Who is the head of the New York Department of Financial Services?
Superintendent Adrienne A. Harris
Superintendent. Adrienne A. Harris was nominated to lead the New York State Department of Financial Services (DFS) by Governor Kathy Hochul in August, 2021 and confirmed by the New York State Senate on January 25, 2022.
Who does NYSDFS regulate?
The DFS maintains a historical listing of New York banking institutions – Banks and Trust Companies, Savings Banks, Savings and Loans, Credit Unions, Investment Companies and Foreign Banking Institutions – that are or were New York State-chartered, as well as most federally chartered institutions that have ever …
Who regulates banking organizations in NY?
the NYSDFS
Today, the NYSDFS is the primary regulator for a diverse range of financial institutions. Its supervision takes in around 4,400 separate entities including banks and trusts, insurance companies, lenders, mortgage brokers, charities, virtual currency businesses, and more.
How do I file a complaint against a bank in New York?
Bank Complaint
- Agency: New York State Department of Financial Services.
- Division: Consumer Help Unit.
- Phone Number: (877) 226-5697.
- Business Hours: Monday – Friday: 9 AM – 5 PM.
Who is a covered entity under 23 Nycrr 500?
These apply to any registered entity providing financial services including insurance companies, banks, as well as financial services institutions. The 23 NYCRR 500 is part 500 of the NYDFS’s overall body of regulation.
When was the GLBA Act enacted and why?
ABOUT THE GLB ACT The Gramm-Leach-Bliley Act was enacted on November 12, 1999. In addition to reforming the financial services industry, the Act addressed concerns relating to consumer financial privacy. The Gramm-Leach-Bliley Act required the Federal Trade Commission (FTC) and other government…
What state agency regulates banks?
The Federal Reserve regulates state-chartered member banks, bank holding companies, foreign branches of U.S. national and state member banks, Edge Act Corporations, and state-chartered U.S. branches and agencies of foreign banks.
What are the responsibilities of the Federal Reserve System?
The Fed provides the country with a safe, flexible, and stable monetary and financial system. The Fed’s main duties include conducting national monetary policy, supervising and regulating banks, maintaining financial stability, and providing banking services.
What is NY cyber security?
The NYDFS Cybersecurity Regulation works by imposing strict cybersecurity rules on covered organizations, including the installment of a detailed cybersecurity plan, the designation of a Chief Information Security Officer (CISO), the enactment of a comprehensive cybersecurity policy, and the initiation and maintenance …
Who do I complain to about my bank?
If you’ve gone through your bank or building society’s complaints procedure and they haven’t been able to help you, you can make a complaint to the Financial Ombudsman Service. You can also contact the Financial Ombudsman Service’s consumer helpline on 0800 023 4 567 or 0300 123 9 123.
Why was Standard Chartered Bank fined $40 million?
Financial Services Superintendent Maria T. Vullo today announced that the New York Department of Financial Services (DFS) has fined Standard Chartered Bank $40 million for attempting to rig transactions in foreign exchange markets between 2007 and 2013.
What are Standard Chartered’s internal controls and compliance obligations?
Under the consent order, Standard Chartered is obligated to submit enhanced written internal controls and compliance programs acceptable to the Department; improve its risk management program and establish an enhanced internal audit program. The bank agreed to provide the Department with ongoing progress reports on meeting the objectives.
What was the investigation into Standard Chartered like?
DFS’s investigation of Standard Chartered found that traders used chatrooms, e-mails, phone calls and personal meetings to attempt to rig transactions. The illegal activities uncovered included: Engaging in non-competitive agreements among traders on prices and spreads.
What types of institutions does the Department of financial services supervise?
The Department of Financial Services supervises many different types of institutions. Supervision by DFS may entail chartering, licensing, registration requirements, examination, and more.