The New York State Department of Financial Services is responsible for regulating all financial services and products in the state of New York. New York State Department aims to reform the regulation of financial services in New York. It also aims to protect firms and consumers against financial crimes. In 2011, the New York State Legislature established the New York State Department of Financial Services by merging the New York State Banking Department with the New York State Insurance Department.
Today, the NYSDFS is the main regulator for a wide range of financial institutions. Its supervision takes in around 4,400 separate entities from the financial sector and more. Despite they have offices across the state, their main center is in New York City.
New York State Department Of Financial Services has five division:
•The Insurance Division
•The Banking Division
•Financial Frauds and Consumer Protection Division
•Capital Markets Division
•Real Estate Division
NYSDFS aims to ensure financial stability by regulating financial institutions. Also, the New York State Department of Financial Services aims to fight financial fraud and educate consumers of financial products and services.
•To ensure the growth of the financial industry in New York.
•Ensuring the continued safety of financial services and products for consumers and the safe conduct of their providers.
•To check the reliability and soundness of financial institutions.
•Encouraging providers to meet high standards of public responsibility, business practice, conduct, and ethics.
•Implement regulations to combat financial crimes. Also to control firms with audits.
•Provide accurate information and educate users about financial products and services.