Bloomberg reported today that Anthony Albanese, Chief of Staff to Departing Superintendent Ben Lawsky, has been named to head the New York Department of Financial Services on an acting basis. He will lead the Department for at least the next several months while the Cuomo administration conducts a search for a permanent Superintendent.
Albanese joined the Department in 2011 and was previously an associate at Weil, Gotshal & Manges LLP. He has been involved in many of Lawsky's signature banking enforcement actions and is not expected to shift direction on any of Lawsky's major policy initiatives.
Lawsky's departure next week caps a significant leadership shakeup at the Department. Over the last six months numerous senior staffers have left for the private sector or retirement, and permanent replacements have yet to be named for key positions like Chief Legal Officer and Executive Deputy Superintendent for Insurance:
- Superintendent Benjamin Lawsky (Chief of Staff Anthony Albanese named Acting Superintendent)
- Chief Legal Officer Daniel Alter (position vacant)
- Executive Deputy Superintendent for Insurance Robert Easton (Deputy Superintendent for Health Insurance Troy Oechsner named interim replacement)
- General Counsel for Insurance Eugene Benger (OGC veteran Martha Lees named replacement)
- Deputy Superintendent for Property Mark Wade (position vacant)
- Life Insurance Bureau Chief Michael Maffei (Deputy Chief Lisa Fernez named Acting Bureau Chief)
- Chief Life Insurance Policy Examiner Kathleen Nelligan (position vacant)
Dentons will continue to monitor leadership changes at the New York Department and their potential impact on financial services regulation in New York and elsewhere.
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