Christopher D’Angelo has been hired by New York Attorney General Letitia James to serve as the Chief Deputy Attorney General for Economic Justice. D’Angelo previously served as the associate director of the CFPB’s Supervision, Enforcement and Fair Lending Division and played a key role in some of the CFPB’s highest profile enforcement matters.
In his new position, D’Angelo will be responsible for oversight of New York’s largest banks and financial institutions. This aggressive new hire, combined with Governor Cuomo’s appointment of his close ally and former chief of staff Linda Lacewell to the position of Superintendent of the New York Department of Financial Services (NYDFS), signals a potential surge in investigations and enforcement actions aimed at financial institutions doing business in New York.
Governor Cuomo and Attorney General James have already demonstrated a willingness to work together in announcing their investigation into privacy and data breach matters, and D’Angelo’s background at the CFPB makes him a valuable ally and resource for the NYDFS. While the chartering and licensing processes will still be managed by the NYDFS, current and future licensees will be faced with two, either competing or intensifying, sets of regulatory priorities.