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Press Release

December 30, 2011

Superintendent Lawsky Submits Report on Creation of the Department of Financial Services

Benjamin M. Lawsky, Superintendent of Financial Services, today submitted a Report, required by the new Financial Services Law, regarding the creation of the Department of Financial Services to Governor Cuomo, Speaker Silver, and Majority Leader Skelos. The Report provides an update on the merger of the Insurance and Banking Departments into the new DFS, and discusses efforts under way to improve the efficiency and effectiveness of banking and insurance regulation in New York.

As specified in the Financial Services Law, a Working Group, chaired by the Superintendent, met with scores of industry representatives and consumer groups to explore how best to ensure the new Department's effectiveness and efficiency as a financial services regulator.

The Report, which describes many of the Department’s activities since its creation, highlights various initiatives aimed at modernizing and improving financial regulation.  

The report is available at this location on the Department’s website, http://www.dfs.ny.gov/reportpub/dfsrpt_205a.pdf

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