New York State Department of Financial Services Celebrates 15 Years of Serving New Yorkers

This week, the New York State Department of Financial Services (DFS) celebrated the agency’s 15th anniversary. On October 3, 2011, the New York State Banking Department and the New York State Insurance Department merged to become a comprehensive financial regulator and consumer protection agency designed to build equitable, transparent, and resilient financial system that benefits individuals and supports business.

“I am so proud of the incredible work DFS does every day to protect New Yorkers and our financial markets,” said Department of Financial Services Acting Superintendent Kaitlin Asrow. “Today is not a celebration of a state agency; it is a celebration of the thousands of current and former public servants who have worked tirelessly to improve the lives of their fellow New Yorkers.”

DFS oversees more than 3,100 banking, insurance, and other financial institutions with assets totaling nearly $10 trillion. In addition to regulating and supervising financial institutions, DFS works to protect consumers through its consumer assistance and enforcement tools. In just the past five years, DFS has returned more than $765 million to New Yorkers and collected $575 million in penalties.

Among the many achievements since the establishment of DFS, the Department has:

• Implemented the nation’s first cybersecurity regulation for financial services companies, establishing critical protections for businesses and consumers against new and evolving cybersecurity threats and ensuring a stronger, more resilient New York.

• Adopted new regulations to protect New Yorkers’ access to life-saving prescription drugs, prevent business practices that increase drug costs, and support patients’ choice of pharmacies through licensure and regulation of Pharmacy Benefit Managers operating in the state.

As the Department reflects on these and many other achievements, DFS is focused on the future, continuing to advance groundbreaking initiatives that prioritize affordability, innovation, and stability to protect consumers, strengthen markets, and advance a fairer and forward-looking financial system for all New Yorkers.