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Superintendent of Financial Services Linda A. Lacewell today announced that the Department of Financial Services (DFS) will host the 2nd annual meeting of the Global Financial Innovation Network (GFIN), a consortium of 50 international regulators and related organizations committed to putting consumers at the center of financial innovation.
“DFS is thrilled to be chosen as host of the second GFIN annual meeting, and I welcome our global colleagues to New York, the financial capital of the world and a global hub of innovation,” said Superintendent Lacewell. We look forward to collaborating with our global peers to foster consumer-centric innovation, as well as showcase everything this great state has to offer.”
“Fostering responsible innovation is a top priority for the Department and we welcome our fellow regulators to New York to discuss the balance between innovation and regulation,” said Matthew Homer, Executive Deputy Superintendent of Research and Innovation. “We look forward to regulatory collaboration to encourage the growth of the fintech industry.”
Earlier this year, DFS became the first U.S. state banking regulator to join GFIN after Superintendent Lacewell traveled to Europe and met with international regulators. DFS’ international scope and reach makes it an ideal host for GFIN’s international membership and the state’s dynamic fintech scene provides an ideal backdrop for this meeting. GFIN members will have the opportunity to interact with the New York fintech community through the many other events organized during NY FinTech Week.
As the regulator for both banking and insurance in New York, DFS oversees a combined $7.3 trillion in assets, and supervises and regulates the branches, agencies, and representative offices of over 80% of the foreign banks operating in the United States. Partnerships like GFIN help further position DFS as the regulator of the future, while upholding New York State’s status as the center of financial services innovation and regulation.
More information about GFIN and its membership can be found here.
