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New York State Senate confirms Maria Vullo as top financial regulator

Maria Vullo, a lawyer who represented banks, has been running the NYDFS as its acting superintendent since February.

By: Reuters | New York | Published: June 16, 2016 9:03 am
Maria Vullo, Andrew Cuomo, Governor Cuomo, Vullo, New York Governor Vullo, New York State Department of Financial Services, NYDFS superintendent, New York news, international news New York Governor Andrew Cuomo had nominated Maria Vullo to be the state’s top financial legislator. (Source: AP file photo)

The New York State on Wednesday confirmed Governor Andrew Cuomo’s pick to become the state’s top financial regulator.

The confirmation vote for Maria Vullo, Cuomo’s nominee for superintendent of the New York State Department of Financial Services (NYDFS), was unanimous.

Cuomo, a Democrat, nominated Vullo in January. Her appointment is effective immediately. Earlier on Wednesday, the New York Senate Finance Committee held a hearing on Vullo’s nomination and recommended that she be confirmed. A week ago, the New York Senate’s banking and insurance committees also held separate hearings about Vullo.

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Vullo, a lawyer who represented banks, described herself during recent state legislative committee meetings as “pro-business and pro-consumer.” She has been running the NYDFS as its acting superintendent since February.

Vullo will succeed former NYDFS Superintendent Benjamin Lawsky, who left the agency in 2015.

Under Lawsky, NYDFS earned a reputation as an aggressive regulatory body that extracted hefty fines from global banks and other financial institutions.

The regulator, created in 2011 by consolidating the state’s banking and insurance agencies, had been in flux since before Vullo’s arrival in March.

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