by Howard Haykin

The New York State Senate has confirmed Linda Lacewell as new superintendent for the Department of Financial Services (NYSDFS), which supervises approximately 4400 entities with assets of about $6.2 trillion, and is responsible for the regulation and supervision of New York’s financial services industry - including those entities subject to the New York insurance, banking and financial services laws.

Ms. Lacewell, who’s been serving as acting superintendent for the DFS since February 2019, is the Department’s 3rd Superintendent since its creation in 2011. Benjamin Lawsky served as Superintendent from 2011 to mid-2015, and was followed by Maria Vullo, who served until February 2019.

During her term in office, Ms. Vullo prioritized cybersecurity, requiring New York banks and insurance companies to more thoroughly protect themselves and consumers. Under Ms. Lacewell’s leadership as acting superintendent, the DFS has continued to expand the virtual currency market in New York by offering licenses for new entrants. She previously established the Cyber Division, which focuses on consumer protection and cybersecurity, and the Consumer Protection and Financial Enforcement Division, to fight consumer fraud as well as ensure compliance from regulated firms.

Prior to joining the NYS DFS, Linda Lacewell served in the following positions:

• Chief of Staff and Counselor to NY Governor Cuomo (2017-2019)
• Executive Director, Cancer Breakthroughs 202 Foundation (2016-2017)
• Chief Risk Officer and Counselor to NY Governor Cuomo (2015-2016)
• Special Counsel and Special Assistant to NY Governor Cuomo (2011-2015)
• Special Counsel to NY Attorney General (2007-2011)
• Assistant U.S. Attorney for the Eastern District of New York, DOJ (1997-2007)