NYDFS Superintendent Steps Down

New York’s Department of Financial Services (NYDFS) superintendent Adrienne Harris is stepping down, she announced, effective next month. The former Obama administration official leaves as the longest-serving NYDFS superintendent after a reform-heavy tenure that increased the national profile of the agency. 

“I’d like to thank Superintendent Harris for her four years of service at DFS, working every day to make our financial system work for New Yorkers, while also rebuilding the Department into a regulator fit for the financial capital of the world,” wrote New York Governor Kathy Hochul in a release announcing the departure.

Fortune noted that shortly after Harris was nominated to lead the DFS in 2021, a series of blockchain bankruptcies led to investors losing billions of dollars. Banks Silvergate and Signature also threatened the broader U.S. financial system when they failed. 

During her time at the NYDFS, Harris led initiatives to expand consumers’ access to affordable financial products, and established seven new banking development districts. She also reformed overdraft fees and check-cashing fees, which her office says saved consumers over $22 million. 

Additionally, Harris was the first New York representative on the U.S. Financial Stability Oversight Council. She developed NYDFS’ virtual currency unit for the nation’s leading crypto regulator, and prohibited troubled crypto firms from operating in the state. 

“It has been a privilege and an honor to serve New Yorkers, delivering positive outcomes for consumers; cementing DFS as a global regulatory leader; and transforming the Department’s operations,” Harris said. 

Kaitlin Asrow, deputy superintendent for research and innovation at the NYDFS, will temporarily replace Harris. Asrow served as a senior policy advisor at the Federal Reserve and worked on innovation policy at district banks and federal regulators.