Finance & Economics

NYDFS Secures $157.4 Million in Recoveries and Penalties in 2022

The New York State Department of Financial Services (DFS) secured $157.4 million in 2022.

NYDFS Secures $157.4 Million in Recoveries and Penalties in 2022

Source: Pixabay.com

It is known that $124.5 million was recovered from consumers and healthcare providers who filed complaints against insurance and non-mortgage banking providers. The remaining $32.9 million was received in the form of damages and fines collected as a result of law enforcement and supervisory actions against firms that committed violations of laws and regulations.

Superintendent of Financial Services Adrienne A. Harris says that the department is constantly working to ensure that New Yorkers seek justice in the financial sphere. He called the result of this activity over the past year a reason for pride.

The DFS Consumer Assistance Unit (CAU) 2022 processed 43 thousand banking complaints related to insurance and were received from consumers and healthcare providers.

The department announced on January 4 of this year that Coinbase agreed to pay compensation, totaling $100 million, after investigating the cryptocurrency exchange’s compliance program. Coinbase will pay a $50 million fine, which will be credited to the state, and will invest the same amount in its compliance function over the next two years.

In February, DFS adopted a new regulation that deals with the disclosure of information in commercial financing. This was done in order to ensure an acceptable level of awareness of small businesses when applying for funds.

In February, the department also developed new fraud detection tools. With the help of these tools, it is possible to detect insider trading, prevent manipulation of market processes and detect front persons when trading digital assets. Adrienne A. Harris said that the new tools will help fight financial crimes and fraud and hold regulated organizations accountable.

As we have reported earlier, Sandbox Banking Secures $4.3 Million in Seed Financing.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.