On July 23, 2019, the New York Department of Financial Services
announced creation of a Research and Innovation Division to keep
pace with FinTech advances.
New York's Superintendent of Financial Services, Linda
Lacewell, announced on July 23, 2019, that the
Department of Financial Services (NYDFS) has created a new arm of
the agency called the Research and Innovation Division. The new
division, which will be led by Executive Deputy Superintendent
Matthew Homer, will be tasked with adapting to innovation in
banking, insurance and regulatory technologies. The new division
appears to be the fruition of Superintendent Lacewell's plan,
as revealed in an interview with the New York Law Journal, to
hire a dedicated FinTech expert to oversee the long-term plan for
the regulation of FinTech at the NYDFS.
