(a) The New York State Department of Financial Services (DFS) has been monitoring the practices of consumer credit reporting agencies including:

(b) Pursuant to section 301(c) of the Financial Services Law, the Superintendent of Financial Services has the power to protect users of financial products and services, including:

(c) Further, pursuant to the Banking Law, the Insurance Law, and the Financial Services Law, DFS has supervisory and regulatory responsibilities with respect to all New York State chartered and licensed financial institutions to ensure that the business and operations of those institutions are conducted in a safe and sound manner.

(d) Under section 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, it is illegal for any purveyor of financial services, including consumer credit reporting agencies, “to engage in any unfair, deceptive, or abusive act or practice.”

(e) To address the practices of consumer credit reporting agencies, this Part contains regulations requiring all consumer credit reporting agencies reporting on any consumers located in the State to register with the superintendent, to comply with certain prohibited practices, and to further comply with the cybersecurity rules in Part 500 of this Title. This Part is designed to protect user of financial services in the State and the markets for those services.