This updates our April 2011 Client Advisory and our May 2, 2011 blog post.

Today, New York Governor Andrew Cuomo announced certain nominations and appointments to his administration.  Among them was the nomination of Benjamin M. Lawsky, Cuomo’s current Chief of Staff, to serve as the Superintendent of the new Department of Financial Services (the “DFS”) to be created by legislation enacted as part of the 2011-2012 budget.  As previously reported, this legislation, effective October 2011, will consolidate the New York Insurance and Banking Departments into a new, single agency, the DFS.  Among other things, it will create a new office of the Superintendent of the DFS to assume the responsibilities of the existing insurance and banking superintendents, as well as new and heightened oversight responsibilities with respect to financial products and services.

Additionally, the Governor’s Office has announced appointment of James Wrynn, current New York Superintendent of Insurance, to serve as Deputy Superintendent of the DFS under Mr. Lawsky.

Click here for a copy of the press release setting forth the nominations and appointments.