Gov. Andrew Cuomo will seek authority for his chief financial services regulator to bar bank and insurance executives who engage in abusive practices from working in New York, he said in his 2017 State of the State address Monday.
Cuomo said he wants the superintendent of the Department of Financial Services to be able to ban the “bad actors” from working in their professions here. He said the initiative was prompted by revelations of the business practices at Wells Fargo, where bank employees who earned incentive bonuses for signing up new customers were found to have opened accounts in consumers’ names without their approval.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
