In an end-of-year report to the Gov. Andrew Cuomo and the Legislature, the superintendent of the newly minted Department of Financial Services says a merger of state’s previous finance-related agencies — the Banking and Insurance departments — has been a success.
Financial Services was launched in October as part of the state’s efficiency/consolidation push and as a way to boost the power of its regulators, with Cuomo aide Benjamin Lawsky tapped as superintendent.
In the months since, Lawsky scored a big win with health care providers, getting many to agree to make their rate increase filings public, while having several big-time mortgage-lending companies agree to a series of reforms.
“I am proud of what DFS has been able to accomplish so far, while both continuing our vital regulatory functions and dealing with the challenges of the merger,” Lawsky wrote. “I can assure you that our initial success has increased our determination to achieve even more in the months ahead to contribute to the Governor’s efforts to strengthen New York’s economy and create more jobs.
Here’s the full report: