Amazing Retirement Saver + Financial Regulation
Amazing call this week from Leith in North Carolina to start the show. He will definitely be included in the top three callers of 2018. This guy has done an amazing job of planning for retirement. Anybody could see that. Yet he still has doubts. This was a fascinating call with a little bit of everything mixed in.
As the Consumer Financial Protection Bureau (CFPB) is defanged and the Department of Labor rolls back rules that would require retirement professionals to put the best interests or customers first, it’s easy to feel like nobody has our backs.
The good news is that individual states are coming to the rescue when it comes to financial regulation and protecting consumers. In my hour two conversation with Maria Vullo, the Superintendent of Financial Services for the State of New York (DFS), you will learn how Vullo and her department attempt to regulate a wide swath of industries.
DFS has a lofty mission: “To reform the regulation of financial services in New York to keep pace with the rapid and dynamic evolution of these industries, to guard against financial crises and to protect consumers and markets from fraud.” Here’s what Vullo and her team are attempting to do on a daily basis:
- Eliminate financial fraud, other criminal abuse and unethical conduct in the industry
- Educate and protect users of financial products and services and ensure that users are provided with timely and understandable information to make responsible decisions about financial products and services
- Ensure the continued solvency, safety, soundness and prudent conduct of the providers of financial products and services
- Protect users of financial products and services from financially impaired or insolvent providers of such services
- Encourage high standards of honesty, transparency, fair business practices and public responsibility
Over the course of her distinguished career, Vullo’s specific legal experience has included litigations and investigations involving the financial services sectors and fraud, real estate, health care, insurance, tax, consumer protection, bankruptcy, antitrust, and constitutional law. She has argued before the U.S. Supreme Court, the U.S. Courts of Appeals for the Second, Ninth, and Tenth Circuits, and the New York State Appellate Division.
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