The Department of Financial Regulation (DFR) is a state agency that protects consumers while ensuring industry partners operate in a responsible manner. Consumers, identified as anyone from the public using the services of a financial institution, investment firm, or insurance company, can find
information on our website to help secure their financial well-being. Industry partners in the fields of banking, insurance, securities, and captive insurance can find information on our website about conducting businesses in Vermont.
OFFICIAL COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 3. BANKING
SUPERVISORY POLICIES AND PROCEDURES
G. GENERAL
1. SCHEDULE OF ADDRESSES AND FEES.
3 CRR-NY Sup. Pol. G 1.1
3 CRR-NY SP G 1.1
1.1 Contacting the New York State Department of Financial Services; other agencies; availability of documents.
(a) The main office of the New York State Department of Financial Services is the New York City office. Any person having business with the Department of Financial Services may contact the New York City office by accessing the department's web page, calling the toll-free consumer telephone number or the other telephone number listed for the New York City office, or writing the Department of Financial Services at the address listed for the New York City office, as set forth in subdivision (b) of this section. All application forms may be obtained by contacting the New York City office of the Department of Financial Services or accessing the Department of Financial Services web page. Any communications by persons to the superintendent or any other division or office of the Department of Financial Services, including any applications or any documents related thereto, shall be submitted to the New York City office, unless specifically instructed otherwise pursuant to such applications or other communications by the Department of Financial Services. Inquiries or complaints regarding persons or entities regulated by the Department of Financial Services may be submitted in writing, by accessing the web page, or by calling the toll-free consumer or New York City office telephone numbers. Persons interested in inspecting or copying public documents available through the department may contact or visit the New York City office as noted herein; however, copying of documents is subject to a fee as set forth in section 1.2 of this Part.
(b) The web page for the Department of Financial Services is:
The toll-free consumer telephone number for the Department of Financial Services is:
The offices of the Department of Financial Services are located at:
New York State Department of Financial Services One State Street New York, NY 10004-1417 (212) 709-3500
New York State Department of Financial Services One Commerce Plaza Albany, NY 12257 (518) 474-6600
New York State Department of Financial Services 333 East Washington Street Syracuse, NY 13202 (315) 428-4049
(c) The United States Code is published by the Office of the Law Revision Counsel of the United States House of Representative. The Code of Federal Regulations is published by the Office of the Federal Register, National Archives and Records Administration. Both documents are available for public inspection and copying at the New York City office of the Department of Financial Services (see contact information, as noted above). The Federal Register also is published by the Office of the Federal Register, National Archives and Records Administration. All the referenced Federal publications can be obtained from the U.S. Government Printing Office (GPO). The GPO is located at:
U.S. Government Printing Office 732 North Capitol Station NW Washington, DC 20401 (202) 512-0000
The publications also may be accessed and copied through the GPO web page at:
(www.gpoaccess.gov/index.html)
The GPO web page also provides the locations of Federal Depository Libraries throughout New York State at which copies of the United States Code, the Code of Federal Regulations and the Federal Register may be viewed.
3 CRR-NY SP G 1.1
Current through April 30, 2021
Department of Financial Services
| October 3, 2011 |
| New York |
| New York, N.Y. |
|
|
| www.dfs.ny.gov |
The New York State Department of Financial Services (DFS or NYSDFS) 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.[1][2]
History[edit]
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.[2] 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.[2]
Mission[edit]
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.[3]
Supervision[edit]
The department supervises approximately 4400 entities, with assets of about $6.2 trillion.[4] These entities include: state-chartered banks and trust companies; insurance companies; insurance producers; insurance adjusters; bail bond agents; service contracts;[5][6][7] 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.[8]
Leadership[edit]
The New York State Legislature unanimously confirmed Benjamin M. Lawsky on May 24, 2011, as New York State's first Superintendent of Financial Services.[3] 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.[3] As Superintendent of Banks, Lawsky led Governor Andrew M. Cuomo’s initiative to consolidate the New York State Banking Department and New York State Insurance Department towards a new financial regulator called the Department of Financial Services.[3]
James J. Wrynn, former Superintendent of Insurance, was appointed as Deputy Superintendent of Financial Services for the Department.[3] He left the Department in March 2012 to become a partner at Goldberg Segalla LLP.[9]
Organization[edit]
The Department has five divisions: the insurance division; banking division, financial frauds and consumer protection division ("FFCPD"), capital markets division, and real estate division. The insurance division has life, health, and property bureaus. The FFCPD was created by the Financial Services Law and aims to protect and educate consumers of financial products and services.[3] It also aims to fight financial fraud.[3] The FFCPD pursues civil and criminal investigations of activities that may constitute violations of the Financial Services Law, Banking Law, Insurance Law, or other laws, and brings enforcement proceedings where appropriate.[3]
The department also has an Office of General Counsel, which is the legal arm of the department.[10] It drafts legislation, regulations, and circular letters, issues legal opinions, and renders legal advice to Department staff.[10] The current General Counsel is Richard Weber since May 1, 2020.[11]
Offices and locations[edit]
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.[10]
Activities[edit]
The department's regulations are compiled in titles 3, 11, and 23 of the New York Codes, Rules and Regulations (NYCRR).
Bitcoin[edit]
In August 2013, Forbes magazine reported that the department initiated an investigation into bitcoin by issuing subpoenas to several companies and investors.[12]
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.[13] The proposed regulations were officially published in the New York State Register on July 23, beginning a 45-day comment period.[13][14] On February 25, 2015, a revised proposal notice was published, beginning another 30-day comment period.[15]
Standard Chartered fined[edit]
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.[16]
Service Contract providers[edit]
The DFS has the authority to license and regulate service contract providers.[17] 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,[5] have the authority to fine or prosecute unlicensed service contract providers.
References[edit]
- ^ Financial Services Law § 102. "The legislature hereby declares that the purpose of this chapter is to consolidate the departments of insurance and banking, and provide for the enforcement of the insurance, banking and financial services laws, under the auspices of a single state agency to be known as the 'department of financial services' [...]"
- ^ a b c "History, About Us". New York State Department of Financial Services. Retrieved January 9, 2012.
- ^ a b c d e f g h "Mission, About Us". New York State Department of Financial Services. Archived from the original on August 19, 2012. Retrieved January 9, 2012.
- ^ Lawsky, Superintendent of Financial Services, Benjamin M. "Leadership, About Us". New York State Department of Financial Services. Retrieved January 9, 2012.
- ^ a b "California Department of Insurance Issues Cease And Desist Orders to 4 Companies". Insurance Journal. 2021-09-08. Retrieved 2022-03-18.
- ^ "California Department of Insurance Issues Cease And Desist Orders to 4 Companies". 2022-03-18. Archived from the original on 18 March 2022. Retrieved 2022-03-18.
- ^ "eDOCS DM". legaldocs.insurance.ca.gov. Retrieved 2022-03-18.
- ^ "Who We Supervise, About Us". New York State Department of Financial Services. Retrieved January 9, 2012.
- ^ "Goldberg Segalla Appoints James Wrynn as Partner". Citybizlist New York. Retrieved March 3, 2012.
- ^ a b c "Contact Us, About Us". New York State Department of Financial Services. Retrieved January 9, 2012.
- ^ "Former IRS Chief Investigator Named General Counsel of NY Department of Financial Services". law.com. January 5, 2020. Retrieved 15 February 2020.
- ^ Kashmir Hill, "Every Important Person In Bitcoin Just Got Subpoenaed By New York's Financial Regulator", Forbes, August 12, 2013. Retrieved August 13, 2013.
- ^ a b New York State Department of Financial Services (July 17, 2014). "NYDFS Releases Proposed BitLicense Regulatory Framework for Virtual Currency Firms" (Press release). Archived from the original on September 23, 2014. Retrieved July 19, 2014.
- ^ New York State Register, Vol. XXXVI, Issue 23 (July 23, 2014), pp. 14-16. Rulemaking I.D. No. DFS-29-14-00015-P.
- ^ New York State Register, Vol. XXXVII, Issue 8 (February 25, 2015), pp. 17-18. Rulemaking I.D. No. DFS-29-14-00015-RP.
- ^ "US regulators ask Standard Chartered to pay $300 mn penalty". New York City News.Net. 19 August 2014. Retrieved 19 August 2014.
- ^ "Service Contract Provider Registration". Department of Financial Services. Retrieved 2022-05-21.
contractorExternal links[edit]
- Official website
- Banking, Insurance and Financial Services in the New York Codes, Rules and Regulations