Financial Services, Department of

Agency Web Site: http://www.dfs.ny.gov/

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.

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

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