As the primary regulator of New York licensed or chartered financial services entities, the Department of Financial Services often proposes regulations addressing important policy considerations that have an impact on the interests of New Yorkers. It is of critical importance that every New Yorker with an interest have a fair and equal opportunity to provide feedback on a proposed regulation. To that end, and in compliance with the requirements of the State Administrative Procedure Act, all proposed regulations are subject to at least one public comment period of at least 60 days.
The Department encourages everyone interested in a proposed regulation to utilize the public comment period to submit a written comment on a proposed regulation. In the Department’s experience, some members of the public seek to have an additional opportunity to express their opinion on proposed regulation through attempted meetings, calls, or e-mails. The Department is concerned these attempts at additional opportunities to provide feedback on a proposed regulation may create the appearance that certain members of the public have an undue influence on the Department’s deliberation of a proposed regulation.
In order to avoid any appearance of, or actual influence on, the Department’s deliberations, the Department wishes to clarify for the public that the Department will only accept feedback on a proposed regulation that is submitted in writing as part of the public comment process. Furthermore, the Department will not engage in meetings or discussions of a regulation after it is published for comment barring extenuating circumstances as determined by the Department. The Department strongly discourages any interested person from reaching out to discuss a proposed regulation with the Department, whether in support or opposition to the proposal, outside of the written comment process. Rather, feedback on a proposed regulation should be submitted in writing as part of the public comment process. As always, the Department will carefully review all public comments and make a determination on how to proceed with the proposed regulation.
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Financial Services Regulatory Activity
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To be notified in writing of proposed, revised, emergency, and adopted rules posted here, or to receive copies of such proposed, revised, emergency, and adopted rules, submit a request in writing along with your mailing address to Regulation Notification Officer, Office of General Counsel, 20th Floor, New York State Department of Financial Services, New York, NY 10004. Written requests expire annually on December 31. Renewal requests for the following year may be submitted by mail on or after December 1.