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NYDFS may get enforcement power over unlicensed activity – bill pending

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Julie DiMauro

1 min read

New York State bill seeks to enhance the enforcement powers of NYDFS over unlicensed banking, insurance activity.

In New York, the state Senate has passed a bill (S7420) to enhance the enforcement powers of the New York Department of Financial Services (NYDFS) over unlicensed activity.

Specifically, it allows the NYDFS to have additional oversight of banks and insurance companies that are not currently licensed in this state

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