To reform the regulation of financial services in New York to keep pace with the rapid and dynamic evolution of these industries, to guard against financial crises and to protect consumers and markets from fraud.
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.
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 establishment 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.
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.