Lawsky to step down as NY DFS superintendent

May 26, 2015

ALBANY, N.Y. (5/26/15)--Benjamin Lawsky will step down as superintendent of the New York Department of Financial Services (DFS) at the end of June to start his own legal and consulting firm, The New York Times reported Friday.

Lawsky will also serve as a lecturer at Stanford University upon leaving DFS.

During his tenure as the state’s top financial regulator, Lawsky has aggressively targeted Wall Street and megabanks, bringing in roughly $6 billion in settlements. He has also focused his efforts on regulating the mortgage foreclosure process, cybersecurity and digital currencies, such as bitcoin.

The New York Credit Union Association worked closely with the DFS under Lawsky’s leadership to pass several important pieces of pro-credit union legislation, including laws that expand the state charter and allow credit unions to offer prize-linked savings programs (The Point May 22).