Minimum Qualifications Preferred Qualifications
• At least 10 years of relevant work experience, including 5 years in financial services and/or policy development.
• A master’s degree in public policy or business; a law degree; or a PhD in finance, economics, or other relevant discipline.
• Substantial experience in policy analysis, ideally concerning one or more areas of financial services.
• An interest in, and some knowledge of, developments in financial technology (“fintech”), insurance technology (“insurtech”), or both.
• A broad understanding of financial services and the regulatory structures affecting these services.
• A record of sustained, rigorous analysis of complex problems in business, finance and/or economics, and of expressing the results of such analysis in clear, persuasive written work product.
This is an appointment to a position in the exempt jurisdictional class. As such, the incumbent of this position would serve at the pleasure of the appointing authority.
Duties Description The New York Department of Financial Services seeks to build an equitable, more transparent and resilient financial system that benefits New Yorkers and supports business. Through engagement, data-driven regulation, and operational excellence, DFS is responsible for empowering consumers and protecting them from financial harm; ensuring the health and stability of the financial entities we regulate; and driving economic growth through responsible innovation.
DFS seeks applicants to fill a key leadership role in the Research and Innovation Division: overseeing the Innovation Policy Unit, the Department’s office for public policy research and analysis. The Innovation Policy Unit conducts forward-looking qualitative and quantitative research on all areas of financial services policy; recommends the creation of, and drafts, policy documents such as guidance, proposed regulations, and proposed legislation; and creates outward-facing policy communications and events, such as white papers, reports, op-eds, and roundtable discussions. This role acts as a key liaison among all Divisions of DFS.
Reporting to the Executive Deputy Superintendent for Research & Innovation, the Deputy Superintendent for Innovation Policy, oversees a significant team of policy analysts, data specialists, and project-management staff who work on multiple policy-related projects at a given time. The Deputy Superintendent for Innovation Policy also has overall Division leadership responsibilities.
Innovation Policy projects may address questions such as (i) how best to supervise regulated entities’ use of artificial intelligence and machine learning in making credit, underwriting, and other business decisions; (ii) how novel products (such as buy-now/pay-later, small-dollar loans) interact with New York State’s laws and regulations and DFS’s policy goals; (iii) how central bank digital currency (CBDC) developments may affect DFS’s policy objectives; and (iv) how to regulate the issuance and custody of stablecoins across DFS Divisions. The Deputy Superintendent also oversees DFS Exchange, the Department’s program to engage with entrepreneurs and other financial innovators aiming to serve New York.
Duties include, but are not limited to, the following:
• Serves as the lead Innovation Policy subject matter expert for DFS;
• Manages the staff of the Innovation Policy Unit, including resource management, career growth, performance management, and hiring as needed;
• Oversees multiple policy projects at a given time, ensuring that the projects are well-staffed and correctly prioritized, and that they advance in a timely way to achieve concrete results;
• Oversees qualitative and quantitative research to inform agency decision-making and influence internal and external stakeholders;
• Develops and leads effective relationships with other DFS divisions and builds the Department’s policy agenda, based on the needs of those divisions and input from DFS Exeuctive Leadership;
• Leads the development of training on key innovation policy topics for R&I and DFS staff;
• Represents DFS publicly on policy topics and the Department’s agenda;
• Develops and maintains relationships with financial regulators in other states, in the federal government, and in governments of other nations, to discuss policy issues of common interest and pursue suitable collaborations;
• Leads the Unit in serving as both an innovation and policy engine for DFS, developing the Department through educational opportunities and capacity-building;
• Briefs others in DFS leadership, including the Executive Deputy and the Superintendent, on the status of particular policy projects or prospective projects;
• Works on projects and initiatives as requested by the Superintendent, Executive Deputy, and other executive staff; and
• Other duties as assigned.
Additional Comments Positions located within the New York City metropolitan area, as well as Suffolk, Nassau, Rockland, and Westchester Counties, are also eligible to receive an additional $3,026 annual downstate adjustment.
Appointment to this position is pending Governor Appointment’s Office and Division of Budget approval.
Some positions may require additional credentials or a background check to verify your identity.
Notes on ApplyingTo Apply: Interested qualified candidates must submit a resume and letter of interest no later than January 31, 2023 to the email address listed below. Please include Box# (Box CA-DSIP-09154) in the subject line of your email to ensure receipt of your application. Email submissions are preferred.
New York State Department of Financial Services
Office of Human Resources Management
One Commerce Plaza, Suite 301
Albany, NY 12257
Fax: (518) 402-5071
All candidates that apply may not be scheduled for an interview
Public Service Loan Forgiveness
Employment with New York State qualifies an individual for Public Service Loan Forgiveness (PSLF). This program forgives the remaining balance on any Direct Student Loans after you have made 120 qualifying monthly payments while working full-time for a U.S. federal, state, local, or tribal government or not-for-profit organization. To learn more about the program and whether you would qualify, please visit: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service
AMERICANS WITH DISABILITIES ACT: REASONABLE ACCOMMODATIONS
Under the Americans with Disabilities Act (ADA), the Department of Financial Services is required to provide reasonable accommodation for known physical or mental limitations of an otherwise qualified applicant with a disability if an accommodation would enable the applicant to perform the essential functions of the job. If the accommodation would constitute an undue hardship on the operations of the agency, the agency is not required to provide it.