Financial Services, Department of

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 2015-16 Executive Budget recommends $425.3 million for the Department, a decrease of $126.9 million from 2014-15 budget estimates. This decrease primarily reflects substantial savings in DFS-administered health insurance programs attributed to the New York Health Exchange. This decrease is partially offset by increased funding for DFS core Banking and Insurance Regulation Programs and spending in existing programs funded by the Department, but administered by other State agencies.

The Executive Budget recommends a workforce of 1,393 FTEs for the Department. which is an increase of 20 FTEs from 2014-15 FTE levels.

ALL FUNDS
APPROPRIATIONS
(dollars)
Category	Available 2014-15	Appropriations Recommended 2015-16	Change From 2014-15	Reappropriations Recommended 2015-16
State Operations	326,630,823	340,188,963	13,558,140	2,422,000
Aid To Localities	225,566,000	85,153,000	(140,413,000)	936,000
Total	552,196,823	425,341,963	(126,854,860)	3,358,000

ALL FUND TYPES
PROJECTED LEVELS OF EMPLOYMENT BY PROGRAM
FILLED ANNUAL SALARIED POSITIONS
Program	2014-15 Estimated FTEs 03/31/15	2015-16 Estimated FTEs 03/31/16	FTE Change
Administration
Special Revenue Funds - Other	79	79	0
Banking
Special Revenue Funds - Other	472	480	8
Insurance
Special Revenue Funds - Federal	3	3	0
Special Revenue Funds - Other	819	831	12
Total	1,373	1,393	20

Note: Most recent estimates as of 01/21/2015

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