New York State Financial Services Superintendent Linda Lacewell said in an interview with the New York Law Journal that she plans to use her position as head of DFS to further strengthen the Department’s work protecting consumers. Lacewell said she expects the DFS’s role as a national leader on consumer protection to grow during her tenure. “Whether it’s a banking-related decision, an insurance-related decision, or any of our agents or brokers, licensed entities, this is all affecting real people, Even keeping the markets safe and secure is affecting real people. . .I’m just glad we have such high-quality regulators, lawyers, examiners and others who are doing the work every day to keep our markets safe, to protect consumers, and help position the agency to deal with the great waves of innovation that are currently underway.”
The Superintendent also discussed the emerging financial technology industry, aka fintech, and noted the online lending industry is a major part of fintech. She noted that about a decade ago, only 1% of personal loans were done online, but today that’s up to 38%. DFS is planning a series of new steps to bolster its oversight of fintech, and Lacewell has made it a priority since first taking office.