The phrase “new sheriff in town” may be a cliché, but it seems to fit nevertheless when referring to New York’s Department of Financial Services.
Created in 2011, the NYDFS is a state agency that regulates financial services and products within its borders. Benjamin Lawsky, previously an assistant U.S. attorney, was named to head the new regulator, and during his tenure the agency has taken a prominent role alongside federal regulators. In fact, by doing away with political niceties, the NYDFS has proven to be faster and harsher when meting out punishment.
