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N.Y.’s Top Financial Cop Is Leaving
by Howard Haykin
Maria Vullo, the superintendent of New York State’s Department of Financial Services (“NYSDFS”), will step down on February 1, 2019, ending her 3 years of service. As head of New York’s banking and insurance regulator, Ms. Vullo has, among other things, created a national model for cybersecurity regulations at banks and fought back against federal attempts to chip away at Obamacare and payday-lending rules.
Ms. Vullo was appreciated for her expertise and balanced enforcement of the laws – that, according to Kathryn Wylde, CEO of the Partnership for New York City, an advocacy group for business. Ms. Vullo collected more than $2.8 billion from enforcement actions against financial institutions (mostly foreign banks, for violations of U.S. sanctions, AML laws and the Bank Secrecy Act) - in contrast to the $6 billion in penalties that her predecessor, Benjamin Lawsky, tallied over 4 years.
No successor has been named.
