New York State Department of Financial Services superintendent Linda Lacewell announced the establishment of a Research and Innovation Division that will support internal transformation and market innovation and house the Department’s division responsible for licensing and supervising virtual currencies.
Also, it will assess new efforts to use technology to address financial exclusion; identify and protect consumer data rights; and encourage innovations in the financial services marketplace to preserve New York’s competitiveness as a financial innovation hub.
“The financial services regulatory landscape needs to evolve and adapt as innovation in banking, insurance and regulatory technology continues to grow,” said Lacewell. “This new division and these appointments position 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.”