Research shows that diverse teams perform better, innovate more, and are more effective at managing risks. Strong leadership teams that reflect a diversity of skills, experiences, and perspectives are critical to ensuring that companies think outside the box to manage evolving risks and identify growth opportunities. For all of the reasons outlined in its Circular Letter and Industry Letter on diversity, equity and inclusion (DEI), DFS expects its regulated entities to:

• make the diversity of their leadership a business priority and a key element of their corporate governance,
• focus on their pipeline of future diverse leaders as well as the diversity of the entities with which they do business or are affiliated, and
• treat diversity like other strategic priorities for their businesses, including communicating its importance to all stakeholders, explaining how it will be achieved, setting goals and measuring progress toward those goals.

To support the financial services industry’s DEI efforts, DFS collected 2020 data relating to the gender, racial and ethnic composition of the boards and senior management of New York-regulated financial services institutions. Data was collected from insurance companies with more than $100 million in 2019 New York premiums, regulated banks with more than $100 million in assets, and non-depository financial institutions with more than $100 million in gross revenue and is available via our interactive Diversity Data Survey Report

On March 16, 2021, DFS issued Circular Letter No. 5 (2021) on diversity and corporate governance to all New York domestic and foreign insurance companies.                 

On July 29, 2021, DFS issued a similar Industry Letter on diversity and corporate governance to all New York-regulated banking institutions and non-depository financial institutions, including virtual currency companies.

A Discussion with Insurance Industry Leaders

On July 22, 2021, in response to feedback from the insurance industry, DFS hosted a webinar on actions that insurers can take to increase the diversity of their leadership and broader workforce.

• View the recording: Diversity in Action: A Discussion with Insurance Industry Leaders

A Discussion with Virtual Currency Industry Leaders

On October 19, 2021, DFS hosted a second webinar for the virtual currency industry, drawing on the experiences and varied perspectives of leading thinkers and practitioners in the field.

• View the recording: Diversity in Action: A Discussion with Virtual Currency Industry Leaders

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