New York Department of Financial Services News

Lawsky’s Bank-Busting Reputation Looms Over Pact With Iran

Benjamin Lawsky’s bank-busting reputation may have earned him his own tribute in this week’s landmark Iran nuclear agreement. Lawsky was the first superintendent of New York’s beefed-up banking and insurance overseer, which gave him enforcement power over international banks chartered …

NYDFS Names Lawsky’s Chief of Staff Albanese as Acting Superintendent

Outgoing New York Superintendent of Financial Services Benjamin Lawsky said in a memo to his staff last Friday that his chief of staff, Anthony Albanese, will serve as acting superintendent while the Governor’s office conducts a search for a permanent …

Lawsky to Step Down as New York’s Top Financial Regulator Next Month

Benjamin Lawsky will step down next month as New York’s top bank regulator after four years, during which he threatened to take away the U.S. charters of some of the world’s biggest banks and collected billions of dollars in penalties …

N.Y. Says 11 Lenders Will Monitor, Maintain Vacant Properties

New York regulators said Monday that 11 lenders have agreed to monitor and maintain vacant properties in an effort to protect them and combat neighborhood blight. The banks, mortgage companies and credit unions represent nearly 70 percent of the New …

N.Y.’s New Regulations Aim to Reduce Title Insurance Costs

New York Gov. Andrew Cuomo announced new regulations Wednesday that would crack down on what officials describe as kickbacks and other improper expenditures in the state’s title insurance industry. These improper expenses have been significantly inflating title insurance premiums for New York consumers, the …

New York to Investigate Insurers’ Cybersecurity Work After Hacks

Insurers doing business in New York State must tell a regulator there about efforts to prevent computer hacking, detailing the precautions taken and the personnel devoted to the task. Benjamin Lawsky, superintendent of the state Department of Financial Services, said …

New York DFS Opens Inquiry Into Price Optimization

The New York Department of Financial Services (DFS) on March 18 sent out letters to hundreds of property/casualty insurers operating in the state, seeking information concerning price optimization. New York joins a growing number of states around the country that …

N.Y.’s Lawsky: Cybersecurity Likely Most Important Issue DFS Will Face in 2015

Cybersecurity is likely the most important issue that the New York Department of Financial Services (DFS) will face in 2015, and perhaps for many years to come after that, New York Financial Services Superintendent Benjamin Lawsky said in a speech …

N.Y. Regulator Lawsky Says Banks Need Money-Laundering Spot Checks

New York’s banking regulator floated a plan Wednesday to spot-check banks’ money laundering controls and hold executives accountable if they fail. Benjamin Lawsky, superintendent of New York’s Department of Financial Services, made the remarks in a speech at Columbia Law …

N.Y. Announces New, Targeted Cybersecurity Assessments for Insurers

New York State Department of Financial Services (DFS) today released a report on cybersecurity in the New York insurance industry and announced a series of measures that DFS will take to help strengthen cyber hacking defenses at insurers. DFS announced …