On January 25, 2022, the New York State Senate reportedly voted to confirm Adrienne A. Harris as the Superintendent of the New York State Department of Financial Services (DFS).
Adrienne A. Harris stated:
“I thank Governor Hochul for my nomination. I thank the New York Senate for their confidence and support in my confirmation to serve the great people of New York.”
She added:
“I am honored to serve as the Superintendent of the Department of Financial Services. As the first African American woman to lead DFS, I am personally committed to working with all stakeholders to build a robust, fair and sustainable financial system, creating a better economic future for all New Yorkers.”
The Department of Financial Services supervises and “regulates the activities of approximately 1,500 banking and other financial institutions” with assets totaling over $2.6 trillion and over 1,400 insurance firms with assets of over $4.7 trillion.
They reportedly include over 130 life insurance companies, 1,300 property/casualty insurance companies, around 100 health insurers and managed care organizations, and 300,000 individual insurance licensees, 122 state-chartered banks, 80 foreign branches, 10 foreign agencies, 14 credit unions, 13 credit rating agencies, nearly 400 licensed financial services companies, and more than 9,600 mortgage loan originators and servicers.
The Department of Financial Services “supervises many different types of institutions. Supervision by DFS may entail chartering, licensing, registration or filing requirements, examination, etc.”
The “Who We Supervise App” on the DFS Portal can help consumers “find out whether a financial institution is regulated and/or licensed by the Department, and what additional locations or branches the entity may have.”
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 operated in the state of New York.”
Certain banking institutions, credit unions and other financial institutions might not be New York State-chartered, so the organization may not supervise them. Here are resources to assist you with determining who does.