Department of Financial Services (NY DFS) increased licensing authority over online and marketplace lenders.[1] The proposed budget would prohibit any entity from engaging in the business of making loans in … Continue Reading
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