What is New York Department of Financial Services (NYDFS)?

The New York Department of Financial Services (NYDFS) is a New York state government department responsible for regulating financial services and product offerings. The NYDFS's purpose is to facilitate the growth and health of the financial industry in New York, spur economic development in a justly regulated and compliant fashion, and ensure the honesty, safety, and soundness of financial products and services in the region. The NYDFS works to ensure that financial products and services are offered in an honest and transparent manner through equitable business practices that eliminate financial fraud, unethical conduct, and other types of criminal behavior.