Financial Services, Department of

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

Mission

Legislation enacted with the FY 2012 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 FY 2017 Executive Budget recommends $410.96 million for the Department, a decrease of $14.6 million from FY 2016 budget estimates. This decrease primarily reflects substantial savings in DFS-administered health insurance programs attributed to the New York State of Health.

The Executive Budget recommends a workforce of 1,382 FTEs for the Department, unchanged from FY 2016 levels.

Note: Most recent estimates as of 01/13/2016

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