The New York State Department of Financial Services is dedicated to driving economic growth through responsible innovation.

The Department’s Innovation Policy Unit conducts comprehensive research to support policy development on innovation topics, ensuring DFS stays ahead of rapid changes across all sectors of the financial services industry. The Department has implemented nation-leading regulatory frameworks in virtual currency and cybersecurity and developed transparent guidance on artificial intelligence.

Through consistent industry engagement and outreach, including the DFS Exchange program, the Department maintains New York as the preferred jurisdiction for innovators and entrepreneurs. The Department remains committed to supporting supervised entities and their partners in bringing cutting-edge innovative products and services to consumers through thoughtful, data-driven policies and transparent oversight. 

Virtual Currency - Learn More...

Cybersecurity - Learn More...

The Department is taking a leading role in enabling responsible innovation with artificial intelligence (AI), while keeping consumers safe. Internally, the Department is exploring how to leverage this technology to enhance its ability to respond to market events and risks. Learn more about DFS’s AI work:

• DFS Superintendent Harris Proposes Artificial Intelligence Guidance to Combat Discrimination
• DFS Superintendent Adrienne A. Harris Issues New Guidance to Address Cybersecurity Risks Arising from Artificial Intelligence

DFS was the first regulatory body in the U.S. to institute comprehensive cybersecurity regulations for financial services companies and has continued to set the standard for nimble regulation in the face of technological change. In 2023, the Department updated its regulation to keep pace with industry advancement, better serve the marketplace, and protect consumers.

For more information on the Department’s regulation and cybersecurity resources for DFS-regulated institutions, visit the Cybersecurity Resource Center.

DFS was the first U.S. regulator to start licensing virtual currency entities and has since developed a world-leading virtual currency regulatory framework. To support the Department’s role as the prudential regulator of virtual currency, Superintendent Adrienne A. Harris has built one of the largest virtual currency regulatory teams in the world. The Department’s rigorous and robust framework has served to protect consumers and keep virtual currency entities safe and sound, even in times of market stress while allowing the industry to grow in accordance with DFS's standards. The Department’s “VOLT” initiative is a comprehensive effort to strengthen DFS's oversight of the industry and support the adoption of similar regulations by state, federal, and international regulators. 

Visit the DFS Virtual Currency Businesses page to learn more about our regulatory framework and VOLT.

Overview

DFS Exchange fosters open dialogue between DFS and entrepreneurs, financial innovators, stakeholders, and other regulators on innovative consumer-facing and market-facing activities. The program provides a platform to discuss supervisory or compliance-related tools, technologies, and research on emerging trends, and other relevant topics with the strategic objective of promoting responsible financial innovation in New York.   

DFS accomplishes this strategic objective through continuous engagement, learning, and regulatory refinement: 

• Building a Convening Forum: DFS Exchange connects agency experts, entrepreneurs, and regulators to tackle challenges, discover opportunities, and align policies with industry growth, fostering collaboration and driving innovation in the financial services sector. 

• Expanding Agency Expertise: DFS Exchange utilizes the insights from forums to refine policies, adapt to industry growth, and stay ahead of regulatory trends.

• Clarifying Regulation: DFS Exchange provides guidance and technical assistance to regulatory counterparts, promoting global consistency in financial innovation while supporting collaboration, idea-sharing, and smooth navigation of the regulatory landscape.  

Benefits of Engagement

Through DFS Exchange, the Department aims to maintain sustained engagement with the innovation and technology community in New York State and beyond. Benefits include:

• Access to Expertise: Connect with DFS subject matter experts to stay abreast of the latest regulatory developments, innovations, and industry trends.
• Proactively Addressing Challenges: Collaborate with regulators to identify and address emerging challenges that impact their organization and market.
• Inform Research and Policy: Share insights that help inform the Department’s research priorities and policy agendas, ensuring regulatory approaches remain relevant and effective.

Sessions can be held either virtually or in-person at DFS's New York City offices and are open to all entities, including, but not limited to, financial institutions, firms, technology companies, and consumer advocacy organizations or nonprofits.

• Print a one-page introduction to the DFS Exchange program (PDF).

Events

• DFS Exchange: A Conversation with Regulators and Industry Leaders on Financial Innovation and Digital-First Regulation: DFS celebrated the launch of DFS Exchange on June 30, 2022, as an engagement platform to foster the growth of responsible innovation in financial services in New York. If you missed it, please listen to an audio recording of the two panel discussions.
• Regulator of the Future Techsprint: DFS led a techsprint to design a Digital Regulatory Reporting mechanism for regulated virtual currency companies in March 2021.

If you are interested in meeting with agency subject matter experts in exploratory sessions, complete and submit the Interest Form and Agreement below. These meetings are intended to be informational, allowing innovators to engage informally with expert DFS staff.

Interest Form and Agreement

Note: Once you have completed the Interest Form, and before you are able to submit it, you will be asked to confirm that you have read, understand, and agree to the following:

I understand and agree that interaction with DFS, (whether in the form of meetings or otherwise):

1. Does not constitute an endorsement or any other form of support of any entity, individual, investment, product, or service and shall not in any way be represented as such by me, by the above-named Company, or by any related individual or entity;
2. Does not, and is not intended to, limit or restrict in any way DFS’s power, authority, or abilities under any law, regulation, order, agreement, policy, or procedure;
3. Is not part of and does not in any way bypass any DFS licensing process;
4. Is for informational purposes only; it does not, and is not intended to, constitute, include, or otherwise involve any legal consultation with, or any legal advice or legal opinion from, DFS or any other entity or individual;
5. Does not represent or create any contract or other agreement, binding or otherwise, with regard to the provision or receipt of goods or services; and
6. Does not in any way constitute, relate to, or involve any request for proposal, invitation for bid, solicitation, or vendor-selection process of any kind; and that
7. Any information received by DFS, whether from me, from the Company, or from another individual or entity, may be subject to public disclosure, including but not limited to disclosure through a freedom of information law.

If you would like to invite a DFS team member to attend, speak, or present at an upcoming event, email [email protected].

NOTE:The information you submit to DFS may be subject to public disclosure, such as through the Freedom of Information Law. Do not submit sensitive or confidential information. While submission of a form does not guarantee that a meeting with DFS will be scheduled, the information submitted will help us make this program as useful as possible.