New York DFS readies for leadership transition

ALBANY, N.Y. — The New York State Department of Financial Services (DFS) will soon have new leadership.

Gov. Kathy Hochul on Sept. 29 announced that Adrienne Harris, who has served as superintendent of the New York State Department of Financial Services (DFS) for four years, is leaving the state’s top financial regulatory agency. As for why Harris is leaving the role, DFS provided CNYBJ with the following response from her. “I’m proud of what we have accomplished at DFS over the last four years, working together to build an equitable, transparent, and resilient financial system that benefits individuals and supports business,” Harris said in the statement. “I am taking some time to reflect and think through what comes next and look forward to the possibilities ahead.”

The governor is appointing Kaitlin Asrow as acting superintendent of the DFS, effective Oct. 18. “I’d like to thank Superintendent Harris for her four years of service at DFS, working every day to make our financial system work for New Yorkers, while also rebuilding the Department into a regulator fit for the financial capital of the world,” Hochul said in the announcement. “Between her time at the Federal Reserve, Financial Health Network, and within DFS, Kaitlin is well suited to lead the Department into the future, expanding access to affordable financial services for all New Yorkers while ensuring our great state continues to be a center for responsible innovation.” Hochul nominated Harris to lead DFS in August 2021. As the longest-serving superintendent, Harris led efforts to rebuild the department to better protect New Yorkers, regulated entities, and the global financial system, per the governor’s office. Since August 2021, DFS has recovered more than $725 million in restitution for New Yorkers. Harris and DFS also played a big role in regulating the cryptocurrency industry. “It has been a privilege and an honor to serve New Yorkers, delivering positive outcomes for consumers; cementing DFS as a global regulatory leader; and transforming the Department’s operations,” Harris contended in the governor’s announcement. “I want to express my deep gratitude to Governor Hochul, and to the DFS team for the excellent work they do every day to create a more equitable, transparent, and resilient financial system.”

Acting leader

Asrow has worked at DFS for the past four years as executive deputy superintendent of the research & innovation division. In that role, she oversaw the regulation of virtual currency companies, “building one of the largest and most sophisticated” virtual currency regulatory teams in the world. She is also responsible for the department’s policy work around innovation and financial inclusion. “I am humbled by the opportunity to continue working in service of New Yorkers under Governor Hochul’s leadership,” Asrow said. “I am committed to ensuring that New York remains the global financial capital, a leader in consumer protection, and a hub for responsible financial innovation.”