On May 24, 2011 the New York State Legislature unanimously confirmed Benjamin M. Lawsky as the first Superintendent of the newly formed New York State Department of Financial Services (NYSDFS), which department took full control of the New York State Insurance Department (NYSID) and the New York State Banking Department. Under the guidance of  Benjamin M. Lawsky, his successor in 2016 Superintendent Maria T. Vullo and as of January 2019 Linda A. Lacewell represents the third official Superintendent for the NYSDFS, which is one of the most efficient consumer-oriented protection agencies for New York State residence, and a model authority for many other states following New York’s lead.

The Department has five divisions: the insurance division; banking division, financial frauds and consumer protection division (“FFCPD”), capital markets division, and real estate division.

The insurance division has life, health, and property bureaus. The FFCPD was created by the Financial Services Law and aims to protect and educate consumers of financial products and services.  It also aims to fight financial fraud.

The FFCPD pursues civil and criminal investigations of activities that may constitute violations of the Financial Services Law, Banking Law, Insurance Law, or other laws, and brings enforcement proceedings where appropriate.

The Department also has an Office of General Counsel, which is the legal arm of the Department.  It drafts legislation, regulations, and circular letters, issues legal opinions, and renders legal advice to Department staff.