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In light of the recent Equifax cyber attack, New York’s top financial regulator, the New York State Department of Financial Services (DFS), has proposed a powerful new regulation (23 NYCRR §201) to regulate consumer credit reporting agencies. This expansion of authority comes as DFS, which does not currently regulate consumer credit reporting agencies, seeks to strengthen the protections offered by its first-in-the-nation Cybersecurity Regulation.

The Proposed Regulation is unprecedented in that it requires consumer credit reporting agencies that report on consumers located in New York state to register with DFS. Further, the Proposed Regulation contains its own reporting requirements and anti-fraud provisions. Most significantly, however, the Proposed Regulation subjects credit reporting agencies operating within New York to DFS’s Cybersecurity Regulation, which is contained in 23 NYCRR §500.

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