Department of Financial Services

To reform the regulation of financial services in New York to keep pace with the rapid and dynamic evolution of these industries, to guard against financial crises, and to protect consumers and markets from fraud.

Consumers; financial institutions; law enforcement agencies; local, state, federal, and international government institutions

DFS is the primary regulator for all state-licensed and state-chartered banks, credit unions, and mortgage bankers and brokers. All mortgage loan servicers doing business in New York State must be registered or licensed by DFS. The Department also oversees all of the insurance companies operating in New York, licenses all of the budget planners, finance agencies, check cashers, money transmitters, and virtual currency businesses operating in New York, and investigates and prosecutes insurance and financial fraud, working with law enforcement and regulatory agencies at the federal, state, county, and local levels.