Governor Cuomo Proposes Significant Expansion of Powers of New York Department of Financial Services (2023)

Summary

In legislative language accompanying his proposed budget, New York Governor Andrew M. Cuomo proposes to significantly expand the powers of the New York Department of Financial Services (DFS), the state’s banking and insurance regulator. The Governor’s proposal would enlarge the department’s mission beyond banking and insurance oversight, transforming DFS into perhaps the most powerful state regulator in the nation, with new and broad jurisdiction and substantial enforcement powers over consumer products and services, business to business arrangements, and securities and investment advice.

Though significant in its scope, the Cuomo proposal is in many respects unsurprising. The Governor created DFS in 2011 upon merging the state’s Banking Department and Insurance Department; he initially sought to give DFS powers under the Martin Act, the state’s broad “blue sky” securities statute, but the Legislature declined to do so. Governor Cuomo has, however, expanded DFS’s jurisdiction in other ways in the years since its creation, including by granting it powers to police the state’s student loan servicing industry.1 And both the Governor and DFS Superintendent Linda Lacewell have repeatedly expressed the view that the Trump Administration has mothballed the federal Consumer Financial Protection Bureau (CFPB), leaving an oversight and enforcement gap that DFS should fill. This proposal gives DFS the tools to do so.

As the New York State fiscal year begins on April 1, the Legislature will decide by March 31, the end of the current fiscal year, whether to adopt, amend, or reject the Governor’s proposal. If the Governor’s proposal passes, companies doing business in New York—particularly those that offer products and services to New York consumers or securities in New York markets—should expect DFS to vigorously assert its new authority, including in the areas in which it would overlap with and occasionally surpass that of the New York Attorney General (AG).

I. Background

At Governor Cuomo’s behest, the Legislature created DFS in 2011 through the merger of the New York State Insurance Department and New York State Banking Department. According to DFS, the department supervises approximately 1,500 banking and other financial institutions with assets totaling more than $2.6 trillion and 1,400 insurance companies with assets totaling more than $4.7 trillion.2

The Legislature established DFS in the wake of the financial collapse of 2008, when widespread fraud in financial markets came to light. As a result, Governor Cuomo initially proposed not only to merge the two departments, but also to give the new entity the power to investigate securities fraud under the Martin Act, N.Y. Gen. Bus. Law §§ 352 et seq., which, among other things, prohibits fraud or misrepresentation in the public offer, sale and purchase of securities and commodities. While the Legislature declined to give DFS this additional authority, it did enact Financial Services Law (FSL) § 408, which empowers DFS to assess penalties against companies engaging in “intentional fraud” or “intentional misconduct” in connection with the offering or sale of a “financial product or service.”

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Traditionally, the New York Attorney General’s Office, with its broad investigative and enforcement powers under the state’s Executive Law and General Business Law (GBL), has policed the state’s securities markets and protected its consumers from fraud. As the state’s securities regulator, the AG enforces New York’s Martin Act. And, like state attorneys general across the country, the New York AG also investigates and brings enforcement actions against entities engaging in deceptive acts or practices that victimize state consumers, here under GBL §§ 349 and 350.

Over the past year, however, Governor Cuomo and DFS have made clear that they are increasingly focused on protecting consumers from fraud and sharp practices they believe are frequently being perpetrated on New York residents by commercial interests. This client alert provides additional context for the Governor’s proposal and highlights the ways in which it goes beyond solely providing DFS with additional consumer fraud powers.

A. DFS, Superintendent Lacewell, and the New Consumer Protection and Financial Enforcement Division

In February 2019, Governor Cuomo appointed Linda Lacewell, a former state and federal prosecutor who most recently served as the Governor’s Chief of Staff, Superintendent of DFS. On April 29, 2019, Lacewell announced a significant reorganization of the DFS, creating the new Consumer Protection and Financial Enforcement Division (the “CPFE” Division) by combining seven previously separate divisions and units under a single deputy superintendent.3 Lacewell appointed Katherine Lemire, another former state and federal prosecutor, to head the new division.

In an interview Lacewell gave shortly thereafter, she stated that her focus as Superintendent would be on data privacy and consumer protection, asserting that the CFPB no longer vigorously polices consumer fraud.4 “Where CFPB steps down, DFS has to step up,” Lacewell told The Wall Street Journal.

B. Governor Cuomo’s 2020 State of the State Address

On January 8, 2020, Governor Cuomo delivered his 2020 State of the State address. In the accompanying policy book, the Governor offered “a broad consumer protection agenda”5 that included proposals to (1) “make New York State consumer protection law consistent with federal law,” (2) “eliminat[e] unnecessary exemptions for consumer financial products and services,” (3) “close loopholes and create a level playing field for regulated entities,” and (4) “amend[] the Insurance Law to increase maximum fines for violations of law and ensure DFS has the authority to maintain civil enforcement actions to address violations.”6

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The following day, Lacewell announced the creation of a new “Consumer Protection Task Force” within DFS and labeled 2020 “the Year of the Consumer.”7 DFS soon after announced the appointment of Leandra English, the former Deputy Director of the CFPB, as a Special Policy Advisor. English will “manage and develop the Department’s portfolio of policy initiatives involving consumers, financial services, and other issues.”8

II. Proposal

The details of Governor Cuomo’s proposal to increase DFS’s powers are found within Part NN of his proposed FY 2021 New York State Executive Budget.9 The changes could have significant consequences for a wide range of industries and entities that do business in New York, far beyond the banking and insurance industries that DFS traditionally regulates. It should also be noted, however, that the proposal expands DFS’s powers with respect to these regulated industries as well.

The most noteworthy elements of the proposal are:

A. Expanding the definition of “financial product or services,” to include offering securities or investment advice, thereby making DFS a securities regulator

The definition of “financial product or service” under FSL § 104 would be expanded to include “the sale or provision to a consumer or small business of any security, investment advice, or money management device.”10 While DFS currently has broad regulatory authority over insurers and banks in the state, it is not the state’s securities regulator; the New York AG is. The New York AG regularly deploys her Martin Act authority to police New York’s markets, including in relation to the offering of investment advice. The New York region’s prominent role in global capital markets and the fact that many popular securities exchanges are based in Manhattan combine to give the New York AG jurisdiction to pursue cases that are national—or even international—in scope and impact. By adding securities to the definition of “financial product or service” and giving DFS the power to regulate the provision of investment advice, the proposal would effectively make DFS another securities regulator.11

B. Expanding the scope of DFS’s UDAAP (unfair, deceptive, or abusive act or practice) powers

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Presently, FSL § 408 gives DFS the ability to levy civil penalties on entities which, after notice and a hearing, are found to have engaged in “any intentional fraud or intentional misrepresentation of a material fact with respect to a financial product or service or involving any person offering to provide or providing financial products or services.”12 The proposal would amend this provision in four significant ways:

  1. It would remove the words “intentional” and “of a material fact,” leaving unlawful “any fraud or misrepresentation.”13
  2. It would add “or unfair, deceptive, or abusive act or practice” to the scope of activities DFS may penalize.14
  3. It would eliminate the previous statutory exceptions to the definition of “financial product or service,” which excepted from DFS’s authority such products or services already regulated by another state or federal agency.15
  4. It would expand the subject of the prohibition to “any service provider utilized by any person offering to provide or providing financial products or services.”16

The collective effect of these four changes would be to give DFS sweeping powers that in some respects mimic, but in others go beyond, that which the New York AG possesses under the GBL. GBL § 349, the state’s general consumer protection statute, prohibits “deceptive acts or practices” and gives the AG broad authority to enjoin such practices and penalize entities engaging in them, even without making a showing of intent to deceive.17 GBL § 349 seeks to avoid regulatory overlap by establishing that entities acting in accordance with federal rules or regulations cannot be the subject of an action under the law.18

Governor Cuomo’s proposal similarly drops the intent requirement of FSL § 408, while also giving DFS the power to penalize “unfair” or “abusive” practices. The elimination of the statutory exceptions to the definition of “financial products or services” increases the potential for overlapping—and potentially conflicting—regulatory behavior, though ordinary federal preemption principles would still apply.19 Finally, “service provider” is not defined within the FSL. Thus, on the plain text of the proposed statute, any company providing a service that is in turn utilized to commit any fraud or misrepresentation related to a financial product or service, even an unintentional one, could potentially be liable.

C. Expanding DFS’s power to include business-to-business transactions

The proposed definition of “financial products or services” under FSL § 104 also includes those offered or sold to small businesses, defined as any independently owned and operated business with less than $10 million in annual gross receipts or sales and with fewer than 100 employees.20 This provision would thus create regulatory oversight of business-to-business transactions; companies that sell to other companies had previously been largely insulated from the jurisdiction of state attorneys general or other state regulators policing fraud using their consumer protection powers. It is relatively novel for an agency—state or federal—to patrol business-to-business transactions for fraud or misconduct. For example, outside of small-business lending practices, the CFPB has not focused on protecting small businesses.

D. Giving DFS the power to seek restitution in any administrative or judicial proceeding

The proposed legislation would add a new section to the FSL allowing DFS to order the individual or entity subject to “any administrative proceeding or judicial action brought under this chapter, the banking law, or the insurance law” to “make restitution to all consumers harmed by such individual or entity’s conduct.” Restitution could be ordered “in addition to any other penalty or sanction imposed by law.”21

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E. Increasing the penalty provisions and providing additional criteria to enable the assessment of greater penalties

Under current law, DFS can assess penalties of no more than $5,000 per transgression. The proposal changes the maximum civil penalty under FSL § 408 from $5,000 per offense to “the greater of five thousand dollars for each offense; a multiple of two times the aggregate damages attributable to the offense; or a multiple of two times the aggregate economic gain attributable to the offense.” 22

Separately, the legislation would amend section 109 of the Insurance Law to increase the penalty for willful violations of the insurance laws from $1,000 to $10,000 for each offense.23

F. Shifting the expenses of DFS examinations of regulated entities to the entities

As a largely self-funded agency, DFS levies annual assessments on regulated entities per FSL § 206 (formerly Insurance Law § 332) in exchange for the privilege of being permitted to conduct business in New York.24 Governor Cuomo’s proposed legislation would also pass along “[t]he expenses of every examination of the affairs of any regulated person” to be “borne and paid by such regulated person so examined” unless otherwise excused by the comptroller and superintendent.25 Most entities regulated by DFS pay the cost of the regulator’s assessments under the Insurance or Banking laws; however, those licensed pursuant to the FSL (e.g., virtual currency entities) do not. The proposed amendment to the FSL would extend the requirement to such entities.26

G. Other proposed changes

Finally, the draft amendments would also expand the reach of the FSL in two other ways. First, the proposal would extend the definition of “financial product or service” in FSL § 104 to include (1) “any warranty sold or provided to a consumer or small business or any guarantee or suretyship provided to a consumer,” (2) “any merchant cash advance provided to a consumer or small business,” and (3) any related contract provisions.27 Second, the proposal adds a new section to the FSL that makes explicit that these laws apply to any person or entity that is required by the FSL or Insurance or Banking laws to be licensed, even if the person or entity does not possess the required license.28

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III. Consequences and Timeline

While the ultimate impact of these changes would be dependent on the priorities of DFS and the aggressiveness with which it pursues them, in the aggregate the changes would give DFS a suite of powers far surpassing those of the ordinary state banking and insurance regulator. It remains to be seen how a newly empowered DFS would interact with sister state and federal agencies. The Governor’s proposal is premised on the idea that federal regulators have not been sufficiently vigorous in pursuing fraud, though DFS may seek strategic partnership where federal agencies possess additional enforcement tools. And the fact that DFS would ordinarily be represented in any judicial enforcement action by the New York AG, which has independent consumer and investor protection powers, is likely to be one factor in a shifting dynamic between two aggressive state agencies with overlapping jurisdictions.

Because the legislation is offered as part of the Governor’s proposed budget, the Legislature will consider the provision quickly. New York’s 2021 fiscal year begins on April 1, 2020, thus requiring the budget to be finalized by March 31. Moreover, the proposal is written to “take effect immediately.”29 Companies that do business with New York consumers or small businesses, or offer securities or investment advice in New York, could thus find there is a new state regulatory sheriff in town in less than two months’ time.

FAQs

What does the New York State Department of Financial Services do? ›

About us. The Department of Financial Services supervises and regulates the activities of approximately 1,500 banking and other financial institutions with assets totaling more than $2.6 trillion and more than 1,400 insurance companies with assets of more than $4.7 trillion.

What does NYS DFS stand for? ›

New York State Department of Financial Services.

Who regulates banks in New York State? ›

The Banking Commission has three responsibilities: Approve banks as NYC Designated Banks, which are the only banks that can hold City deposits; Recommend to the City Council interest rates for the early and late payment of real estate taxes; and.

What is an industry letter? ›

These letters alert you to new products and services that affect your business, as well as changes in policies and procedures. You can review letters by year and month.

What is the purpose of the financial services Act? ›

The Bill aims to harmonise the regulatory regime for the financial services industry. The Bill establishes a single licensing regime for the provision of financial services. The regime will capture entities that deal in a financial product, provide financial product advice or make a market for a financial product.

What is the purpose of the financial services Reform Act? ›

Put simply, it: creates a single licensing regime for financial sales advice and dealings in relation to financial products, consistent and comparable financial product disclosure; and. a single authorisation procedure for financial exchanges and clearing and settlement facilities.

What is a covered entity under Nydfs? ›

(c) Covered Entity means any Person operating under or required to operate under a license, registration, charter, certificate, permit, accreditation or similar authorization under the Banking Law, the Insurance Law or the Financial Services Law.

Who oversees the NY Department of Financial Services? ›

Creation of the New York Department of Financial Services

It's headed by a Supervisor, an office currently held by Linda Lacewell, and who is appointed by the New York State Legislature.

Why is it called DFS? ›

Depth-first search (DFS) is an algorithm for searching a graph or tree data structure. The algorithm starts at the root (top) node of a tree and goes as far as it can down a given branch (path), then backtracks until it finds an unexplored path, and then explores it.

Who are the lead regulators of financial services in USA? ›

Federal Reserve System

The Fed is the central bank of the United States, responsible for regulating the financial system and managing monetary policy.

Who owns the Bank of New York? ›

Bank of New York Mellon Corp (NYSE:BK)

Institutional investors hold a majority ownership of BK through the 85.67% of the outstanding shares that they control. This interest is also higher than at almost any other company in the Major Banks industry.

Who regulates most state banks in the United States? ›

The Federal Reserve regulates state-chartered member banks, bank holding companies, foreign branches of U.S. national and state member banks, Edge Act Corporations, and state-chartered U.S. branches and agencies of foreign banks.

What are 3 specific types of job letters? ›

There are three main types of cover letters: the application cover letter, the prospecting cover letter, and the networking cover letter. Short emails (we call these “non-cover letter cover letters”) are also an effective and increasingly common way to introduce your resume.

Is permission letter a business letter? ›

A permission letter is an official formal letter written to higher authorities in order to seek permission to attend an event, use a facility, ask for leave, etc. A permission letter should be written in a polite tone.

What qualifies as an employment letter? ›

A Employment Letter is a signed document from applicant's employer, stating that the applicant is currently employed and specifying salary and length of employment.

When was the financial services Act passed? ›

The Financial Services Act 2021 was introduced in the House of Commons on 21 October 2020 and received Royal Assent on 29 April 2021. It is the first financial services primary legislation passed by the UK Parliament since the UK left the European single market, making reforms in 22 distinct areas.

Why is it important that financial services are regulated? ›

Regulation helps make sure that banks have good management so they don't make bad investments or are too risky. An example of this is the Senior Managers Regime which makes sure that senior bankers are held accountable for their decisions.

What are the three main accepted objectives of financial services regulation? ›

Aims of regulation

market confidence – to maintain confidence in the financial system. financial stability – contributing to the protection and enhancement of stability of the financial system. consumer protection – securing the appropriate degree of protection for consumers.

What replaced the Financial Services Authority? ›

On 19 December 2012, the Financial Services Act 2012 received royal assent, abolishing the FSA with effect from 1 April 2013. Its responsibilities were then split between two new agencies: the Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England.

When was the Financial Services Authority FSA abolished? ›

On 1 April 2013, in accordance with the Financial Services Act 2012, the FSA was abolished and the majority of the FSA's functions were transferred to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

Who has to comply with Nydfs? ›

The NYDFS Cybersecurity Regulation requires New York insurance companies, banks, and other regulated financial services institutions—including agencies and branches of non-US banks licensed in the state of New York—to assess their cybersecurity risk profile.

What are the 3 covered entities? ›

Covered entities are defined in the HIPAA rules as (1) health plans, (2) health care clearinghouses, and (3) health care providers who electronically transmit any health information in connection with transactions for which HHS has adopted standards.

How do you comply with Nydfs? ›

NYDFS Cybersecurity Regulation Requirements
  1. Identify all cybersecurity threats, both internal and external.
  2. Employ defense infrastructure to protect against those threats.
  3. Use a system to detect cybersecurity events.
  4. Respond to all detected cybersecurity events.
  5. Work to recover from each cybersecurity event.
1 Dec 2020

Who is regulated by the financial services Authority? ›

The Prudential Regulation Authority's responsibilities include the regulation of banks, credit unions, insurance firms, and investment firms.

What services does the Department of Finance provide? ›

The Department of Finance is responsible for the preparation of the Accounts in the specified format and for ensuring the regularity of transactions. My responsibility is to audit the Accounts and report on them in accordance with Section 4 of the Comptroller and Auditor General (Amendment) Act 1993.

Who is responsible for the financial services market? ›

The Financial Conduct Authority (FCA) regulates the financial services industry in the UK. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers.

What is DFS in simple words? ›

The Distributed File System (DFS) functions provide the ability to logically group shares on multiple servers and to transparently link shares into a single hierarchical namespace. DFS organizes shared resources on a network in a treelike structure.

What is DFS explain with example? ›

Depth First Search (DFS) algorithm traverses a graph in a depthward motion and uses a stack to remember to get the next vertex to start a search, when a dead end occurs in any iteration. As in the example given above, DFS algorithm traverses from S to A to D to G to E to B first, then to F and lastly to C.

Is Sofology in financial trouble? ›

Thank you for subscribing! Sales at Sofology jumped past the £300m mark during its latest financial year. The DFS-owned company has posted a revenue of £304.9m for the year to June 30, 2022, up from the £269.2m it achieved during the same prior 12 months. Its gross profits also increased from £112.8m to £121.3m.

What is the new banking rule for 2022? ›

On May 4, 2022, the Board voted to approve a 0.50 percentage point increase in the primary credit rate in effect at each of the twelve Federal Reserve Banks, thereby increasing from 0.50 percent to 1 percent the rate that each Reserve Bank charges for extensions of primary credit.

Who are the 4 main regulators of finance sector? ›

The regulatory agencies primarily responsible for supervising the internal operations of commercial banks and administering the state and federal banking laws applicable to commercial banks in the United States include the Federal Reserve System, the Office of the Comptroller of the Currency (OCC), the FDIC and the ...

Why does the Fed pay interest to banks? ›

Essentially, paying interest on reserves allows the Fed to place a floor on the federal funds rate, since depository institutions have little incentive to lend in the overnight interbank federal funds market at rates below the interest rate on excess reserves.

What family owns the biggest bank? ›

Rothschild family
Rothschild
Place of originFrankfurter Judengasse, Frankfurt, Holy Roman Empire
Founded1760s (1577)
FounderMayer Amschel Rothschild (1744–1812) (Elchanan Rothschild, b. 1577)
TitlesList Freiherr von Rothschild (1822) Baronet, of Tring Park (1847) Baron Rothschild (1885)
8 more rows

Who owns the biggest banks in America? ›

JPMorgan Chase

Who owns most of the US bank? ›

Top 10 Owners of US Bancorp
StockholderStakeShares owned
The Vanguard Group, Inc.7.37%109,441,153
BlackRock Fund Advisors4.48%66,536,476
SSgA Funds Management, Inc.3.96%58,898,088
Berkshire Hathaway, Inc. (Investm...3.54%52,547,023
6 more rows

Are there any banks that are not FDIC insured? ›

Not all institutions are insured by the FDIC. Eligible bank accounts are insured up to $250,000 for principal and interest. The FDIC does not insure share accounts at credit unions.

What is the difference between a national bank and a state bank? ›

The main difference is whether the permit to do business as a bank was granted by the state government or the federal government. Whenever a new bank organization is started, the owners apply for either a state or national (federal) bank charter.

What is the difference between the FDIC and the Federal Reserve? ›

The FDIC is the federal regulator of the approximately 5,000 state-chartered banks that do not belong to the Federal Reserve System. It cooperates with state banking departments to supervise and examine these banks, and has considerable authority to intervene to prevent unsafe and unsound banking practices.

How do you say a friend referred you to a job? ›

Include the individual by name and describe your connection with them as well. Explain how you know the person. Give a brief account of how you know the person, and explain how they came to be familiar with your work qualifications and skills. Describe why they are recommending you.

What types of documents should you write to apply for a job? ›

Documents you Need When Applying for a job
  • Curriculum Vitae. A CV is also known as a resume. ...
  • Cover Letter. Want to highlight your skills and experience? ...
  • Qualifications. Your qualification proves you have the formal training to complete your duties.
18 Aug 2022

How do I write a cover letter with no experience? ›

How to write a cover letter with no experience
  1. Carefully review the job posting and research the company's website. ...
  2. List your contact information at the top of the document. ...
  3. Greet the reader and introduce yourself. ...
  4. Explain your skills and achievements relevant to the position. ...
  5. Remind them why you're best for the position.

What is the difference between business letter and official letter? ›

The reason for the official letter is to serve the official interest. The reason for Business letters is to make or keep up business or business relations. Its nature is official. Its nature is business.

What is the difference between personal and business letter? ›

The personal letter should be written to a friend. The business letter should be written to any company using the rubric as a guide. You may provide the example of a business letter to help the students with format.

Who can you not write a business letter to? ›

Business letters are not written to family, friends. relatives. More Information: A letter which is written between two companies or clients or organizations for work purposes is known as a Business Letter.

Should I accept a job without a written offer? ›

While it's completely understandable to be thrilled (and slightly overwhelmed with relief), it's crucial to have a written offer in hand before you verbally accept a position—and yes, even if it's your dream job.

Can I write my own letter of employment? ›

Often, human resource employees and management professionals write these letters, but sometimes an employee might write their own letter.

Does a job offer mean you got the job? ›

A job offer is an invitation from an employer to work in a specific paid role. It's usually the last stage in the job search process. Job offers typically include the following details: Terms and conditions.

What are the functions of state finance department? ›

Public Finance (State) Division deals with the matters connected with state finances such as issues relating to release of Additional Central Assistance/Special Assistance to the States for the projects/schemes for which budgetary allocation is provided under the Demand operated by Department of Expenditure.

What are the services of the Department of Finance? ›

The Department of Finance (DOF) is responsible for the management of the government's financial resources. Its duties include policy formulation, revenue generation, resource mobilization, debt management, and financial market development.

Who does the Nydfs regulate? ›

DFS maintains a historical listing of New York banking institutions - banks and trust companies, savings banks, savings and loans, credit unions, investment companies and foreign banking institutions - that are or were New York State-chartered, as well as most federally chartered institutions that have ever operated in ...

What are the most important functions of Department of Finance? ›

What is the role of the finance department today?
  • Compliance with accounting and financial standards and consolidation of financial data.
  • Ensuring the proper execution of strategic planning processes.
  • The profitability of the company through its ability to maximize profits.

Why is the finance department so important? ›

The finance department of a business is responsible for managing the finances of the business. This includes the preparation of balance sheets, cash flow reports, financial statements, record keeping and reporting. It also includes managing the payroll and accounts of the business.

What are the 4 functions of financial management? ›

7 Functions of Financial Management
  • Financial Planning and Forecasting. As a part of financial management function, financial managers have to do financial planning. ...
  • Cash Management. ...
  • Estimating Capital Expenses. ...
  • Determining Capital Structure. ...
  • Procurement of Funds. ...
  • Investment of Funds. ...
  • Surplus Disposal.
26 Sept 2022

What are the two major collecting agencies under the Department of Finance? ›

A tax is a compulsory contribution mandated by law and exacted by the government for a public purpose. The major tax collecting agencies of the national government are the Bureau of Internal Revenue and the Bureau of Customs.

What are the 4 types of financial services? ›

10 Types of Financial Services:
  • Banking.
  • Professional Advisory.
  • Wealth Management.
  • Mutual Funds.
  • Insurance.
  • Stock Market.
  • Treasury/Debt Instruments.
  • Tax/Audit Consulting.
25 Jun 2019

What is the vision of Department of Finance? ›

A strong economic growth with equity and productivity.

What are the 5 main areas in the financial services industry? ›

Learn more about the different sectors in the financial services industry.
...
Retail Banking
  • looking after current accounts.
  • processing payments such as debit cards and cheques.
  • offering short-term unsecured loans such as credit cards.
  • providing money management and savings accounts.
  • offering loans, mortgages and insurance.

Who does the FSB report to? ›

The FSB submits its report to the FAA Aircraft Evaluation Group and Air Transportation Division for approval. The FSB Report is compiled by the FSB Chair and published in FAA Order 8900.1, Flight Standards Information Management System ( FSIMS ).

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