New York State Department of Financial Services

In 1998 the department was given authority over external review agents in the state's health insurance external appeals process. 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. ==Supervision==

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. ==Leadership==

The New York State Legislature unanimously confirmed Benjamin M. Lawsky on May 24, 2011, as New York State's first Superintendent of Financial Services. From May 24, 2011, until October 3, 2011, Lawsky also was appointed, and served as, Acting Superintendent of Banks for the former New York State Banking Department. In August 2021, Governor Kathy Hochul appointed Adrienne A. Harris to lead the Department. The New York State Legislature confirmed Harris on January 25, 2022. Prior to joining DFS, Superintendent Harris served as Senior Advisor to Deputy Treasury Secretary, Sarah Bloom Raskin. She then moved to the White House where she managed the financial services portfolio at the National Economic Council for President Obama. After leaving the White House, Superintendent Harris served as General Counsel and Chief Business Officer at Doma and also served as a Professor and Faculty Co-Director at the University of Michigan’s Gerald R. Ford School of Public Policy’s Center on Finance, Law and Policy. ==Organization==

The Department has five divisions: the insurance division; banking division, consumer protection and financial enforcement division ("CPFED"), research & innovation division, cybersecurity division, and climate division. The insurance division has life, health, and property bureaus. The CPFED was created by the Financial Services Law and aims to protect and educate consumers of financial products and services. It drafts legislation, regulations, and circular letters, issues legal opinions, and renders legal advice to Department staff. ==Offices and locations==

The department's main office is in New York City at One State Street. The department also has offices at One Commerce Plaza in Albany, 333 East Washington Street in Syracuse, 65 Court Street in Buffalo, and 163B Mineola Boulevard in Mineola. ==Activities==

The department's regulations are compiled in titles 3, 11, and 23 of the New York Codes, Rules and Regulations (NYCRR). Bitcoin In August 2013, Forbes magazine reported that the department initiated an investigation into bitcoin by issuing subpoenas to several companies and investors. On July 17, 2014, the department released details on a proposed BitLicense, which places regulations on any company or person that uses cryptocurrencies residing in New York. The proposed regulations were officially published in the New York State Register on July 23, beginning a 45-day comment period. On February 25, 2015, a revised proposal notice was published, beginning another 30-day comment period. Standard Chartered Fined On 19 August 2014, Standard Chartered was fined $300 million by the department for breach of money-laundering compliance related to potentially high-risk transactions involving the bank's clients in Hong Kong and the UAE. The bank issued a statement accepting responsibility and regretting the deficiencies. Deutsche Bank Fined On January 30, 2017, the NYSDFS (New York State Department of Financial Services) fined Deutsche Bank $425 million for violating New York's anti-money laundering laws. Service Contract Providers The DFS has the authority to license and regulate service contract providers. A list of the currently licensed service contractor providers can be found at Currently Registered Service Contract Providers. New York State and other states, such as California, ==References==