New York’s Department of Financial Services (DFS) is the body that issues all-important licenses to banks wishing to operate in New York. It was created in 2011 by merging two different regulating bodies. And while it is usually the Fed, the FDIC, and federal prosecutors that regulate banks, DFS and its head, Benjamin Lawsky have gone on a crusade, collecting $5.3B in just three-and-a-half years. Overreaching into the areas traditionally regulated by other bodies. Lawsky is a former Chief of Staff for New York Governor Andrew Cuomo. He is almost certainly earning himself a reputation for going after the big banking bad guys to put himself in a good position to advance his political career with populist voters.
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Sources: Shock therapy