Financial Services, Department of

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Agency Web Site: http://www.dfs.ny.gov/Link to External Website

Mission

Legislation enacted with the 2011-12 budget established the Department of Financial Services, integrating the New York State Banking Department and Insurance Department into a modern, consolidated financial regulator overseeing industries that are critical to the State's financial vitality. The mission of the Department consists of the following activities and objectives:

  • Foster continued 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 industry financial obligations;
  • Ensure the current and continuing solvency of providers and practitioners;
  • Ensure high standards of honesty, transparency, fair business practices and public responsibility;
  • Educate the public regarding the nature and use of financial products and services and ensure that consumers have access to understandable information so that they may make responsible decisions about financial products and services.

Budget Highlights

The 2014-15 Executive Budget recommends $551.4 million for the Department, a decrease of $750,000 from 2013-14 budget estimates. This decrease reflects savings associated with the expiration of the Entertainment Workers Program, which sunsets July 1, 2014.

The Executive Budget recommends a workforce of 1,337 FTEs for the Department. which is unchanged from 2013-14 FTE levels.

ALL FUNDS
APPROPRIATIONS
(dollars)
Category Available
2013-14
Appropriations
Recommended
2014-15
Change From
2013-14
Reappropriations
Recommended
2014-15
State Operations 326,630,823 326,630,823 0 2,101,431
Aid To Localities 225,566,000 224,816,000 (750,000) 276,000
Total 552,196,823 551,446,823 (750,000) 2,377,431

ALL FUND TYPES
PROJECTED LEVELS OF EMPLOYMENT BY PROGRAM
FILLED ANNUAL SALARIED POSITIONS
Program 2013-14
Estimated FTEs
03/31/14
2014-15
Estimated FTEs
03/31/15
FTE Change
Administration
Special Revenue Funds - Other 79 79 0
Banking
Special Revenue Funds - Other 450 450 0
Insurance
Special Revenue Funds - Federal 23 23 0
Special Revenue Funds - Other 785 785 0
Total 1,337 1,337 0

Note: Most recent estimates as of 01/20/2014

Click for additional detailed appropriation tables

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