New York State Department of Financial Services

Office address: 1 State St, New York, NY 10004 
Website: dfs.ny.gov  
Year established: 2011 
Employees: 1,350+ 
Key people: Adrienne Harris (superintendent); Kaitlin Asrow (executive deputy superintendent); James Regalbuto, Sebastian Fischer, Joseph Medina, and Ken Coghill (deputy superintendent); Mary Peck (chief risk officer) 
Operating budget: $344 million (FY 2024) 

The New York State Department of Financial Services (DFS) regulates over 3,000 financial firms holding nearly $10 trillion in combined assets. In 2024, it recovered $53 million for consumers and found $20 million in lost life insurance benefits. 

History of New York State Department of Financial Services 

The New York DFS was created in 2011 to improve how New York oversees financial institutions. Lawmakers merged the state’s banking and insurance regulators to strengthen consumer protection after the 2008 financial crisis.  

It now leads in areas like crypto regulation, cybersecurity, and financial system resilience. DFS has over 150 years of regulatory history, with roots in two of the oldest agencies in the country.  

Key milestones from the New York State Department of Financial Services’ formation include: 

• 1851: creation of the State Banking Department to supervise bank conditions and public accountability 
• 1859: formation of the Insurance Department to regulate company finances and deny unsafe operators 
• 2011: DFS established under the Financial Services Law by combining the banking and insurance departments 
• 2015: launched nation’s first virtual currency licensing framework, attracting major fintech firms to New York 
• 2017: introduced groundbreaking cybersecurity regulations for all licensed financial companies 
• 2021: launched standalone Climate Division to guide insurers and banks on environmental financial risks 

In 2024, DFS adopted new rules to prevent bias in insurance pricing tied to AI and consumer data use. This marked a modern shift in oversight, which reinforces their push for balance, transparency, and strong public safeguards. 

Mandate of New York State Department of Financial Services 

The New York DFS was created under the 2011 Financial Services Law to modernize financial oversight. It aims to serve the public, support fair markets, and uphold sound business practices. 

Led by governor-appointed Superintendent Adrienne Harris, DFS has legal authority to examine, license, and enforce actions across financial sectors. Its mission is carried out through these core divisions: 

• insurance division: regulates insurers and producers 
• banking division: oversees banks, mortgages, and credit unions 
• consumer protection and financial enforcement: handles complaints, fraud, and compliance 
• research and innovation division: supervises crypto and fintech 
• cybersecurity division: enforces cyber rules and threat guidance 
• climate division: monitors climate risks in finance 
• office of general counsel: manages legal work and regulations 
• operations division: runs HR, training, and facilities 
• chief technology office: oversees IT and cyber systems 

DFS also sets the requirements for getting an insurance license in New York. Their mission shows a balance between strong public safeguards and trust in financial systems that support the economy and consumers. 

Key responsibilities  

The New York State Department of Financial Services shields consumers, supervises markets, and enforces rules across banking and insurance. It also leads in fintech, crypto, and cybersecurity oversight. Key areas include: 

• licensed insurance markets: regulates over 1,900 life, health, property, and casualty companies 
• state-regulated banks and lenders: supervises more than 1,300 institutions including foreign and mortgage firms 
• crypto and digital assets: leads licensing and oversight of virtual currency firms 
• climate risk strategy: directs US leadership in financial climate oversight 
• company monitoring and audits: inspects compliance and business practices across sectors 
• New York Liquidation Bureau: handles insurer failures and returns funds to policyholders 

The New York State Department of Financial Services helps keep financial systems honest, resilient, and equitable. Its scope spans billions in assets and millions of consumers. 

Recent initiatives and regulatory focus 

The New York State Department of Financial Services works to safeguard, inform, and support the public in all areas of finance. Some of its recent efforts include: 

• DFS Connect: launched in 2025 to help consumers file complaints, track cases, and access support faster 
• consumer recovery: returned $245.3 million to policyholders and patients through complaint resolution and enforcement in 2024 
• mental health coverage access: strengthened insurance parity rules for mental health and substance use disorder treatment 
• awareness campaigns: shared guidance on storm recovery, fraud prevention, and insurance rights across state platforms 

These actions help New Yorkers make informed choices and get fair outcomes when dealing with financial companies. 

Consumer protection and outreach 

The New York State Department of Financial Services supports the public through direct services, education, and community outreach. It runs complaint resolution services for issues involving banks, insurers, and other financial providers.  

The agency holds educational events on credit, foreclosure, and fraud prevention, with added support for seniors and small businesses. DFS provides guides on post-disaster recovery, insurance claims and loan forgiveness, and refers consumers to housing, tax, and health services.