The New York State Department of Financial Services marked its 15th anniversary by reviewing its regulatory, consumer protection and enforcement record since the 2011 merger of the state’s banking and insurance departments. The agency now oversees more than 3,100 banking, insurance and other financial institutions with nearly USD 10 trillion in assets. Over the past five years, it has returned more than USD 765 million to New Yorkers and collected USD 575 million in penalties. The review highlights first in the nation frameworks for financial services cybersecurity and virtual currency, as well as artificial intelligence guidance covering cybersecurity, insurance and virtual currency. Other measures include rules for pharmacy benefit managers, small business lending disclosures, mortgage and student loan servicing, insurance and annuity sales, and behavioral health coverage. The department also cited enforcement against illegal payday lending, auto insurance reforms and the creation of 60 Banking Development Districts to expand access in underserved communities.
New York State Department of Financial Services marks 15th anniversary with review of regulatory and enforcement record
The New York State Department of Financial Services marked 15 years since the merger of the state’s banking and insurance regulators. It now oversees more than 3,100 institutions with nearly USD 10 trillion in assets and has returned over USD 765 million to consumers and collected USD 575 million in penalties during the past five years. Its review highlighted regulatory frameworks for cybersecurity, virtual currency and consumer protection.