New York unveils proposal to ban “bad actors” from working in financial services

The New York of Department of Financial Services could soon have the power to ban individuals from working in the financial services industry for “egregious conduct,” New York Gov. Andrew Cuomo announced Monday.

Cuomo made the announcement as part of his 2017 “State of the State” addresses, in which he laid out a series of policy initiatives and legislative proposals.

Included among those proposals is a new piece of legislation that would grant the NYDFS, the state’s top financial regulator, the ability to banish what Cuomo calls “bad actors” from the financial services industry for “egregious and deceptive behavior.”

In announcing the proposal, Cuomo cited the recent fake account scandal at Wells Fargo as the kind of action that could get a person banned from working in financial services under the new rule.

Read on.

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