The state would be able to ban bad actors from the financial services industry under a proposal Gov. Cuomo announced Sunday.
The plan, which Cuomo will discuss in his State of the State speeches this week, is meant to beef up New York’s powers to crack down on shady bankers like those at Wells Fargo, which was fined for opening up bogus accounts for customers without their knowledge.
Cuomo plans to pursue legislation which would allow the superintendent of the Department of Financial Services to bar individuals from working in the banking or insurance industries if he finds after a hearing that the person has engaged in misconduct severe enough to have a direct bearing on their fitness to participate in the industry.
“New York is the financial center of the world and we have zero tolerance for those who seek to defraud customers and undermine the system,” Cuomo said. “The excesses and systematic abuse at the center of the Wells Fargo scandal is unacceptable and New York, in its role as a regulator, is seeking to take bold steps to crack down on this unacceptable behavior.”(nydailynews)…[+]