New York Codes, Rules and Regulations Title 23 - FINANCIAL SERVICES
Here’s an enhanced overview of NYCRR Title 23 – Financial Services, current as of Register Vol. 47, No. 12 (March 26, 2025) (regulations.justia.com):
📚 Structure of Title 23
Chapter I – Regulations of the Superintendent of Financial Services
Parts 1–600: Covering a wide range of financial services topics including:
Part 1: Debt collection by third-party collectors and debt buyers
Part 2: Procedures for DFS adjudicatory hearings
Part 100: State Charter Advisory Board
Part 101: Banking Division assessments
Part 102: Virtual currency licensee assessments
Part 200: Virtual currency business licensing and regulation
Part 400: Independent dispute resolution for emergency services and surprise billing
Part 500: Cybersecurity requirements for financial services firms
Part 501: Nationwide Multistate Licensing System
Part 600: (and possibly additional parts) (regulations.justia.com)
No other chapters currently exist under Title 23; appendices were repealed (regulations.justia.com).
🕰️ Key Notable Parts
Part 200 – Virtual Currency Regulation
Defines licensing, capital, consumer protection, AML, cybersecurity, custody and reporting rules for virtual currency businesses operating in NY (regulations.justia.com).
Part 102 – Virtual Currency Licensee Assessments
Established in 2023, it details how DFS allocates its supervisory costs among licensed virtual currency businesses based on custody and transaction volume (dfs.ny.gov).
Part 400 – Independent Dispute Resolution
Implemented in 2015, provides a framework for resolving surprise medical billing and emergency service disputes via certified resolution entities (archive.legmt.gov).
Part 500 – Cybersecurity Requirements
Originally adopted in 2017; amended in 2020 and most recently effective November 1, 2023. It mandates comprehensive cybersecurity programs, policies, governance, incident reporting, MFA, encryption, asset tracking, vulnerability scanning, third-party security, and annual certifications (dfs.ny.gov).
✅ Summary & Compliance Highlights
Title 23 regulates financial services—from debt collection and virtual currencies to cybersecurity and billing resolution.
It includes modern regulatory tools for fast-evolving areas like digital currencies and cybersecurity.
The most current version is through March 26, 2025, so always validate via official DFS or NYCRR publication before compliance action.
Key compliance areas:
Virtual Currency: license, capital, AML, consumer protection (Parts 102 & 200)
Cybersecurity: Part 500, including latest amendments requiring asset inventory, vulnerability management, multi-factor authentication, incident reporting
Billing Disputes: Part 400, handling emergent or surprise billing through neutral dispute resolution
Would you like a detailed summary or regulatory text for any specific part—like Part 500’s cybersecurity controls, Part 200’s licensing requirements, or compliance checklists for Part 102 assessments? I can direct you to official DFS PDFs, help decipher section language, or create a compliance overview.
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