ALBANY, N.Y., and MADISON, Wis. (1/25/16)--Governors in New York and Wisconsin selected new state financial regulators last week.
Gov. Andrew Cuomo nominated Maria Vullo as superintendent of the New York State Department of Financial Services. The previous superintendent, Benjamin Lawsky, left in June to start his own law and consulting firm.
Vullo previously worked with Cuomo when he was attorney general, overseeing the Economic Justice Division.
“Maria has shown an immovable commitment to upholding the law and protecting consumers, and I am confident that she would be a strong and tireless advocate for the people of New York as superintendent,” said Cuomo in a release.
Vullo’s nomination must be confirmed by the state Legislature.
Wisconsin Gov. Scott Walker also made changes to his cabinet last week. Ray Allen, who was secretary of the Department of Financial Institutions (DFI), became secretary of the Department of Workforce Development. He had been with DFI for more than 18 years.
Allen is succeeded by Lon Roberts, a retired partner/shareholder with the Ruder Ware law firm in Wausau, Wis. Roberts’ practice focused on business and commercial law, corporate mergers and acquisitions, finance, lending and private equity capital transactions.
The Oregon Department of Consumer and Business Services (DCBS) officially merged its Insurance Division and Division of Finance and Corporate Securities to create a new Division of Financial Regulation Jan. 1.
The Northwest Credit Union Association (NWCUA) and credit union leaders provided feedback when the move was first announced (Anthem Jan. 11). During a November briefing with NWCUA President/CEO Troy Stang and Assistant Vice President of Regulatory Advocacy John Trull, DCBS Director Pat Allen stressed the agency will communicate with industry stakeholders as the reorganization moves forward. DCBS Program Manager Janet Powell, who manages the team of current credit union examiners, is remaining in her role.