The New York State Department of Financial Services (DFS) today launched the DFS Connect platform, marking a significant milestone in the Department’s ongoing operations and technology transformation. Under Superintendent Adrienne Harris’s leadership, over the past three years, DFS has executed a strategic plan to invest in human capital, modernize technological resources, and streamline processes. These efforts ensure that DFS remains a forward-thinking, responsive regulator in an evolving financial landscape.

“Over the last three years, we have cultivated a culture of innovation, invested in new technological infrastructure, and updated key processes,” said Superintendent Harris. “DFS Connect is a pivotal example of how we are innovating to enhance regulatory oversight while making it easier for New Yorkers and businesses to engage directly with the agency,”

Over the course of the next three years, the DFS Connect digital portal will centralize the Department’s interactions with regulated entities and consumers. DFS Connect is eliminating outdated, fragmented systems and replacing them with a single, streamlined platform that enhances efficiency, improves oversight, and ensures better service to businesses and consumers.

With today’s launch, New Yorkers can now submit complaints about prescription drug costs, pharmacy benefit managers (PBMs), and drug manufacturers. Once a complaint is submitted, an individual can track its status in real-time and communicate directly with DFS staff about their issue. By 2027, all consumer complaints and regulatory functions agency-wide, such as licensing, renewals, examinations, financial statements and legal filings, will be handled seamlessly through DFS Connect. 

Since 2022, DFS has prioritized modernizing its regulatory infrastructure to ensure it is well-equipped to manage emerging risks. This has included a comprehensive technology overhaul, the establishment of the agency’s first Data Governance Office, and the hiring of the Department’s first-ever Chief Technology Officer and Chief Risk Officer. These steps have allowed DFS to enhance its analytical capabilities, implement real-time risk monitoring, and improve decision-making processes.

DFS has also invested heavily in strengthening its workforce, hiring and promoting more than 1,000 individuals over the past three years, including the first class of financial services examiner trainees since 2018. Additionally, the Department has expanded its regulatory capabilities by establishing the Climate Division and the Pharmacy Benefit Unit and elevating key operational functions by creating an executive leadership role dedicated to internal operations.

These staffing investments, combined with business process redesign efforts, have eliminated backlogs that had persisted for years. Since implementing a new regulatory tracking system in 2023, DFS has now cleared more than 30,000 backlogged regulatory filings, ensuring more efficient oversight of financial institutions.

The Department will continue to invest in cutting-edge technology, data-driven oversight, and a highly skilled workforce to maintain its status as a 21st-century regulator. By enhancing its efficiency and responsiveness, DFS is not only adapting to the complexities of the modern financial landscape but also strengthening protections for New Yorkers and the financial system at large.

For more information or to sign up for DFS Connect, visit the DFS website or the DFS Connect platform.

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