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New York State Department of Financial Services

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uuid0005kee

Namestring
New York State Department of Financial Services
Legal namestring
New York State Department of Financial Services
Websiteurl
dfs.ny.gov
Company typeenum
Private
Founded yearint
2011
Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
1,001–5,000
akta.pro rankint
HeadquartersNew York, United States
HQ citystring
New York
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Offices2 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
financial regulation services, banking supervision, insurance regulation, consumer protection, cybersecurity compliance
Product category
Financial Regulation
Marketing channels9 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels5 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Personnel, Operations, Technology or R&D, Infrastructure, Others
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

NYDFS is the New York State agency that charters, licenses, examines, and supervises banks, insurance companies, mortgage lenders, money transmitters, and virtual currency businesses operating in New York. It issues industry guidance (including the Part 500 Cybersecurity Regulation), enforces consumer protection laws, processes consumer complaints, and provides disaster recovery assistance. The agency also issues industry-specific frameworks such as the BitLicense for virtual currency and proposed rules for stablecoins and Buy Now, Pay Later products.

Differentiator
Functional benefit
Problem solved
Product overview1 text field

The New York State Department of Financial Services (NYDFS) operates as a unified regulatory agency combining the former New York State Banking Department and Insurance Department. NYDFS is not a technology product company but rather a government regulatory body that supervises and regulates financial institutions including banks, insurance companies, mortgage companies, money transmitters, and virtual currency businesses. The agency provides consumer-facing information services through its official website (dfs.ny.gov), offering guidance on banking, insurance, credit, auto insurance, disaster recovery, and consumer protection. The DFS ID system enables secure authentication for regulated entities, while the Applications and Filings portal facilitates licensing and compliance submissions. The agency issues regulatory guidance through its Cybersecurity Resource Center, Industry Guidance publications, circular letters, and industry letters addressing emerging regulatory concerns.

Product and service8 records
1DFS ID Digital Identity System
CategoryDigital identity / regulatory access service
2DFS Applications and Filings Portal
CategoryLicensing and regulatory filing service
3BitLicense (Virtual Currency Business License)
CategoryVirtual currency regulatory license
4Consumer Complaint Filing Service
CategoryConsumer protection service
5DFS Disaster Hotline and Recovery Assistance
CategoryEmergency consumer assistance service
6DFS Cybersecurity Resource Center and Part 500 Compliance Program
CategoryCybersecurity regulatory program
7Buy Now, Pay Later (BNPL) Licensing and Supervision Framework
CategoryBNPL regulatory framework
8Stablecoin Regulatory Framework
CategoryStablecoin regulatory framework
Scale indicator4 records

Each record includes

Type, Value, Description, Source

Partnership3 partners
1European Banking Authority (EBA)
Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2026-06-02
Description

DFS and EBA signed a memorandum of understanding to coordinate supervisory activities for cross-border stablecoin operations under the EU's Markets in Crypto-Assets regulation. The agreement establishes a framework for sharing information including issued stablecoins, total volume in circulation, number of holders, audit results, and regulatory standing, as well as coordination during crises or emergencies.

2New York State Police
Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2026-04-08
Description

Governor Hochul announced a partnership between State Police and DFS to combat insurance fraud. The partnership includes specialized training for 250 law enforcement members at the State Police Academy in Albany in July. DFS will provide regulatory expertise while State Police provides investigative resources for fraud detection and prosecution.

3GIC Re (General Insurance Corporation of India)
Strategic tierMinorTypeOthers
Description

DFS collaboration reference through international regulatory coordination efforts. GIC Re administers the Bharat Maritime Insurance Pool for Indian-flagged vessels.

Recent move6 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight5 records

Each record includes

Type, Description

Peers10 records
1California Department of Financial Protection and Innovation (DFPI)
TypeDirect peer
Description

California's state-level financial regulator, directly comparable to NYDFS as a similarly large-state financial services supervisor covering banks, lenders, money transmitters, and crypto activity. Both agencies function as primary state-level regulators with consumer protection mandates in major U.S. financial markets.

2Consumer Financial Protection Bureau (CFPB)
TypeBroad incumbent
Description

Federal consumer finance regulator covering mortgages, credit cards, debt collection, and BNPL. Highly comparable in consumer protection mandate to NYDFS, particularly relevant given NYDFS's new BNPL regime.

3Financial Conduct Authority (FCA)
TypeDirect peer
Description

UK financial regulator with similar comprehensive remit across banking, insurance, capital markets, and cryptoasset activity. Direct functional peer — comparable supervisory tools, consumer protection focus, and innovation guidance function to NYDFS.

4FinCEN (Financial Crimes Enforcement Network)
TypeBroad incumbent
Description

Federal bureau administering AML/KYC regulations relevant to NYDFS-supervised money transmitters and virtual currency businesses. Comparable in BSA/AML enforcement function and the blockchain analytics guidance NYDFS has issued for banking organizations.

5BaFin (Germany)
TypeDirect peer
Description

Germany's integrated federal financial regulator covering banking, insurance, securities, and cryptoasset supervision under MiCA. Direct functional peer to NYDFS in scope and integrated supervisory architecture.

6European Banking Authority (EBA)
TypeDirect peer
Description

EU banking supervisor and direct MOU counterpart of NYDFS on stablecoin coordination. Comparable as an integrated regulator engaging in cross-border supervisory cooperation, and explicitly a peer per the June 2026 partnership.

7Monetary Authority of Singapore (MAS)
TypeDirect peer
Description

Singapore's integrated financial regulator with strong crypto and fintech supervisory programs. Comparable to NYDFS in combining banking, insurance, securities, and digital asset oversight under one authority and publishing innovation-focused guidance.

8U.S. Securities and Exchange Commission (SEC)
TypeBroad incumbent
Description

Federal securities regulator. Comparable to NYDFS in supervising financial market participants and enforcing consumer/investor protections in capital markets and emerging digital asset categories, but at federal scale.

9U.S. Office of the Comptroller of the Currency (OCC)
TypeBroad incumbent
Description

Federal banking regulator that charters and supervises national banks. Comparable in supervisory function to NYDFS's banking regulation role but operating federally across all 50 states with broader jurisdictional reach.

10Texas Department of Banking
TypeDirect peer
Description

Texas state financial regulator with comparable banking, money transmission, and trust supervision functions. Direct state-level peer to NYDFS in scope and operational model.

Market position
Strengths4 records

Each record includes

Headline, Details, Source

Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat3 records

Each record includes

Type, Details

Key risks5 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment7 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile5 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature4 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles1 record

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

New York State Department of Financial Services

Financial Regulationdfs.ny.gov

New York State Department of Financial Services firmographics

Firmographics
Name
New York State Department of Financial Services
Legal name
New York State Department of Financial Services
Website
https://dfs.ny.gov
Company type
Private
Founded year
2011
Operating status
Operating
Headcount range
1,001–5,000 employees
Ownership category
akta.pro rank

Where New York State Department of Financial Services is headquartered

Location

Headquarters

HQ city
New York
HQ country
United States
HQ region
North America

Offices2 records

Markets served

New York State Department of Financial Services business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Operations, Technology or R&D, Infrastructure, Others

Distribution channels5 records

Marketing channels9 records

New York State Department of Financial Services product offering

Product offering

Core offering

NYDFS is the New York State agency that charters, licenses, examines, and supervises banks, insurance companies, mortgage lenders, money transmitters, and virtual currency businesses operating in New York. It issues industry guidance (including the Part 500 Cybersecurity Regulation), enforces consumer protection laws, processes consumer complaints, and provides disaster recovery assistance. The agency also issues industry-specific frameworks such as the BitLicense for virtual currency and proposed rules for stablecoins and Buy Now, Pay Later products.

Product overview

The New York State Department of Financial Services (NYDFS) operates as a unified regulatory agency combining the former New York State Banking Department and Insurance Department. NYDFS is not a technology product company but rather a government regulatory body that supervises and regulates financial institutions including banks, insurance companies, mortgage companies, money transmitters, and virtual currency businesses. The agency provides consumer-facing information services through its official website (dfs.ny.gov), offering guidance on banking, insurance, credit, auto insurance, disaster recovery, and consumer protection. The DFS ID system enables secure authentication for regulated entities, while the Applications and Filings portal facilitates licensing and compliance submissions. The agency issues regulatory guidance through its Cybersecurity Resource Center, Industry Guidance publications, circular letters, and industry letters addressing emerging regulatory concerns.

Differentiator

Problem solved

Functional benefit

Products and services

  • DFS ID Digital Identity System
  • DFS Applications and Filings Portal
  • BitLicense (Virtual Currency Business License)
  • Consumer Complaint Filing Service
  • DFS Disaster Hotline and Recovery Assistance
  • DFS Cybersecurity Resource Center and Part 500 Compliance Program
  • Buy Now, Pay Later (BNPL) Licensing and Supervision Framework
  • Stablecoin Regulatory Framework

Companies that use New York State Department of Financial Services

Customer profile

Segments7 records

Ideal customer profiles5 records

New York State Department of Financial Services technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature4 records

New York State Department of Financial Services partnerships and signals

Strategic signal

Partnerships

Three partnerships are on record, tiered core and minor.

  • European Banking Authority (EBA)coreStrategic or Co-development Partner · 2 June 2026DFS and EBA signed a memorandum of understanding to coordinate supervisory activities for cross-border stablecoin operations under the EU's Markets in Crypto-Assets regulation. The agreement establishes a framework for sharing information including issued stablecoins, total volume in circulation, number of holders, audit results, and regulatory standing, as well as coordination during crises or emergencies.
  • New York State PolicecoreStrategic or Co-development Partner · 8 April 2026Governor Hochul announced a partnership between State Police and DFS to combat insurance fraud. The partnership includes specialized training for 250 law enforcement members at the State Police Academy in Albany in July. DFS will provide regulatory expertise while State Police provides investigative resources for fraud detection and prosecution.
  • GIC Re (General Insurance Corporation of India)minorOthersDFS collaboration reference through international regulatory coordination efforts. GIC Re administers the Bharat Maritime Insurance Pool for Indian-flagged vessels.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

New York State Department of Financial Services competitors and assessment

Company assessment

Direct peers

  • California Department of Financial Protection and Innovation (DFPI): California's state-level financial regulator, directly comparable to NYDFS as a similarly large-state financial services supervisor covering banks, lenders, money transmitters, and crypto activity. Both agencies function as primary state-level regulators with consumer protection mandates in major U.S. financial markets.
  • Financial Conduct Authority (FCA): UK financial regulator with similar comprehensive remit across banking, insurance, capital markets, and cryptoasset activity. Direct functional peer — comparable supervisory tools, consumer protection focus, and innovation guidance function to NYDFS.
  • BaFin (Germany): Germany's integrated federal financial regulator covering banking, insurance, securities, and cryptoasset supervision under MiCA. Direct functional peer to NYDFS in scope and integrated supervisory architecture.
  • European Banking Authority (EBA): EU banking supervisor and direct MOU counterpart of NYDFS on stablecoin coordination. Comparable as an integrated regulator engaging in cross-border supervisory cooperation, and explicitly a peer per the June 2026 partnership.
  • Monetary Authority of Singapore (MAS): Singapore's integrated financial regulator with strong crypto and fintech supervisory programs. Comparable to NYDFS in combining banking, insurance, securities, and digital asset oversight under one authority and publishing innovation-focused guidance.
  • Texas Department of Banking: Texas state financial regulator with comparable banking, money transmission, and trust supervision functions. Direct state-level peer to NYDFS in scope and operational model.

Broad incumbents

  • Consumer Financial Protection Bureau (CFPB): Federal consumer finance regulator covering mortgages, credit cards, debt collection, and BNPL. Highly comparable in consumer protection mandate to NYDFS, particularly relevant given NYDFS's new BNPL regime.
  • FinCEN (Financial Crimes Enforcement Network): Federal bureau administering AML/KYC regulations relevant to NYDFS-supervised money transmitters and virtual currency businesses. Comparable in BSA/AML enforcement function and the blockchain analytics guidance NYDFS has issued for banking organizations.
  • U.S. Securities and Exchange Commission (SEC): Federal securities regulator. Comparable to NYDFS in supervising financial market participants and enforcing consumer/investor protections in capital markets and emerging digital asset categories, but at federal scale.
  • U.S. Office of the Comptroller of the Currency (OCC): Federal banking regulator that charters and supervises national banks. Comparable in supervisory function to NYDFS's banking regulation role but operating federally across all 50 states with broader jurisdictional reach.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

New York State Department of Financial Services social profiles

Digital presence

New York State Department of Financial Services financial estimates

Financial estimate

Revenue estimate

Valuation estimate

New York State Department of Financial Services leadership team

Management profile

Number of profiles

Profiles1 record

New York State Department of Financial Services funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

New York State Department of Financial Services M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about New York State Department of Financial Services

What does New York State Department of Financial Services do?

NYDFS is the New York State agency that charters, licenses, examines, and supervises banks, insurance companies, mortgage lenders, money transmitters, and virtual currency businesses operating in New York. It issues industry guidance (including the Part 500 Cybersecurity Regulation), enforces consumer protection laws, processes consumer complaints, and provides disaster recovery assistance. The agency also issues industry-specific frameworks such as the BitLicense for virtual currency and proposed rules for stablecoins and Buy Now, Pay Later products.

Is New York State Department of Financial Services a public or private company?

New York State Department of Financial Services is a private company. It is classified as state government owned and is currently operating.

When was New York State Department of Financial Services founded?

New York State Department of Financial Services was founded in 2011. It employs 1,001 to 5,000 people.

Where is New York State Department of Financial Services based?

New York State Department of Financial Services is headquartered in New York, United States, in the North America region.

Who are New York State Department of Financial Services's main competitors?

Direct peers on record are California Department of Financial Protection and Innovation (DFPI), Financial Conduct Authority (FCA), BaFin (Germany), European Banking Authority (EBA), Monetary Authority of Singapore (MAS) and Texas Department of Banking. Broad incumbents are Consumer Financial Protection Bureau (CFPB), FinCEN (Financial Crimes Enforcement Network), U.S. Securities and Exchange Commission (SEC) and U.S. Office of the Comptroller of the Currency (OCC).

Does New York State Department of Financial Services have an API?

No public API is recorded for New York State Department of Financial Services.

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Live signals
MarketScreenerSweden's SEB to Pay $33 Million After New York Financial Services Department ProbeSkandinaviska Enskilda Banken agreed to pay a $33 million penalty to the New York State Department of Financial Services after an investigation into its anti-money laundering and transaction monitoring processes. The penalty will be recognized in fourth-quarter operating expenses, and the bank is implementing new policies and training to strengthen financial crime prevention.TradingViewSweden's SEB to Pay $33 Million After New York Financial Services Department ProbeSEB agreed to pay a $33 million penalty to the New York State Department of Financial Services after an investigation into its anti-money laundering and transaction monitoring processes. The bank will recognize the cost in fourth-quarter operating expenses, and its full-year cost target remains unchanged. It is implementing measures to strengthen financial crime prevention.MorningstarSweden's SEB to Pay $33 Million After New York Financial Services Department ProbeSEB agreed to pay a $33 million penalty to the New York State Department of Financial Services after an investigation into its anti-money laundering and transaction monitoring processes. The bank said the cost will be recognized in fourth-quarter operating expenses with limited financial impact, and it is implementing measures to strengthen financial crime prevention.CoinMarketCapNew York DFS, Wyoming Sign MOU on Crypto Oversight: Guest Post by BitcoinInfoNews.ComNew York's Department of Financial Services and Wyoming signed a memorandum of understanding to coordinate oversight of cryptocurrency firms. The agreement pairs New York's BitLicense regime with Wyoming's permissive SPDI charter, but specific provisions and effective date remain undisclosed. Firms should monitor the DFS page for the full text.CoinMarketCapNew York DFS and Wyoming Sign MOU to Coordinate Crypto Oversight: Guest Post by BlockchainReporterNew York's Department of Financial Services and Wyoming's Division of Banking signed a memorandum of understanding to coordinate oversight of virtual currency and digital asset companies. The agreement covers licensing, chartering, and joint examinations, with regulators sharing analysis and examination data. It aims to streamline applications and protect consumers across both states.AcainternationalFintech Groups Push Back Against New York Buy Now, Pay Later ProposalsFintech advocacy groups urged New York's Department of Financial Services to reconsider its draft buy now, pay later rules, arguing they could cut state credit access by over $500 million annually. The groups cited mandatory income and debt assessments as an ability-to-repay requirement not in the statute. The rules would take effect 180 days after adoption.Payments DiveTrade groups knock BNPL rulesThe American Fintech Council and Financial Technology Association urged New York's Department of Financial Services to reconsider proposed buy now, pay later rules. They argued the rules could cut consumer credit access by over $500 million annually. Public comment was due Monday.New York PostHochul warns of Holocaust restitution scam targeting survivorsNew York Governor Kathy Hochul issued a consumer alert warning that an entity calling itself the “Jewish Holocaust Claims Center” is soliciting Holocaust survivors and their families for compensation under fraudulent pretenses. The New York State Department of Financial Services referred the matter to law enforcement and had the group's website removed after failing to verify its legitimacy.NewsdayState warns of scam targeting Holocaust survivors, their familiesThe New York State Department of Financial Services issued a warning regarding a fraudulent scheme impersonating the "Jewish Holocaust Claims Center" to target Holocaust survivors and their families. Governor Kathy Hochul condemned the scam, prompting the DFS to refer the matter to law enforcement authorities and report the fraudulent website to its host provider for removal.