Directs the state comptroller to conduct an audit of the department of financial services to ensure compliance with federal and state requirements

2025 Regular Session Introduced by Keith Brown and 1 co-sponsor

Directs the NY State Comptroller to audit the Department of Financial Services for compliance with federal/state requirements, with findings and recommendations to the Legislature.

REFERRED TO GOVERNMENTAL OPERATIONS

Overview

Bill number: A 8715

Title/purpose (as introduced): Directs the state comptroller to conduct an audit of the Department of Financial Services to ensure compliance with federal and state requirements.

Status: Referred to the Committee on Governmental Operations

Introduced: June 2, 2025

Sponsor(s):

Primary: Phil Steck
Cosponsor: Keith Brown

Related bill: A 9741 (prior-session)

What the bill would do

The core directive is to have the state comptroller audit the Department of Financial Services (DFS) with the aim of confirming compliance with applicable federal and state requirements.

The bill would designate the comptroller as the entity responsible for conducting the audit and producing findings on DFS’s adherence to relevant laws and regulations.

Note: The publicly available summary does not provide the exact audit scope, standards to be used, frequency of audits, or reporting format. The bill’s text would specify these details (e.g., which federal/state requirements are in scope, audit methodology, and the disposition of findings).

Key provisions (as indicated by the bill’s description)

Audit mandate: The comptroller must perform an audit of DFS to assess compliance with federal and state requirements.

Reporting expectations: The bill would ordinarily require a formal report or findings to be delivered to the legislature, detailing compliance status and any recommendations. The precise reporting timeline and content would be defined in the bill’s text.

Authority and scope: The bill positions the comptroller to examine DFS operations, processes, and regulatory adherence relevant to financial services.

Who would be affected

Department of Financial Services (DFS): Subject to an external audit to evaluate compliance with applicable requirements.

New York State Comptroller’s Office: Responsible for conducting the audit and issuing findings.

Legislature and oversight bodies: Would receive audit results and any recommended actions to ensure ongoing compliance.

Procedural and timeline notes

The bill has been introduced and referred to the Governmental Operations Committee. No further legislative actions are listed in the provided information.

The text would specify implementation details, such as effective date (if enacted), audit duration, milestones, and whether findings prompt corrective actions by DFS or legislative action.

Potential impact

Oversight enhancement: Increases external review of DFS operations, potentially improving compliance with federal and state requirements.

Accountability and transparency: Audit results could inform policymakers and the public about DFS’s regulatory adherence and areas for improvement.

Resource considerations: Conducting an audit may require staffing and funding within the Comptroller’s office; DFS may need to cooperate with auditors.

Next steps for readers

Monitor for the release of the bill’s full text to understand the precise audit scope, standards used, reporting requirements, and any timelines or corrective action provisions.

Track actions in the Governmental Operations Committee and any related votes or amendments.

Review related A 9741 for context from prior sessions and any differences in scope or approach.

Bill