New York Superintendent of Financial Services
|New York Superintendent of Financial Services|
|Office website:||Official Link|
|2013 FY Budget:||$486,283,000|
|Authority:||Financial Services Law (2011)|
|Selection Method:||Appointed by Governor|
|Assumed office:||May 24, 2011|
|Other New York Executive Offices|
|Governor • Lieutenant Governor • Secretary of State • Attorney General • Comptroller • Commissioner of Education • Agriculture Commissioner • Financial Services Superintendent • Environmental Conservation Commissioner•Labor Commissioner • Public Service Commission • Insurance|
The Superintendent oversees the Department of Financial Services, which was created in 2011 by consolidating the Banking and Insurance departments.
The current officeholder is Benjamin Lawsky. He has served in this position since October 3, 2011.
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.
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.
The superintendent is appointed by the governor and confirmed by the Senate.
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.
The superintendent is charged with the following tasks:
- 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.
The Department of Financial Services is divided into five divisions and three special initiatives.
- 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
The budget for the Department of Financial Services was $486,283,000 for the 2013 fiscal year.
- See also: Compensation of state executive officers
There has been 1 Superintendent of Financial Services since the position's creation in 2011.
|List of Former Officeholders from 2011-Present|
|1||Benjamin Lawsky||2011 - present|
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New York State Department of Financial Services
One State Street
New York, NY 10004-1511
Phone: (212) 709-3500
- New York Department of Financial Services, "About Us," accessed October 30, 2011
- Office of the New York Governor, "Governor Cuomo Announces Unanimous Senate Confirmation of Benjamin Lawsky as Superintendent of The Department of Financial Services," May 24, 2011
- New York Department of Financial Services, "Mission," accessed December 22, 2012
- Department of Financial Services, "About Us," January 15, 2014
- New York State, "Enacted Budget Fiscal Plan for Fiscal Year 2013," T-161, accessed June 24, 2013