News Summary
Kaitlin Asrow has been appointed as the acting superintendent of the New York State Department of Financial Services, succeeding Adrienne Harris. Asrow, who previously served as the executive deputy superintendent, will lead the DFS in ensuring consumer protection and overseeing financial institutions amid significant changes in the industry, particularly in virtual currencies. Her leadership follows notable reforms introduced by Harris, focusing on innovation and access to affordable financial services.
Albany, NY – Kaitlin Asrow has been appointed as the acting superintendent of the New York State Department of Financial Services (DFS), effective October 18. This change comes as Asrow replaces Adrienne Harris, who recently announced her departure from the department. New York Governor Kathy Hochul made the announcement on Monday, filling the role that Harris held for four years.
The DFS plays a critical role in regulating banking and insurance across New York, overseeing a wide range of financial institutions and products to ensure consumer protection and industry stability. Asrow previously served as the executive deputy superintendent of the DFS’s research and innovation division for four years. In this capacity, she contributed to establishing the virtual currency regulatory team at the DFS and managed regulations related to virtual currency companies.
Prior to her tenure at DFS, Asrow worked as a senior policy adviser at the Federal Reserve Bank of San Francisco, where she gained significant experience that bolstered her qualifications for her new position.
Adrienne Harris was appointed by Governor Hochul in 2021 and confirmed by the New York State Senate in January 2022. Noted as the longest-serving DFS superintendent, Harris implemented significant reforms during her leadership. She introduced artificial intelligence regulations for insurance underwriting and pricing, amended cybersecurity rules, and focused on addressing health inequalities within the financial sector. Additionally, she expanded oversight of digital currencies and established regulations for pharmacy benefit managers.
Under Harris’s leadership, the DFS also closed Signature Bank in 2023, marking the fourth-largest bank failure in U.S. history. She has been an advocate for bank examiners to proactively identify weaknesses in banks to prevent financial crises.
In her new role, Asrow has expressed her commitment to expanding access to affordable financial services while ensuring that innovation within the industry remains responsible. She assumes leadership during a period characterized by substantial changes, particularly in the cryptocurrency sector. The DFS, under Harris’s direction, received recognition from Congress for its technical expertise regarding regulatory matters.
Asrow’s leadership arrives at a time when recent legislation introduced by New York lawmakers mandates annual transparency reporting from insurers that cover multifamily and nonprofit housing. The DFS is also involved in a proposed disaster relief and insurance reform package following severe weather events in New York. Senate Bill 7761, for instance, seeks to provide grants for storm recovery and climate resilience for policyholders who install mitigation features.
During her tenure, Harris introduced regulations for buy now, pay later (BNPL) firms in line with a state law passed in May, and she encouraged banks to seek prior approval from the DFS before engaging in crypto-related activities. Harris reflected on her term, indicating she felt it was the “right amount of time” to lead the agency. After her departure, she plans to take time to reflect on her experiences and consider her next steps.
Asrow steps into her role amidst these significant regulatory changes and challenges, with the aim of continuing to solidify the DFS’s status as a global financial regulatory leader and consumer protector.
Deeper Dive: News & Info About This Topic
HERE Resources
Texas Surpasses New York in Financial Workforce Size
New York Pushes for Fair Crypto Regulation Amid Industry Challenges
Ron Clamser Appointed President of New York School Officials
New York State Advocates for Balanced Crypto Regulation
Political Turmoil in New York City Following Mayor Primary
Zohran Mamdani Claims Victory in NYC Democratic Primary
New York’s Evolving Regulatory Framework for Digital Assets
New York Sets the Standard for Cryptocurrency Regulation
Additional Resources
- Insurance Business
- Wikipedia: New York State Department of Financial Services
- Payments Dive
- Google Search: New York Department of Financial Services
- Business Insurance
- Encyclopedia Britannica: Insurance
- CoinTelegraph
- Google News: Adrienne Harris New York DFS
Author: STAFF HERE NEW YORK WRITER
The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
