NY Mulls Bank, Insurance Regulators Merger

New York Governor,Andrew Cuomo, may merge the banking and insurance departments,New York Postreports. The move will reduce staff, though it will produce a more efficient single agency, addsReuters.

The banking department controls all state-chartered banks and lending institutions, while the insurance department regulates virtually all insurance companies that operate in New York. Cuomo aims to rein in state spending to close a $9 billion deficit on a $136 billion budget.

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