New York Superintendent of Financial Services

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New York Superintendent of Financial Services
General information
Office Type:  Nonpartisan
Office website:  Official Link
2013 FY Budget:  $486,283,000
Term limits:  None
Structure
Authority:  Financial Services Law (2011)
Selection Method:  Appointed by Governor
Current Officeholder

Benjamin Lawsky.jpg
Name:  Benjamin Lawsky
Assumed office:  May 24, 2011
Compensation:  $127,000
Other New York Executive Offices
GovernorLieutenant GovernorSecretary of StateAttorney GeneralComptrollerCommissioner of EducationAgriculture CommissionerFinancial Services SuperintendentEnvironmental Conservation CommissionerLabor CommissionerPublic Service CommissionInsurance
The New York Superintendent of Financial Services is a state executive position in the New York state government.

The Superintendent oversees the Department of Financial Services, which was created in 2011 by consolidating the Banking and Insurance departments.

Current officeholder

The current officeholder is Benjamin Lawsky. He has served in this position since October 3, 2011.

Authority

The office of the Superintendent of Financial Services was created by the Financial Services Law, which was introduced as part of Governor Andrew Cuomo’s 2011 budget. The office was officially established on October 3, 2011.[1]

Qualifications

Note: Ballotpedia's state executive officials project researches the constitutional or statutory text that establishes the requirements necessary to qualify for a state executive office. That information for the New York Superintendent of Financial Services has not yet been added. After extensive research we were unable to identify any relevant information on state official websites. If you have any additional information about this office for inclusion on this section and/or page, please email us.

Appointments

New York state government organizational chart

The superintendent is appointed by the governor and confirmed by the Senate.[2]

Vacancies

Note: Ballotpedia's state executive officials project researches the constitutional or statutory text that details the process of filling vacancies for a state executive office. That information for the New York Superintendent of Financial Services has not yet been added. After extensive research we were unable to identify any relevant information on state official websites. If you have any additional information about this office for inclusion on this section and/or page, please email us.

Duties

The superintendent is charged with the following tasks:[3]

  • 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
  • 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.

Divisions

The Department of Financial Services is divided into five divisions and three special initiatives.[4]

  • Banking Division
  • Insurance Division
  • Financial Frauds & Consumer Protection Division (FFCPD)
  • Real Estate Finance Division (REFD)
  • Capital Markets Division

Initiatives of the Department:

  • Banking Development District (BDD) Program
  • The Holocaust Claims Processing Office (HCPO)
  • Liquidation Bureau

State budget

The budget for the Department of Financial Services was $486,283,000 for the 2013 fiscal year.[5]

Compensation

See also: Compensation of state executive officers

In 2012, the New York Superintendent of Financial Services was paid an estimated $127,000 according to the Council of State Governments.

Historical officeholders

There has been 1 Superintendent of Financial Services since the position's creation in 2011.

Recent news

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Contact information

New York State Department of Financial Services
One State Street
New York, NY 10004-1511
Phone: (212) 709-3500

See also

External links

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References