Financial Services, Department of
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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 new 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 Executive Budget recommends $552.2 million for the Department. This is a decrease of $2.8 million from the 2011-12 budget. The decrease primarily reflects reduced spending in programs funded by the Department but administered by other State agencies.
The Executive Budget recommends a workforce of 1,531 FTEs for the Department, the same level that was funded in the 2011-12 budget.
Major budget actions include:
- Rationalization of central agency services to reduce costs and enhance overall efficiencies for this newly merged entity. Such actions include the consolidation of leased office space resulting from restacking efforts and the transfer of call center operations to the Department of Taxation and Finance.
- Sufficient funding to establish a new Foreclosure Relief Unit within the Department to provide counseling, mediation and related services to help New Yorkers stay in their homes.
| Category | Available 2011-12 |
Appropriations Recommended 2012-13 |
Change From 2011-12 |
Reappropriations Recommended 2012-13 |
|---|---|---|---|---|
| State Operations | 329,430,823 | 326,630,823 | (2,800,000) | 2,000,000 |
| Aid To Localities | 225,566,000 | 225,566,000 | 0 | 2,540,000 |
| Total | 554,996,823 | 552,196,823 | (2,800,000) | 4,540,000 |
| Program | 2011-12 Estimated FTEs 03/31/12 |
2012-13 Estimated FTEs 03/31/13 |
FTE Change |
|---|---|---|---|
| Administration | |||
| Special Revenue Funds - Other | 186 | 186 | 0 |
| Banking | |||
| Special Revenue Funds - Other | 191 | 191 | 0 |
| Insurance | |||
| Special Revenue Funds - Other | 1,154 | 1,154 | 0 |
| Total | 1,531 | 1,531 | 0 |
Note: Most recent estimates as of 1/17/2012