Tag Archives: New York State Department of Financial Services

First American Title Facing Civil Charges Filed By New York Regulators for a Massive Data Security Breach!

Absolute Cybersecurity Protection is an Imperative for Title Insurance Companies in New York!  In 2017 the New York State Department of Financial Services (NYSDFS) implemented 23 NYCRR 500 designed to make sure that firms in certain industries have cybersecurity protocols in place to securely protect the NPI, or non-public information, of their clients. To summarize the parameters, […]

New York State Title Insurance Industry: ‘I’m Mad As Hell And I’m Not Going To Take It Anymore’!

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Update January 16, 2018: ‘The New York State Senate unanimously passed a bill Tuesday that will allow title companies to resume buying clients coffee, taking them out for lunch or treating them to a round of golf. Sponsored by Sen. James Seward of Oneonta, the bill — which now heads to the Assembly and Gov. […]

January 12, 2018: New York State Title Insurance Industry Showdown With Regulators And Politicians In Albany!

Albany photo

Due to some of the more onerous provisions of New York State Department of Financial Services (NYSDFS) Regulation 208 that went into effect December 18, 2017, the various ‘constituencies‘ involved and affected will be meeting in Albany January 12, 2018!  ‘The Assembly Insurance Committee is holding a hearing about DFS regulation of the Title Insurance Industry […]

Title Insurance And Havoc In The New York Real Estate Market?

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December 19, 2017: After Regulation 208 Went Into Effect On December 18th, The Following Day NYSDFS Issued A Stay Expiring February 2, 2018 That Will Allow One Specific Activity Eradicated By The Regulation To Continue… Candidly, of all the new directives in Regulation 208 that will impact title companies, a stay on this specific one is […]

No tips, please: Title closers say gratuities ban will cripple them – The Real Deal

New York State title closer compensation

This headline from an article at The Real Deal describes the situation that title closers, and by extension real estate attorney’s and title companies, in New York began facing as of yesterday, December 18, 2017! This is the day that the New York State Department of Financial Services (NYSDFS) Regulation 208 officially went into effect […]

New York Department of Financial Services (NYDFS) Cybersecurity Proposal Update

  Courtesy of the law firm Abrams Garfinkel Margolis Bergson (AGMB), the following is an update of the September 2016 NYDFS cybersecurity regulations proposal! On September 22, 2016 AGMB issued an Alert about new cybersecurity regulations proposed by the New York Department of Financial Services (NYDFS) which aimed to protect consumers and financial institutions from […]