The New York State Department of Financial Services (DFS) launched DFS Connect, a digital platform intended to centralize the agency’s interactions with regulated entities and consumers and replace fragmented legacy systems. At launch, the portal enables New Yorkers to submit and track complaints related to prescription drug costs, pharmacy benefit managers and drug manufacturers, including real-time status updates and direct communication with DFS staff. DFS stated that the platform will expand over the next three years and that, by 2027, all consumer complaints and agency-wide regulatory functions, including licensing, renewals, examinations, financial statements and legal filings, are expected to be handled through DFS Connect. The launch sits within a broader operations and technology transformation that DFS said has included establishing a Data Governance Office, appointing its first Chief Technology Officer and Chief Risk Officer, creating a Climate Division and a Pharmacy Benefit Unit, and hiring and promoting more than 1,000 staff since January 2022. DFS also reported clearing more than 30,000 backlogged regulatory filings since implementing a new regulatory tracking system in 2023.
New York State Department of Financial Services 2025-03-17
New York State Department of Financial Services launches DFS Connect to consolidate consumer complaints and regulatory processes
The New York State Department of Financial Services (DFS) launched DFS Connect, a digital platform to centralize interactions with regulated entities and consumers, initially focusing on complaints about prescription drug costs. This is part of a broader transformation, including a Data Governance Office and key officer appointments, with plans to handle all regulatory functions by 2027. DFS has also cleared over 30,000 backlogged filings since implementing a new tracking system in 2023.