New York Developments

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Since 2005, banks have continued to provide certain military service members with loans that require payment of interest far beyond the 16% New York state cap under what has become known as the “Fort Drum Loophole.” The loophole has specifically exempted banks from the New York usury laws for loans…
Read More New York Limits Interest Rates on Loans to New York-based Military Personnel

New York Superintendent of Financial Services Benjamin M. Lawsky’s chief of staff will take over leadership of the Department of Financial Services after Lawsky’s departure next week. Mr. Lawsky recently announced that he is leaving the DFS to start his own firm. Anthony Albanese, chief of staff to Benjamin M.

Read More NY DFS Temporary Head Named

The New York State Department of Financial Services (NYDFS) has expanded its information technology examination procedures to focus more attention on cyber security. NYDFS intends to schedule IT/cyber security examinations after conducting comprehensive risk assessments. In a letter dated March 26, 2015, Superintendent Benjamin Lawsky (available here) asks…
Read More NYDFS to Focus on Cyber Security

The NY State Department of Financial Services has announced new IT examination procedures for banks chartered or licensed in NYS to focus on cyber security. The announcement, found here, sets out areas of focus in upcoming examinations, including written policies and procedures, intrusion protection, information security testing (including penetration…
Read More NY DFS Announces New Focus on Cyber Threat in Bank Exams

In Catlin Specialty Ins. Co. v. Am. Superconductor Corp., 12-2314-BLS1 (Mass. Super. Ct. Jan. 29, 2014), Catlin sought a declaration of no coverage based on late notice, among other reasons. …
Read More Massachusetts Superior Court Determines That New York Notice Law Does Not Apply Despite New York Choice Of Law Provision In Policy

Edwards Wildman’s Robert W. DiUbaldo will participate on a panel hosted by Perrin Webinar entitled:  Sports Concussion Litigation- Latest NCAA and High School Research, Developments and Findings …
Read More Webinar: Sports Concussion Litigation- Latest NCAA and High School Research, Developments and Findings

On March 31, 2014, the New York State Department of Financial Services (“DFS”) issued three separate Circular Letters pursuant to various laws, including Insurance Law Sections 308, 1109, 2130 and 7001, Articles 42, 44 through 47, 52 through 55 and 59, and Financial Services Law Sections 202 and 306, setting forth standards expected of the “addressees” (as defined below) in planning, preparing for and responding to disasters in New York State. …
Read More New York State Department of Financial Services Circular Letters Regarding Disaster Preparedness