NYDFS Superintendent to Resign August 24

Aug 18, 2021Banks & Credit Unions, News

New York State Department of Financial Services (NYDFS) Superintendent Linda Lacewell announced earlier this month her intent to resign, effective August 24. Her resignation comes after a report tied her to the sexual harassment scandal surrounding the state’s current Governor, Andrew Cuomo. Cuomo also announced last week that he would resign.

“It has been a privilege to lead you over the past two and a half years,” Lacewell said in an emailed letter to the agency’s staff, which was also posted to the NYDFS website. “With a new governor about to take office, it is time for me to move on and make way for new leadership.”

Lacewell highlighted some of the accomplishments she saw during her time in office, such as repositioning the NYDFS to put consumers first by deferring payments at the onset of the pandemic. She also noted that the agency waived bank fees, broadened telehealth access, and made COVID testing and vaccines free of charge.

The NYDFS was the first financial regulator to address the financial risks of climate change and give banks CRA credit for climate resiliency. Additionally, the department modernized its approach to the cryptocurrency business and issued guidance on ransomware attacks and cyber insurance.

Among the accomplishments Lacewell mentioned, the NYDFS formed the Drug Accountability Board to investigate pharmaceutical drug price increases. She also brought attention to the work done to address racial disparities in the mortgage industry. 

Lacewell is slated to officially leave August 24, 2021, which is the same day Cuomo plans to depart. Lieutenant Governor Kathy Hochul will then become governor.

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