Best Financial Services Regulation Lawyers in New York

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Davies & Associates, LLC
New York, United States

Founded in 2020
100 people in their team
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Banking & Finance Financial Services Regulation Tax Increment Financing +9 more
Davies & Associates ("D&A") has grown to become the largest global law firm specializing in US, UK and Italian business and investment immigration together with Citizenship and Residency by Investment (together, “CBI”).  Our lawyers are regarded as the leaders in the US E2...
Jones Day
New York, United States

Founded in 1893
2,500 people in their team
English
Jones Day has a history of more than 125 years and a culture of client service and professionalism based on explicit shared values. These values include providing pro bono legal services, building diversity in our profession, and supporting outreach efforts around the world.Jones Day has a long...
Lippes Mathias LLP
Albany, United States

Founded in 1965
177 people in their team
English
Lippes Mathias LLP is a full-service law firm with more than 135 attorneys serving clients regionally, nationally, and internationally. With offices in Buffalo, N.Y.; Albany, N.Y.; Burlington, Ontario; Chicago, Ill.; New York City; Jacksonville, Fla; and Washington, D.C., the firm represents a wide...
Gordon Rees Scully Mansukhani, LLP.
Buffalo, United States

Founded in 1974
1,688 people in their team
English
As the only law firm with offices and attorneys in all 50 states, we deliver maximum value to our clients by combining the resources of a full-service national firm with the local knowledge of a regional firm. Featuring more than 1,000 lawyers nationwide, we provide comprehensive litigation and...
Stinson LLP
New York, United States

Founded in 2002
985 people in their team
English
Complex legal challenges are best approached with sharp insight and creative solutions. At Stinson, our attorneys combine industry knowledge and business acumen to deliver practical legal guidance to clients ranging from individuals to privately-held enterprises to international corporations. We...
Ice Miller LLP
New York, United States

Founded in 1910
350 people in their team
English
Built on a foundation of legal service more than a century long, Ice Miller LLP is committed to helping our clients stay ahead in a changing world.Our diverse client base ranges from start-ups to Fortune 500 companies and from governmental entities to educational organizations and pension funds. We...
Verrill Dana LLP.
White Plains, United States

Founded in 1862
213 people in their team
English
Decency, honesty, and judgment. The values that define Verrill as a law firm are the reason our clients trust and choose us time and time again. We don't compromise our values and our clients don't compromise on quality. Our experience and New England roots date back more than 150 years, and today,...
Potomac Law Group, PLLC.
New York, United States

125 people in their team
English
Innovation, Excellence, and ProfessionalismPotomac Law is committed to innovation, excellence, and professionalism. Our value stems directly from the talent and commitment of our attorneys who practice law throughout the United States. Our attorneys have outstanding academic credentials and...
Garfunkel Wild, P.C.
Great Neck, United States

154 people in their team
English
In today’s ever-changing, legal landscape, it’s important to have experienced, insightful, and reliable counsel on your side. Garfunkel Wild, P.C. (GW) is a full-service law firm uniquely situated to help its clients navigate the various legal and practical challenges they face on a daily...
Delain Law Office, PLLC
Albany, United States

Founded in 2004
1 people in their team
English
Delain Law Office, PLLC promotes your business interests by leveraging your intellectual property and business collateral through a long-term working relationship founded on an understanding of your technology and/or business objectives and sustained by providing legal services timely, effectively,...
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About Financial Services Regulation Law in New York, United States

Financial Services Regulation in New York consists of the laws, rules, and oversight aimed at ensuring the safety, soundness, and fairness of financial activities within the state. This area of law governs entities such as banks, credit unions, mortgage lenders, insurance companies, and investment firms. Regulation in New York is particularly robust due to the state's status as a global financial center. The New York State Department of Financial Services (DFS) is the primary regulatory authority responsible for supervising and enforcing compliance among financial institutions, protecting consumers, and maintaining the integrity of the financial system.

Why You May Need a Lawyer

Dealing with the complexities of financial regulations can be challenging, whether you are an individual, business, or financial professional. Common situations where legal assistance may be valuable include:

  • Starting a new financial services business and navigating the licensing process
  • Responding to investigations or enforcement actions by regulatory agencies, such as the DFS
  • Handling consumer complaints or disputes concerning financial products or services
  • Compliance planning to avoid regulatory violations and penalties
  • Drafting or reviewing contracts and disclosures for financial transactions
  • Seeking guidance on privacy rules, cybersecurity regulations, or anti-money laundering requirements
  • Assisting with mergers, acquisitions, or restructuring in the financial sector
  • Advising on changes in federal or state laws impacting financial activities

A lawyer with experience in Financial Services Regulation can help interpret local requirements, represent your interests during legal proceedings, and safeguard your rights.

Local Laws Overview

New York's legal framework for financial services is both detailed and dynamic, reflecting the complexity of its financial markets. Key aspects include:

  • Department of Financial Services (DFS) Oversight: The DFS is responsible for supervising banks, mortgage providers, insurance companies, and licensed financial entities. Its regulations cover licensing, capital requirements, cybersecurity, recordkeeping, and reporting.
  • New York Banking Law: This set of laws addresses the chartering, operation, merger, and liquidation of banks and other financial institutions.
  • Insurance Law: New York has comprehensive statutes covering the business of insurance, consumer protections, solvency, and fair claims handling.
  • BitLicense and Virtual Currency Regulation: Businesses engaged in virtual currency activities must comply with specific licensing and regulatory requirements.
  • Consumer Protection: Strict rules govern how financial institutions advertise products, disclose terms, handle complaints, and treat consumers fairly.
  • Anti-Money Laundering (AML) and Cybersecurity: Financial institutions must maintain internal controls to prevent money laundering and ensure data security, in alignment with rules unique to New York, such as DFS Cybersecurity Regulation (23 NYCRR 500).
  • Coordination with Federal Laws: New York financial entities often need to comply with both federal and state laws, necessitating close attention to overlapping and sometimes differing requirements.

Frequently Asked Questions

What is the New York Department of Financial Services (DFS)?

The DFS is the state agency that regulates financial institutions and products, including banks, insurance companies, mortgage lenders, and money transmitters operating in New York.

Who must obtain a license to operate a financial services business in New York?

Most businesses engaged in banking, lending, insurance, money transmission, or certain virtual currency activities require specific licenses from the DFS before offering services in New York.

What is a BitLicense and who needs it?

A BitLicense is a special license issued by the DFS for businesses engaged in virtual currency activities, such as exchanging, storing, or transmitting digital currencies. Businesses operating in this space within New York need to apply for and maintain a BitLicense.

How are consumer financial protections enforced in New York?

DFS oversees consumer protection by reviewing complaints, investigating unfair practices, and enforcing regulations governing advertising, disclosures, and lending terms across financial services.

What is the DFS Cybersecurity Regulation?

This regulation requires certain financial institutions to implement safeguards and protocols for protecting sensitive data and information systems, including risk assessments, incident response plans, and regular reporting to the DFS.

Can individuals or companies be fined for failing to comply with financial regulations?

Yes, the DFS can impose significant monetary penalties, order restitution, and take other enforcement actions against those found to be in violation of financial laws and regulations.

Are New York's financial regulations different from federal regulations?

While there is overlap, New York often imposes more stringent requirements, especially in areas such as consumer protection and cybersecurity. Compliance with state and federal laws is usually required.

How do I file a complaint against a financial institution in New York?

Complaints can be filed directly with the DFS through their complaint portal, via mail, or by contacting the Consumer Assistance Unit, which investigates and addresses concerns regarding regulated entities.

What are common investigations or enforcement actions taken by DFS?

DFS can initiate actions related to unauthorized operations, misrepresentation, fraudulent practices, failure to meet capital requirements, cybersecurity lapses, and violations of consumer protection laws.

Do fintech and startup companies face different requirements?

Fintech and startup companies may face additional scrutiny regarding licensing, compliance, and cybersecurity due to the innovative nature of their business models and the evolving regulatory environment in New York.

Additional Resources

When seeking more information or assistance regarding Financial Services Regulation in New York, consider these resources:

  • New York State Department of Financial Services (DFS) - The primary regulator for most financial services and products in New York.
  • New York State Bar Association - Offers attorney referral services and legal education.
  • Consumer Financial Protection Bureau (CFPB) - Provides consumer guidance and accepts complaints on financial products and services.
  • Federal Deposit Insurance Corporation (FDIC) - Offers information on banking regulations and deposit insurance.
  • Securities and Exchange Commission (SEC) - If your needs involve securities or investment firms.
  • Industry trade associations and consumer advocacy groups, which may provide additional guidance or referrals to legal counsel.

Next Steps

If you require legal assistance related to Financial Services Regulation in New York, here are some suggested steps:

  • Clearly identify your issue or objective, whether it is compliance, licensing, consumer complaints, or responding to a regulatory inquiry.
  • Gather all relevant documentation, including contracts, communications, notices, or correspondence with regulatory agencies.
  • Research and select a licensed attorney with experience in New York financial services law and the specific area relevant to your matter.
  • Schedule a consultation to discuss your situation, potential strategies, and anticipated costs.
  • Continue to monitor regulatory developments and seek ongoing legal guidance as needed, particularly if your business model or the applicable laws are subject to frequent change.

Consulting with a qualified legal professional can help you navigate the complex landscape of financial regulations in New York and protect your interests from unnecessary risks or liabilities.

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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.