Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

New York State Senate confirms Vullo as top financial regulator

Published 06/15/2016, 09:07 PM
Updated 06/15/2016, 09:10 PM
© Reuters. New York State Governor Andrew Cuomo speaks at Democratic U.S. presidential candidate Hillary Clinton's rally in New York

By Suzanne Barlyn and Rama Venkat Raman

(Reuters) - The New York State on Wednesday confirmed Governor Andrew Cuomo's pick to become the state's top financial regulator.

The confirmation vote for Maria Vullo, Cuomo's nominee for superintendent of the New York State Department of Financial Services (NYDFS), was unanimous.

Cuomo, a Democrat, nominated Vullo in January. Her appointment is effective immediately. 

Earlier on Wednesday, the New York Senate Finance Committee held a hearing on Vullo's nomination and recommended that she be confirmed. Last week, the New York Senate's banking and insurance committees also held separate hearings about Vullo.

Vullo, a lawyer who represented banks, described herself during recent state legislative committee meetings as "pro-business and pro-consumer."

She has been running the NYDFS as its acting superintendent since February.

Vullo will succeed former NYDFS Superintendent Benjamin Lawsky, who left the agency last year.

Under Lawsky, NYDFS earned a reputation as an aggressive regulatory body that extracted hefty fines from global banks and other financial institutions.

The regulator, created in 2011 by consolidating the state's banking and insurance agencies, had been in flux since before Vullo's arrival in March.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.