New York State Department of Financial Services
| Department overview | |
|---|---|
| Formed | October 3, 2011 |
| Jurisdiction | New York |
| Headquarters | New York, N.Y. |
| Department executive |
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| Key document | |
| Website | www |
The New York State Department of Financial Services (DFS) is the department of the New York state government responsible for regulating financial services and products, including those subject to the New York insurance, banking and financial services laws.
As part of the 2011 state budget, Governor Andrew M. Cuomo and the New York State Legislature consolidated the New York State Insurance Department and New York State Banking Department and created the New York State Department of Financial Services effective October 3, 2011. The purpose of consolidating the agencies and creating the Department of Financial Services was to modernize regulation by allowing the agency to oversee a broader array of financial products and services.
The mission of the Department, according to its website, is 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.
The Department supervises approximately 4400 entities, with assets of about $6.2 trillion. These entities include: state-chartered banks and trust companies; insurance companies; insurance producers; insurance adjusters; bail bond agents; service contracts; life settlements; budget planners; charitable foundations; check cashers; credit unions; investment companies; licensed lenders; money transmitters; mortgage bankers; mortgage brokers; mortgage loan servicers; premium finance agencies; private bankers; safe deposit companies; sales finance companies; savings banks; and savings and loans.
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