News Summary
Adrienne Harris has announced her resignation as superintendent of the New York Department of Financial Services, effective October 18. Having served four years, she was the longest-serving superintendent in the agency’s history. Governor Kathy Hochul appointed Kaitlin Asrow as the acting superintendent. Under Harris’s leadership, significant reforms were introduced to regulate virtual currencies, enhance consumer protection, and improve access to financial products for New Yorkers. The agency is now set to continue its mission under Asrow while searching for a permanent replacement.
New York, NY – Adrienne Harris is resigning as superintendent of the New York Department of Financial Services (DFS), effective October 18. Harris made history as the longest-serving superintendent in the agency’s history, completing four years in the role.
Governor Kathy Hochul announced Harris’s impending departure and appointed Kaitlin Asrow as the acting superintendent. Asrow has served as the executive deputy superintendent for research and innovation, bringing significant experience to the position, particularly in overseeing virtual currency firms. She previously worked as a senior policy advisor at the Federal Reserve.
During her tenure, Harris led the DFS through a transformative period marked by substantial reforms that significantly enhanced the agency’s national profile. Under her leadership, initiatives were launched that expanded access to affordable financial products for New Yorkers, contributing to economic well-being across the state.
Notable achievements during Harris’s time include the establishment of seven new banking development districts aimed at improving financial services in underserved areas. She implemented essential reforms to the Community Reinvestment Act standards, extending these to nonbank mortgage lenders while also setting important benchmarks for businesses owned by minorities and women.
Furthermore, reforms in check-cashing fees resulted in savings of over $22 million for New Yorkers. The DFS also gained statutory authority to regulate buy now/pay later (BNPL) loans, enhancing consumer protection in this emerging financial segment.
A significant aspect of Harris’s leadership was her focus on cryptocurrency regulation. The DFS expanded its virtual currency unit, becoming a leader in this rapidly evolving sector. Under her oversight, several troubled cryptocurrency firms, including FTX, Voyager, and Celsius, were banned from operating in New York, enhancing consumer safety and confidence in the financial system.
In a remarkable financial performance, the DFS collected $2.1 billion in repayments from the cryptocurrency exchange Gemini and imposed substantial penalties on firms like Coinbase and Paxos for violations relating to anti-money laundering and sanctions enforcement.
Additionally, Harris prioritized the enhancement of the agency’s technological infrastructure and modernization efforts, which included hiring and promoting over 1,200 staff members during her leadership. As a result of these initiatives, the DFS is now fully funded for the first time since its establishment in 2011, highlighting the operational improvements made under her guidance.
Harris’s tenure is noted for evolving the financial regulatory landscape in New York, achieving a balance between fostering innovation and ensuring accountability. Her commitment to serving New Yorkers and creating a more equitable financial system has had a lasting impact on the agency and the communities it serves.
Kaitlin Asrow is set to take over as acting superintendent as the search for a permanent replacement begins. The DFS’s focus on consumer protection and industry regulation is likely to continue as they navigate the complexities of both traditional and emerging financial sectors.
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Additional Resources
- PYMNTS: Adrienne Harris Reflects on Four Years of Redefining Financial Regulation in New York
- Wikipedia: Financial Regulation
- Fortune: Top Crypto Regulator Adrienne Harris Steps Down
- Google Search: Adrienne Harris New York DFS
- Consumer Financial Services Law Monitor: Understanding New York’s New Buy Now Pay Later Law
- Encyclopedia Britannica: Cryptocurrency
- Financial Regulation News: Head of New York’s Department of Financial Services Stepping Down
- Google News: New York Department of Financial Services
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