Cuomo’s pick for NY financial regulator signals business-friendly tact

Thomson ReutersNew York State Governor Andrew Cuomo speaks at Democratic U.S. presidential candidate Hillary Clinton’s rally in New York

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New York Governor Andrew Cuomo’s pick to become the state’s top financial regulator signaled during hearings on Wednesday that she would take a more business-friendly approach than her predecessor, who was known for his pursuit of big banks.

“I believe in compromise to get things done for the benefit of everyone,” Maria Vullo, acting superintendent of the New York Department of Financial Services, said during a confirmation hearing before the New York State Senate Banks Committee on Wednesday.

Vullo, a lawyer who represented banks and donated to Cuomo’s campaigns, described herself as “pro-business and pro-consumer.” The two terms are not mutually exclusive, she said.

Cuomo, a Democrat, nominated Vullo in January, eight months after former Superintendent Benjamin Lawsky left the agency. Under Lawsky, it earned a reputation as an aggressive regulatory body that used creative tactics to extract hefty fines from global banks and other financial institutions.

Lawsky became known as “the sheriff of Wall Street.” Asked by a lawmaker whether she would favor a similar approach, Vullo said: “I don’t wear boots. I am me.”

Created in 2011 by consolidating the state’s banking and insurance agencies, the regulator has been in flux since Lawsky’s departure, cycling through two acting superintendents before Vullo’s arrival in March.

Vullo also testified before a New York State Senate Insurance Committee on Wednesday and must still testify before a finance committee before the state legislature can approve her nomination.

(Reporting by Suzanne Barlyn; Editing by Lisa Von Ahn)

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