NYDFS: Banks must vet execs, including CCOs, ‘not just upon hiring’
By 
Jeff Dale2024-01-22T20:18:00
The New York State Department of Financial Services (NYDFS) released final guidance Monday on how banks and non-depository financial institutions should vet executives, including chief compliance officers, before and during their employment.
The guidance expands upon an NYDFS proposal in May that cited outdated standards in hiring senior officers, such as only conducting a criminal background check and not a check for conflicts of interest.
Regulated entities are expected to report recruitment-related findings to their board of directors and CCO, according to the final guidance.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefNYDFS to continue crypto enforcement, Superintendent Harris says
The New York Department of Financial Services (NYDFS), led by Superintendent Adrienne Harris, doesn’t intend to let up on cryptocurrency enforcement, even in the face of pullback from the federal government.
-
News BriefNYDFS expects banks, firms to cut risks posed by AI, according to new guidance
New York financial institutions are expected to address cybersecurity risks posed by artificial intelligence, and new guidance from the New York Department of Financial Services is aimed at helping firms do just that.
-
News BriefNYDFS offers cyber rule compliance template for small businesses
The New York State Department of Financial Services issued guidance for small businesses attempting to comply with its cybersecurity regulations.
More from Regulatory Policy
-
PremiumEU financial firms must prepare now for new rules on critical third-party arrangements
European banks and financial institutions must prepare now for stringent new rules on third-party suppliers.
-
ArticleTrump tirade against DEI turns to proxy advisors and shareholder proposals
President Donald Trump has directed the Securities and Exchange Commission (SEC) to review—and remove—any SEC rules or guidance that allow proxy advisors to influence business practices related to diversity, equity and inclusion (DEI) and environmental, social and governance (ESG) policies.
-
ArticleTrump takes aim at state AI laws, promises federal action on AI legislation
President Donald Trump has issued an executive order aimed at dismantling the artificial intelligence (AI) laws of California, Colorado and three other states with comprehensive laws.