Welcome to Hudson Cook Insights - a collection of articles written each month by the attorneys of Hudson Cook, LLP, in an effort to keep their clients and other compliance professionals informed about current trends and developments in consumer credit finance that will affect the way they do business.
On November 1, 2023 the New York Department of Financial Services ("DFS") released amended cybersecurity regulations ("Regulations"). These changes will impose additional controls, demand more frequent risk assessments, and update notification requirements - all in an effort to protect New York consumers and financial services companies. article continued
Among the many state licenses that can impact financial services companies, money transmitter licensing can be among the harder to figure out. In addition to uncertainties about digital currency and developing technologies, the vagueness of the licensing triggers can make it difficult to determine when a person needs to hold a state money transmitter license. article continued
In this month's article, we share some of our top "bites" for the prior month covered during the November 2023 webinar. article continued
Massachusetts Attorney General Andrea Joy Campbell has issued a draft regulation aiming the commonwealth's deceptive trade practices statute at "junk fees" practices, automatic renewal / continuous service contracts, and trial offers. The draft regulation, which was published on morning of November 30th, will be the subject to a public hearing on December 20, 2023. Comments on the draft regulation may be submitted through close of business on December 20th. article continued
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