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The New York State Legislature unanimously confirmed Benjamin M. Lawsky on May 24, 2011, as New York State's first Superintendent of Financial Services. [9] From May 24, 2011, until October 3, 2011, Lawsky also was appointed, and served as, Acting Superintendent of Banks for the former New York State Banking Department. [9]
Our History. The legislation that created the Department of Financial Services is known as the Financial Services Law. As of October 3, 2011 the New York State Banking Department and the New York State Insurance Department were abolished and the functions and authority of both former agencies transferred to the New York State Department of Financial Services.
On October 3, 2011 the New York State Banking Department and the New York State Insurance Department were abolished and the functions and authority of both former agencies transferred to the New York State Department of Financial Services. The legislation that created the Department of Financial Services is known as the Financial Services Law.
19 hours ago · Background. On October 16, 2024, the New York State Department of Financial Services (DFS) issued an industry letter, Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related Risks, providing guidance on the cybersecurity risks associated with the use of artificial intelligence (AI) and strategies for entities regulated by DFS (“Covered Entities”) 1 to ...
About Us. The New York State Department of Financial Services (DFS) is the primary regulator for all state-licensed and state-chartered banks, credit unions, and mortgage bankers and brokers. All mortgage loan servicers doing business in New York State must be registered with or licensed by DFS.
Aug 23, 2018 · New York State Department Of Financial Services Background. A relatively new governmental department, the NYSDFS was created in 2011 by the Financial Services Law, which mandated a merger between the New York State Insurance Department and the New York State Banking Department – both of which date back to the 19th century.
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Dec 5, 2011 · The agency will regulate more than 3,900 banks, insurance companies, credit unions, mortgage brokers, and other financial institutions operating in New York state and elsewhere, with about $5.7 trillion in combined assets. [1] DFS has an annual budget of $236 million and roughly 1,500 employees. DFS's Purpose and Powers The enacting legislation for DFS, the Financial Services Law, introduced ...
