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Financial Services Law Insights and Observations

NYDFS creates fintech Research and Innovation Division

Fintech NYDFS State Issues

Fintech

On July 23, NYDFS announced its newly created Research and Innovation Division, led by Matthew Homer as Executive Deputy Superintendent. “The financial services regulatory landscape needs to evolve and adapt as innovation in banking, insurance and regulatory technology continues to grow,” NYDFS Superintendent Linda Lacewell stated. “This new division and these appointments position [NYDFS] as the regulator of the future, allowing the Department to better protect consumers, develop best practices, and analyze market data to strengthen New York’s standing as the center of financial innovation.” The Research and Innovation Division, which will house NYDFS’ division responsible for supervising and licensing virtual currencies, will also assess technology efforts focusing on financial exclusion, consumer data protection rights, and financial services innovation. Among the appointees, NYDFS highlighted Homer’s recent experience as head of policy and research at a New York fintech company that provides open banking functionality for financial services providers, as well as his experience in emerging technology and financial inclusion at various federal agencies.

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