In New York, the second quarter of 2026 saw a range of regulatory and litigation developments in the banking and financial services sector.
The New York State Department of Financial Services proposed a stablecoin regulation to conform its framework to the federal Genius Act, reminded its regulated entities of their obligations under New York's fair lending law, and issued two related cybersecurity guidance documents addressing frontier artificial intelligence and heightened-threat environments.
The NYDFS also resolved a cybersecurity enforcement action for $2.25 million. And the U.S. Court of Appeals for the Second Circuit, on remand from the U.S. Supreme Court, again held that New York's interest-on-escrow statute is preempted as applied to national banks.
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