compass

Industry Guidance

SHARE

Cybersecurity Filings

All entities and persons regulated or licensed by the New York State Department of Financial Services are required to file various cybersecurity notices to the Superintendent.

Assessments and Operating Expenses

In accordance with Section 206 of the New York State Financial Services Law, entities regulated under the Banking and Insurance Laws are assessed by the superintendent for the operating expenses of the department. These operating expenses include regulation and supervision (including examination) of regulated entities. Section 206 was amended in 2022 to include entities that engage in “virtual currency business activity." Under Insurance Law § 2914 pharmacy benefit managers (PBM) licensed by the Department and are also assessed for the operating expenses of the Department.

Service of Legal Process

Process, in the context of service upon the Superintendent, consists of the papers used to commence a lawsuit (e.g., a summons, notice of petition, order to show cause) pursuant to which a party receives formal notice to appear or respond in court. Process does NOT include subpoenas, motions, or any other pleadings in a pending lawsuit that are not described herein.

Fingerprinting Procedures

DFS uses IdentoGO for live scan fingerprinting services. If DFS does not receive an application within 10 days of the receipt of fingerprints, those scans or cards may be discarded.

Orders, Legal Notices and Guidance of Note

Bank Holiday Schedules

Lien Releases on Motor Vehicles

The Department urges motor vehicle finance companies in New York to cooperate in complying with the New York Vehicle and Traffic Law by mailing or delivering a lien release immediately upon satisfaction of the lien on a motor vehicle. To avoid being subject to action by the Department, all regulated financial institutions financing motor vehicle sales shall release liens and deliver the lien release to the owner no later than three business days after clearance of payment. 

Consumers and lien holders looking for information on vehicle lien releases should visit our Obtaining a Lien Release on a Vehicle page.