Governor Hochul Appoints Kaitlin Asrow as Acting Superintendent

Governor Kathy Hochul today announced that, after four years of service, Superintendent Harris will be leaving the Department of Financial Services.  The Governor is appointing Kaitlin Asrow as Acting Superintendent of the Department of Financial Services effective October 18, 2025.

“I’d like to thank Superintendent Harris for her four years of service at DFS, working every day to make our financial system work for New Yorkers, while also rebuilding the Department into a regulator fit for the financial capital of the world,” Governor Hochul said.  “Between her time at the Federal Reserve, Financial Health Network, and within DFS, Kaitlin is well suited to lead the Department into the future, expanding access to affordable financial services for all New Yorkers while ensuring our great state continues to be a center for responsible innovation.”

New York State Department of Financial Services Superintendent Adrienne A. Harris said, “It has been a privilege and an honor to serve New Yorkers, delivering positive outcomes for consumers; cementing DFS as a global regulatory leader; and transforming the Department’s operations.  I want to express my deep gratitude to Governor Hochul, and to the DFS team for the excellent work they do every day to create a more equitable, transparent, and resilient financial system.”

New York State Department of Financial Services Executive Deputy Superintendent of Research & Innovation Kaitlin Asrow said, “I am humbled by the opportunity to continue working in service of New Yorkers under Governor Hochul’s leadership.  I am committed to ensuring that New York remains the global financial capital, a leader in consumer protection, and a hub for responsible financial innovation.”

Kaitlin Asrow has worked at DFS for the past four years as Executive Deputy Superintendent of the Research & Innovation division.  In that role, she oversaw the regulation of virtual currency companies, building one of the largest and most sophisticated virtual currency regulatory teams in the world.  She is also responsible for the Department’s policy work around innovation and financial inclusion.  Ms. Asrow has helped lead the operational transformation of the Department and is committed to continuing investment in technological infrastructure and key processes.  Ms. Asrow came to the Department from the Federal Reserve System, where she served as a Senior Policy Advisor for both the Bank of San Francisco and the Board of Governors.  During her tenure with the Federal Reserve, she served as a coordinator on innovation policy among the 12 district banks, as well as between the Federal Reserve, the OCC, and FDIC.  Prior to the Federal Reserve, Ms. Asrow worked for the Center for Financial Services Innovation, now the Financial Health Network, which is the leading authority on consumer financial health.  Ms. Asrow graduated from Stanford University with a Bachelor of Arts degree and subsequently earned her Master of Public Policy degree from the University of Chicago.  Superintendent Harris was nominated by Governor Hochul to lead DFS in August 2021.  As the longest-serving Superintendent, Harris led efforts to rebuild the Department to better protect New Yorkers, regulated entities, and the global financial system.  Since August 2021, DFS has recovered more than $725 million in restitution for New Yorkers and done significant work to make the state’s financial system fairer and more equitable.  Nationally, she became the first New York State representative to serve on the U.S. Financial Stability Oversight Council.  During the Hochul administration, DFS has taken many steps to create a fairer financial system, including:

• Expanding Banking Development Districts.
• Changing the way check cashing fees are calculated to incorporate consumer needs, saving New Yorkers more than $22 million in check cashing fees.
• Requiring insurers to cover insulin without cost sharing.
• Setting clear guardrails around the use of artificial intelligence in insurance underwriting and pricing.
• Building the Virtual Currency Unit into a global leader in the regulation and supervision of digital assets.
• Adopting market conduct rules to govern Pharmacy Benefit Managers (“PBMs”) and begun examining these entities.