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WBK Industry News - State Regulatory Developments

NYDFS Announces Newly Created Consumer Protection and Financial Enforcement Division

The New York Department of Financial Services (DFS) recently announced the creation of the Consumer Protection and Financial Enforcement Division, a new division of the DFS dedicated to protecting and educating consumers, as well as fighting consumer fraud.  The new division combines two previously separate divisions of the DFS, the Enforcement Division and the Financial Frauds and Consumer Protection Division.

The DFS also announced that this newly created division will be led by Katherine A. Lemire, who was appointed as Executive Deputy Superintendent of the division and whose previous experience includes serving as prosecutor in the Manhattan District Attorney’s Office, Assistant U.S. Attorney in the Southern District of New York, and as partner at an international consulting firm.

The new Consumer Protection and Financial Enforcement Division is responsible for ensuring that regulated entities are in compliance with New York and federal laws, and enforcing banking, insurance, and financial services laws, with a focus on cybersecurity events and the development of supervisory, regulatory, and enforcement policy in the area of financial crimes.