New Regulation for Consumer Credit Reporting Agencies Supervised by New York State's Department of Financial Services
As part of Governor Cuomo's commitment to protecting users of financial products and services, New York State's Department of Financial Services (NYDFS) has taken additional steps to address identified deficient practices and failures of consumer credit reporting agencies.
On September 18, 2017, NYDFS released a regulation, 23 NYCRR 201, that requires consumer reporting agencies to register with the Superintendent of NYDFS by February 1, 2018 in order to do business with any New York State resident. As part of the new regulation, consumer reporting agencies must establish and maintain a cybersecurity program designed to protect consumer data and manage cyber risk while also following the compliance requirements of 23 NYCRR 500.
To learn more about the requirements of the regulation as well as A&M’s recommended approach for consumer credit reporting agencies, read our tear sheet here.
