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Bloomberg: The Next Sheriff of Wall Street Should Learn to Play Nice

The sheriff of Wall Street is moving on — much to the elation of the financial services sector. Benjamin Lawsky, superintendent of the New York Department of Financial Services, is departing from his position this June. But he is likely to leave a lasting impression on the culture and mission of the department. Having set a precedent of a strict but innovative approach to regulation, examination and enforcement, Lawsky is likely to have a successor who shares his zealous approach to Wall Street oversight. However, the next head of NYDFS could arguably benefit from better industry relations.

Lawsky has been with the NYDFS since the department was created in May 2011 to better monitor the financial system and avoid future financial crises. Nearly 4,000 firms are supervised by the department, including domestic and foreign banks, insurance companies and nonbank financial companies. Lawsky was tasked with the mission of better policing Wall Street, protecting consumers and regulating financial markets.

This article was written by ExigerTech President Brandon Daniels from American Banker and was legally licensed through the NewsCred publisher network. Download to read full article. 

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