The New York State Department of Financial Services announced that it has created a new Consumer Protection and Financial Enforcement Division. The new division, which will be led by Katherine A. Lemire, combines the previously separate Enforcement and Financial Frauds and Consumer Protection divisions.
DFS supervises insurance companies, banks, credit agencies, and many other financial institutions. According to DFS, its primary mission is to reform the regulation of financial services in New York to keep pace with the rapid and dynamic evolution of these industries, to guard against financial crises, and to protect consumers and markets from fraud. The DFS's new Consumer Protection and Financial Enforcement Division will be responsible for protecting and educating consumers and fighting consumer fraud, as well as ensuring that regulated entities comply with New York and federal law.
In announcing the appointment of Lemire to lead the Division, Acting Superintendent Linda A. Lacewell said, "DFS’s new Consumer Protection and Financial Enforcement Division will be a powerhouse, and Katie’s knowledge and skillset will greatly strengthen the Department’s mandate to guard against financial crises and to protect consumers and markets from fraud.”