Maria vullo dfs
From 2016 to 2019, Maria T. Vullo was the Superintendent of the New York State Department of Financial Services. Ms. Vullo was in charge of regulating the financial services industry in New York, which included all New York State chartered banks, international bank branches, non-depository firms, and all insurance companies and agents allowed to do business in the state. Ms. Vullo was in charge of a 1,400-person department with a budget of more than $250 million. Governor Andrew M. Cuomo recommended Ms. Vullo for the post, which she was approved by the New York State Senate.
During Ms. Vullo’s time as DFS Superintendent, she enacted a groundbreaking cybersecurity regulation that has become a national model, promulgated a “best interests” and suitability regulation for life insurance and annuity products, promoted industry growth while fiercely protecting policyholders and consumers, and established prudent industry standards.
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The following statement was released today in response to Maria T. Vullo’s appointment as Superintendent of Financial Services, the state’s top financial regulator, by the New York State Senate yesterday:
“We are pleased to congratulate Maria T. Vullo on her appointment as the new Superintendent of Financial Services for the City of New York. We urge Superintendent Vullo to speak out against S.6985-B (Savino)/A.9634-B (Rodriguez), a dangerously misguided bill that would encourage check cashers to become lenders, now that her confirmation is official. New York’s Department of Financial Services has led tremendous, fruitful efforts to keep predatory lending out of our state since its establishment in 2011. With New York’s robust anti-predatory lending provisions under pressure, the state’s top financial regulator should seize this opportunity to reaffirm that the state prioritizes the public good.”
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Ms. Vullo has also worked in the private sector for over 25 years. Ms. Vullo spent 20 years as a legal associate with Paul, Weiss, Rifkind, Wharton & Garrison LLP before becoming DFS Superintendent. Ms. Vullo is an accomplished civil, criminal, and administrative trial and appellate litigator with expertise in financial markets, securities, real estate, antitrust, healthcare, bankruptcy, environmental, and constitutional law. Ms. Vullo is also noted for being a trailblazer in the fight for women’s and human rights, having prosecuted major pro bono cases, written amicus curiae briefs, and served in leadership roles in nonprofit organizations.
Under then-Attorney General Andrew Cuomo, Ms. Vullo also served as the Executive Deputy Attorney General for Economic Justice. She was also twice nominated for Associate Judge of the New York Court of Appeals by the New York State Commission on Judicial Nomination.
Ms. Vullo is a CLE coach and a regular public speaker. She gave over 75 keynote speeches to wide groups of financial sector regulators, executives, and trade organizations during her tenure as Superintendent. Ms. Vullo has taught courses on Trial Practice, Evidence, Client Relations & Expectations, Privileges, New York State Practice, Federal and State Practice, and Deposition Skills to law firm associates.
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Maria Vullo ’87, the superintendent of the New York State Department of Financial Services (DFS), is responsible for promoting the financial industry in New York, protecting customers from financial crises, and combating fraud and misuse of the system. It’s a job that demands an equal understanding of the private and public sectors, and Vullo is well-suited for it because she’s dedicated equally to financial litigation and pro bono work throughout her career.
Vullo began her legal career at Paul, Weiss, Rifkind, Wharton & Garrison, where she honed her commercial litigation skills. “I’ve always been a strong math student, and I’ve never been afraid of numbers. Vullo explains, “I just didn’t have any other company background.” “However, I found business ligation to be both enjoyable and mentally challenging.” She worked at the company for more than two decades, ultimately rising to the position of litigation partner, representing firms and corporations in financial disputes.
Vullo specialized in securities fraud, consumer rights, bankruptcy, and antitrust law as a litigator, which came in handy when she was appointed executive deputy attorney general for economic justice by then-New York State Attorney General Andrew Cuomo in 2010. Vullo handled consumer rights, investor protection, antitrust, real estate, and Internet investigations and prosecutions while at the Attorney General’s Office. She was the lead attorney in many high-profile lawsuits, including the suit against Ivy Asset Management for the financial planner’s role in Bernie Madoff’s Ponzi scheme, as well as the suit against Ernst & Young for allowing Lehman Brothers to hide its financial problems before the firm’s collapse.