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New York’s Department of Financial Services (“DFS”) announced on Wednesday, March 3, 2021, that an independent mortgage lender, Residential Mortgage Services Inc. (“RMS”), has agreed to pay a $1.5 million fine to the agency in a settlement resulting from violations of its Cybersecurity Regulation. This is just the second enforcement action brought by DFS under the Cybersecurity Regulation, which was the first of its kind nationally.
RMS experienced a cyber incident in March, 2019, when an intruder gained access to an employee’s email account by way of a phishing attack, according to the company’s settlement with DFS. The employee’s email account frequently contained sensitive data from mortgage loan applicants, such as social security numbers and bank account numbers. When the intruder attempted to access the employee’s email account, the employee received an alert to authenticate the login through the c
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BitGo wins New York trust charter 04 March 2021
Source: NYDFS Superintendent of Financial Services Linda A. Lacewell announced today that the New York State Department of Financial Services (DFS) has granted a charter under New York Banking Law to BitGo New York Trust Company LLC (Bitgo NY) to operate as a limited liability trust company. With DFS approval, BitGo NY is authorized to provide digital asset custody and other related services to New York customers, including DFS supervised entities authorized to engage in virtual currency activity.
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