Start spreading the news — Benjamin Lawsky is reportedly leaving the New York Department of Financial Services.
Reports say that Lawsky, who has held the position of superintendent of the NYDFS since May 2011, will step down in early 2015 to take up his first position in the private sector after a career in the public sector.
Calls and emails to the NYDFS press office were not returned at publication time.
The NYDFS was created in October 2011 through the merger of the former New York State Banking and Insurance Departments.
Lawsky conducted and oversaw the merger of the two agencies. The NYDFS has about 1,400 employees, primarily located in New York City and Albany, and has an operating budget of approximately $250 million.
Since the start of 2014, Lawsky has been a thorn in the side of nonbank financial institutions handling mortgage servicing rights, and none more so than Ocwen Financial (OCN).
Ocwen has run afoul of various state and federal regulators in 2014, but Lawsky has been particularly aggressive in his campaign.
The company announced two weeks ago in its own earnings statement that it booked a $100 million charge for a potential settlement with the New York Department of Financial Services over allegations that it was backdating letters to borrowers.
After the allegations were released by the NYDFS on Oct. 21, Ocwen responded with an open letter of apology, stating the errors were software related and that it would take steps to rectify the situation.
Lawsky’s recent history in regulating and prosecuting alleged misdeeds have been extensively covered by HousingWire.