New York

New guidance outlines specific due diligence and oversight steps banks must take, reinforcing that they are ultimately accountable for vendor failures.

Spring Bank CEO Barry Mann has accumulated a 6% stake in New York City-based Carver Bancorp. Carver has a history of underperforming, but Mann is optimistic about its chances under new CEO Donald Felix.

Adrienne Harris, head of the New York Department of Financial Services, will step down after four years in the job. She will be replaced by Kaitlin Asrow as acting superintendent beginning on Oct. 18.

New York's bank regulator says Paxos ignored obvious money-laundering red flags and lacked basic compliance controls, particularly in its dealings with Binance.

Amendments to New York's cyber rules — and a focus on privacy in California — mean banks must enhance risk controls, encryption and customer protections.

The governor's proposed license for buy now/pay later lending adds momentum to the efforts to rein in the fast-growing and unregulated product.

The changes include elevating several recently hired executives while eliminating nearly two dozen jobs and trimming annual operating expenses by $6 million.

"I got cut," he told The Bond Buyer. "I'm looking for a new job now."

The Florida lender hired corporate bankers in New York City who had previously worked at First Republic Bank, which collapsed last week.

First elected to the House in 1992, Rep. Carolyn Maloney has played a key role in passing major financial legislation, including the 2009 "bill of rights" for credit card consumers. Rep. Jerry Nadler, another House veteran, won their intraparty clash forced by redistricting.