The New York Department of Financial Services (DFS) has created a new division, which will facilitate innovation and internal transformation.
The new Research and Innovation Division will include the unit that monitors and licenses cryptocurrencies.
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It will evaluate the ways technology can be used to address the challenge of financial exclusion.
Besides, it will encourage financial innovations as well as identify and protect consumer data rights.
The aim is to ensure that the regulator copes up with changes in the financial services space and retain New York’s position as a financial innovation hub.
The new unit will be spearheaded by executive deputy superintendent Matthew Homer.
Homer previously worked at fintech firm Plaid.
He also worked with the Federal Deposit Insurance Corporation and the U.S. Agency for International Development (USAID).
At the new division, Homer will be supported by Matthew Siegel and Olivia Bumgardner as deputy superintendents and Andrew Lucas as counsel.
DFS superintendent Linda Lacewell said: “The financial services regulatory landscape needs to evolve and adapt as innovation in banking, insurance and regulatory technology continues to grow.
“This new division and these appointments position DFS as the regulator of the future, allowing the Department to better protect consumers, develop best practices, and analyse market data to strengthen New York’s standing as the centre of financial innovation.”
