Barclay Damon
Barclay Damon

Legal Alert

New York Establishes Department of Financial Services

Benjamin M. Lawsky recently announced the formation of the Department of Financial Services which merges the former Insurance and State Banking Departments. The announced goal is to improve the efficiency of the separate departments, to maintain New York’s position as the financial capital of the world and protect consumers. The new Department will have five main divisions, including the Insurance Division, which will carry on the functions of the former Insurance Department with respect to life, property/casualty and health insurance; a Banking Division to regulate state-chartered banks and other financial service providers; the Financial Frauds And Consumer Protection Division to protect and educate consumers and fight financial fraud; a Real Estate Finance Division and Capital Market Division. The Department of Financial Services website is located at: http://www.dfs.ny.gov.