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Financial Services, Department of

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

Mission

Legislation enacted with the FY 2012 Budget established the Department of Financial Services, integrating the New York State Banking Department and the 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 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.

Organization and Staffing

The Superintendent of the Department of Financial Services is appointed by the Governor, with the consent of the Senate. The Department’s main offices are located in Albany and New York City with smaller offices located throughout the State.

Budget Highlights

The FY 2020 Executive Budget recommends $441.5 million for the Department, an increase of more than $8.2 million from the FY 2019 budget. This increase primarily reflects general salary increases, IT upgrades and an increase in the cost of supported programs offset by natural reductions in the cost of the Healthy NY Program.

The Executive Budget recommends a workforce of 1,395 FTEs for the Department, an increase of 14 FTE’s associated with proposals for Behavioral Health Parity and Pharmacy Benefit Managers.

The Executive Budget also includes legislation to license student loan servicers.

Program Highlights

The Department’s main responsibilities are carried out through three major programs: administration, regulation, and consumer protection.

Administration

The Administration Program provides the basic executive direction, fiscal, personnel, legal, and electronic data processing activities that support the Department’s operations.

Regulation

To ensure the safety and soundness of all regulated entities, the Department monitors banks, insurance companies, and other financial institutions to identify problems, and works with management to promptly solve them. The Department carries out this responsibility through on-site examinations, regular review of institutional financial reports, and periodic site visits.

Consumer Protection

To ensure that State-chartered banking institutions are complying with State laws and regulations and that no individuals are unfairly denied credit, Department employees conduct consumer compliance examinations and resolve consumer complaints. Staff monitor whether institutions are helping to meet the credit and banking needs of local communities as required by various State laws. The Department strives for the fair treatment of insurance policyholders, claimants, and the public through the regulation of company claim payments and sales practices, responses to consumer complaints, and the timely review of insurance company denials of coverage. The Department promotes high standards of industry conduct and competence through testing, oversight, and pre-licensing and enforcing educational standards of licensees. The Department proactively educates consumers regarding unscrupulous financial industry practices and products, and advocates on behalf of consumers who have been defrauded or harmed by such abuses.

ALL FUNDS
APPROPRIATIONS
(dollars)
Category Available
FY 2019
Appropriations
Recommended
FY 2020
Change From
FY 2019
Reappropriations
Recommended
FY 2020
State Operations 367,995,963 379,643,963 11,648,000 1,727,000
Aid To Localities 65,287,000 61,912,000 (3,375,000) 0
Total 433,282,963 441,555,963 8,273,000 1,727,000

ALL FUND TYPES
PROJECTED LEVELS OF EMPLOYMENT BY PROGRAM
FILLED ANNUAL SALARIED POSITIONS
Program FY 2019
Estimated FTEs
03/31/19
FY 2020
Estimated FTEs
03/31/20
FTE Change
Administration
Special Revenue Funds - Other 79 79 0
Banking
Special Revenue Funds - Other 477 477 0
Insurance
Special Revenue Funds - Other 825 839 14
Total 1,381 1,395 14

STATE OPERATIONS
ALL FUNDS FINANCIAL REQUIREMENTS BY FUND TYPE
APPROPRIATIONS
(dollars)
Fund Type Available
FY 2019
Recommended
FY 2020
Change
Special Revenue Funds - Federal 1,400,000 1,400,000 0
Special Revenue Funds - Other 366,595,963 378,243,963 11,648,000
Total 367,995,963 379,643,963 11,648,000
Adjustments:
Transfer(s) To
Employee Relations, Office of
General Fund 95,000
Appropriated FY 2019 368,090,963

STATE OPERATIONS
ALL FUNDS FINANCIAL REQUIREMENTS BY PROGRAM
APPROPRIATIONS
(dollars)
Program Available
FY 2019
Recommended
FY 2020
Change
Administration
Special Revenue Funds - Other 73,749,000 83,665,000 9,916,000
Banking
Special Revenue Funds - Other 86,315,000 88,183,000 1,868,000
Insurance
Special Revenue Funds - Federal 1,400,000 1,400,000 0
Special Revenue Funds - Other 206,531,963 206,395,963 (136,000)
Total 367,995,963 379,643,963 11,648,000

STATE OPERATIONS - OTHER THAN GENERAL FUND
SUMMARY OF APPROPRIATIONS AND CHANGES
FY 2020 RECOMMENDED
(dollars)
Program Total Personal Service
Amount Change Amount Change
Administration 83,665,000 9,916,000 20,626,000 1,079,000
Banking 88,183,000 1,868,000 50,296,000 1,175,000
Insurance 207,795,963 (136,000) 103,652,384 (90,000)
Total 379,643,963 11,648,000 174,574,384 2,164,000
STATE OPERATIONS - OTHER THAN GENERAL FUND
SUMMARY OF APPROPRIATIONS AND CHANGES
FY 2020 RECOMMENDED CONTINUED
(dollars)
Program Nonpersonal Service
Amount Change
Administration 63,039,000 8,837,000
Banking 37,887,000 693,000
Insurance 104,143,579 (46,000)
Total 205,069,579 9,484,000

AID TO LOCALITIES
ALL FUNDS FINANCIAL REQUIREMENTS BY FUND TYPE
APPROPRIATIONS
(dollars)
Fund Type Available
FY 2019
Recommended
FY 2020
Change
Special Revenue Funds - Other 65,287,000 61,912,000 (3,375,000)
Total 65,287,000 61,912,000 (3,375,000)

AID TO LOCALITIES
ALL FUNDS FINANCIAL REQUIREMENTS BY PROGRAM
APPROPRIATIONS
(dollars)
Program Available
FY 2019
Recommended
FY 2020
Change
Administration
Special Revenue Funds - Other 850,000 850,000 0
Insurance
Special Revenue Funds - Other 64,437,000 61,062,000 (3,375,000)
Total 65,287,000 61,912,000 (3,375,000)

Note: Most recent estimates as of 1/15/2019

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