New York Codes, Rules and Regulations
Title 23 - FINANCIAL SERVICES
Chapter I - Regulations of the Superintendent of Financial Services
Part 201 - Registration Requirements and Prohibited Practices for Credit Reporting Agencies
Section 201.0 - Introduction

Universal Citation: 23 NY Comp Codes Rules and Regs ยง 201.0

Current through Register Vol. 46, No. 39, September 25, 2024

(a) The New York State Department of Financial Services (DFS) has been monitoring the practices of consumer credit reporting agencies including:

(1) the failure of consumer credit reporting agencies to safeguard consumer data;

(2) the failure of consumer credit reporting agencies to maintain accurate consumer credit data; and

(3) the failure of consumer credit reporting agencies to appropriately investigate consumer disputes of alleged inaccuracies in credit reports.

(b) Pursuant to section 301(c) of the Financial Services Law, the Superintendent of Financial Services has the power to protect users of financial products and services, including:

(1) taking such actions as the superintendent deems necessary to educate and protect users of financial products and services. The superintendent also has the power to prescribe ... rules and regulations ... effectuating any power given to the superintendent under the Financial Services Law, the Insurance Law, the Banking Law, or any other law to prescribe forms or make regulations.

(c) Further, pursuant to the Banking Law, the Insurance Law, and the Financial Services Law, DFS has supervisory and regulatory responsibilities with respect to all New York State chartered and licensed financial institutions to ensure that the business and operations of those institutions are conducted in a safe and sound manner.

(d) Under section 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, it is illegal for any purveyor of financial services, including consumer credit reporting agencies, "to engage in any unfair, deceptive, or abusive act or practice."

(e) To address the practices of consumer credit reporting agencies, this Part contains regulations requiring all consumer credit reporting agencies reporting on any consumers located in the State to register with the superintendent, to comply with certain prohibited practices, and to further comply with the cybersecurity rules in Part 500 of this Title. This Part is designed to protect user of financial services in the State and the markets for those services.

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