Mission
To reform the regulation of financial services in New York to keep pace with the rapid and dynamic evolution of these industries and to remain vigilant against fraud in our markets and against consumers.
Policy
The Superintendent, in order to better supervise financial products and services, including those subject to the provisions of the Insurance Law and the Banking Law may take any actions necessary to:
- foster the growth of the financial industry in New York and spur state economic development through judicious regulation and vigilant supervision;
- ensure the continued solvency, safety, soundness and prudent conduct of the providers of financial products and services;
- ensure fair, timely and equitable fulfillment of the financial obligations of such providers;
- protect users of financial products and services from financially impaired or insolvent providers of such services;
- encourage high standards of honesty, transparency, fair business practices and public responsibility;
- eliminate financial fraud, other criminal abuse and unethical conduct in the industry; and
- educate and protect users of financial products and services and ensure that users are provided with timely and understandable information to make responsible decisions about financial products and services.
The Financial Frauds and Consumer Protection Division
The Financial Frauds and Consumer Protection Division (“FFCPD”) created by the Financial Services Law, protects and educates consumers of financial products and services and fights financial fraud. The FFCPD pursues civil and criminal investigations of activities that may constitute violations of the Financial Services Law, Banking Law, Insurance Law, or other laws, and brings enforcement proceedings as appropriate.
Leadership
Benjamin M. Lawsky, Superintendent of Financial Services
Benjamin M. Lawsky was unanimously confirmed on May 24, 2011 as New York State’s first Superintendent of Financial Services. At that time, and until the official stablishment of the Department of Financial Services on October 3, 2011, Superintendent Lawsky was also appointed, and served as Acting Superintendent of Banks. In that capacity, he led Governor Andrew Cuomo’s initiative to integrate the New York State Banking Department and Insurance Department towards a modern unified financial regulator called the Department of Financial Services.
Superintendent Lawsky’s key objectives for new Department are enhancing New York’s status as the world’s financial center, vigorously protecting consumers, and preventing systemic risk
James J. Wrynn, Deputy Superintendent of Financial Services
In early 2011, Governor Cuomo and the New York state legislature passed legislation transferring the functions of the New York State Banking Department and the New York State Insurance Department into a new agency to be known as the New York State Department of Financial Services. Shortly following the appointment of Benjamin Lawsky to head this new agency, Wrynn was asked to remain as Acting Superintendent of Insurance for the duration of the transition period until, upon the official launch of the DFS on October 3, 2011 Wrynn was asked by Superintendent Lawsky to serve as Deputy Superintendent of Financial Services for the new agency.
The State Charter Advisory Board
The State Charter Advisory Board works with the Superintendent in retaining state chartered banking institutions, encouraging federally chartered institutions to convert to a state charter and promoting the state banking system. There are nine members of the advisory board, consisting of one representative of credit unions, one representative of consumers, one representative of foreign banks; and representatives of banks reflecting a range of assets, size and geographical location. The superintendent governs the method by which state chartered institutions may nominate persons to the board and the process for selecting such members, provided that the representative of consumers is selected by the Superintendent.
