• The Rise of a Regulator - New York’s Department of Financial Services Takes Matters Into Its Own Hands
  • November 12, 2014 | Authors: Adam S. Kaufmann; Arthur D. Middlemiss; Hillary Rosenberg; A. Katherine Toomey
  • Law Firms: Lewis Baach PLLC - New York Office ; Lewis Baach PLLC - Washington Office
  • New York’s state-level financial regulator - the Department of Financial Services (“DFS”) - regulates all banks and insurance companies located in New York. It has always been a robust regulator, but until lately, it has operated largely in the background, particularly in high profile investigations. That appears to be changing. As shown by recent penalties imposed by DFS, unilaterally, on Standard Chartered Bank and PriceWaterhouseCoopers (“PwC”), DFS is clearly willing and eager to exercise its authority without the participation, or even agreement, of federal or other state authorities. So in this piece, we point a spotlight on DFS and its recent rise to prominence.