Lawsky's Protege Albanese to Exit as New York's Bank Regulator
- After run of fines, tensions said to rise with Cuomo's office
- Banks lobbied Cuomo to curb what they called DFS excesses
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The acting head of New York’s Department of Financial Services will step down before the end of the year, giving New York Governor Andrew Cuomo a run at reshaping a regulator that has levied billions of dollars of penalties against international banks and at times raised hackles in foreign capitals.
Acting superintendent Anthony Albanese will leave his position, the agency said in a statement. Albanese stepped into the job in June upon the departure of Benjamin Lawsky, the first director of the DFS -- an agency formed in 2011 by combining the state’s banking and insurance departments to oversee the market that includes the country’s biggest concentration of global banks.