The top of the New York State Division of Monetary Companies will resign from her publish later this month, the most recent fallout from the sexual harassment scandal that toppled Gov. Andrew Cuomo.
NYDFS Superintendent Linda Lacewell introduced in an emailed letter to the company’s employees that she would depart Aug. 24, which is identical day Cuomo plans to go away. Lt. Gov. Kathy Hochul will develop into governor.
“It has been a privilege to guide you over the previous two and a half years. With a brand new governor about to take workplace, it’s time for me to maneuver on and make method for brand spanking new management,” Lacewell mentioned within the letter.
Cuomo’s announcement that he’ll resign adopted an investigation from the New York lawyer common that discovered the third-term governor had sexually harassed 11 ladies and had created a poisonous work surroundings.
Lacewell’s identify seems greater than 30 instances within the 168-page investigative report launched by the New York lawyer common’s workplace earlier this month. An aide and advisor to the New York governor, Lacewell labored with different Cuomo allies to develop a public relations technique as allegations gained traction within the media, together with by accumulating signatures for a letter of assist for the governor, in accordance with the report.
As head of the NYDFS, Lacewell battled the Workplace of the Comptroller of the Forex in courtroom over the federal company’s narrow-purpose fintech constitution, which state authorities have argued would undercut states’ skill to implement rate of interest caps and different shopper protections not discovered on the federal stage.
Below Lacewell, the NYDFS additionally turned the primary monetary regulator within the U.S. to problem local weather steering for banks and different monetary establishments. The state company additionally joined the Community for Greening the Monetary System in September 2019, greater than a yr earlier than the Federal Reserve would be part of the worldwide group.
