The New York Senate on Wednesday confirmed Benjamin Lawsky to be the state’s first superintendent of its new Department of Financial Services.
The agency was created by the merger of New York’s Banking Department -- which oversees mortgage bankers and brokers -- and the Insurance Department, which had oversight of title and mortgage insurers.
Lawsky is currently chief of staff to Gov. Andrew Cuomo, who pushed for the merger in his state budget. Lawsky had been a part of Cuomo's staff in the attorney general's office and before that was a prosecutor in the U.S. Attorney's Office for the Southern District of New York.
In a statement, Cuomo said, "Ben's deep understanding of complex markets, evolving financial products and consumer protection uniquely enables him to safeguard investors while maintaining a vibrant marketplace in New York."
New York Association of Mortgage Brokers president Susan Kreyer said the industry has had a great working relationship with the Banking Department and the group hopes it will continue under the new structure.
