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Cuomo to ease compliance burdens, raise risks for New York firms

January 06, 2011 - New York state lawmakers will be asked to combine banking and insurance oversight to create a more efficient and more effective regulator, Andrew Cuomo, the new governor, said. Regulated entities could expect to be subjected to reduced compliance burdens and fewer examinations, but breaking down institutional walls could make the examiners better informed and better trained, and the exams could be more intrusive.

Cuomo included this request in his first State of the State speech, following his inauguration on Saturday. He previously served one four-year term as attorney general. The speech focused on fiscal matters, but Cuomo said that merging the agencies would also help police Wall Street. "I spent four years, as you know, as attorney general," Cuomo said. "We did a lot of work on Wall Street with the federal regulators, [the Securities and Exchange Commission] etc., and also with the state regulators and I think the state can do a better job, frankly. Read More

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