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 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, which is unchanged from the 2012-13 budget.
The Executive Budget recommends a workforce of 1,337 FTEs for the Department, which is an increase of 94 from 2012-13 revised levels. This change reflects staffing increases needed to implement the mission of the new department. The revised 2012-13 FTE levels reflect the transfer of 71 FTEs to the newly created Office of Information Technology Services.
Major budget actions include:
- Rationalization of central agency services to reduce costs and enhance efficiencies for the Department. Such activities include the consolidation of office space resulting from restacking efforts in Albany, Syracuse and New York City and the consolidation of non-regulatory functions such as administration and legal services.
- Realignment of the Department’s resources across programs in accord with the Department’s merged and consolidated organizational structure.
| Category | Available 2012-13 |
Appropriations Recommended 2013-14 |
Change From 2012-13 |
Reappropriations Recommended 2013-14 |
|---|---|---|---|---|
| State Operations | 326,630,823 | 326,630,823 | 0 | 2,500,000 |
| Aid To Localities | 225,566,000 | 225,566,000 | 0 | 0 |
| Total | 552,196,823 | 552,196,823 | 0 | 2,500,000 |
| Program | 2012-13 Estimated FTEs 03/31/13 |
2013-14 Estimated FTEs 03/31/14 |
FTE Change |
|---|---|---|---|
| Administration | |||
| Special Revenue Funds - Other | 186 | 79 | (107) |
| Banking | |||
| Special Revenue Funds - Other | 407 | 450 | 43 |
| Insurance | |||
| Special Revenue Funds - Federal | 3 | 3 | 0 |
| Special Revenue Funds - Other | 647 | 805 | 158 |
| Total | 1,243 | 1,337 | 94 |
Note: Most recent estimates as of 01/22/2013