On July 23, the Financial Services Superintendent Linda A. Lacewell announced the establishment of the New York State Department of Financial Services (“NYDFS”) Research and Innovation Division (the “Division”). Superintendent Lacewell stated, “this new division…position[s] DFS as the regulator of the future, allowing the Department to better protect consumers, develop best practices, and analyze market data to strengthen New York’s standing as the center of financial innovation.”
The newly established Division will be tasked with supporting internal transformation and market innovation, while ensuring that the NYDFS keeps pace with the rapid transformation being experienced across the board in the financial services industry. The Division will be responsible for supervising virtual currencies, assessing new efforts to use technology to address financial exclusion, and identifying and protecting consumer data rights.
Matthew Homer will lead the Division as Executive Deputy Superintendent; Matthew Siegel and Olivia Bumgardner will be Deputy Superintendents of the Division; and Andrew Lucas will serve as Counsel to the Division.
A copy of the press release may be found here.