Maria Vullo, the superintendent of the New York Department of Financial Services, announced yesterday that she will leave the agency on Feb. 1, 2019.
Vullo has spent three years at the agency and is credited with creating a national model for cybersecurity regulations for the financial services industry, as well as standing up to the federal government in the area of consumer protection.
“It’s been a great three years,” Vullo said. “I am immensely proud of the depth of the work done in every division of this agency.”
A replacement for Vullo has not yet been named. A published report named Linda Lacewell, the chief of staff to Gov. Andrew Cuomo has a possible replacement.
Vullo had strong words for Mick Mulvaney when he was acting director of the Consumer Financial Protection Bureau, calling a shift in policy away from regulation by enforcement as “troublesome” and saying she was “disappointed by the new administration’s sudden policy shift, which is clearly intended to undermine necessary national financial services regulation and enforcement.”
During her term as superintendent, Vullo collected $2.8 billion in fines and penalties via enforcement actions against financial services companies.
“The business community generally and the financial industry in particular has really greatly appreciated the expertise and the balance that Maria has brought to that job,” said Kathryn Wylde, chief executive officer of the Partnership for New York City, a advocacy group for businesses, according to a published report. “She has enforced laws fairly but not punitively. She’ll be very much missed.”