Benjamin Lawsky, New York State’s Banking Regulator. wants to bypass corporations which are legal fictions and go after individuals and ‘name and shame’ them.<\/p>\n
\u201cPeople do cheat. We want to preserve the reputation of our financial sector and make people realize the vast majority of people on Wall Street and banking do good work,\u201d Mr Lawsky said.<\/p>\n
Mr Lawsky, a former federal prosecutor, worked closely with Andrew Cuomo \u2013 formerly New York\u2019s attorney-general now the state\u2019s governor. Mr Cuomo created DFS three years ago by merging the state\u2019s banking and insurance regulators and tapped Mr Lawsky to run it. DFS supervises 4,400 entities, with assets of about $6.2tn.<\/p>\n
Mr Lawsky\u2019s ambition is to establish New York as the financial technology capital of the world. He\u2019s working on a regulatory blueprint that will woo Bitcoin exchange operators to set up in the state.<\/p>\n
He sees regulators as having to adapt and be more nimble to developing technologies \u2013 and that includes striking a balance between a bank\u2019s application that can take a year to be approved and the reality that a new technology can become outdated in six months.<\/p>\n
Mr Lawsky has personally adopted a revolutionary approach to bank regulation. He tweets from a personal Twitter account \u2013 with a modest 2,113 followers \u2013 and last month participated in a two-hour long \u201cask me anything\u201d session on reddit, an open forum social media website, to discuss and learn from users of Bitcoin.<\/p>\n
He noted that more than \u201c14,000 people from 117 countries tuned into those hearings online, which was not the usual turnout we get!\u201d<\/p>\n
DFS continues to investigate foreign banks for violating US sanctions laws saying the number of existing cases is \u201cnot as small as a handful but not dozens\u201d. His office is also actively investigating consulting firms for failing to act independently when advising banks.<\/p>\n
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