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NY Mulls Bank, Insurance Regulators Merger

New York Governor, Andrew Cuomo, may merge the banking and insurance departments.

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

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.

Click here for the story from New York Post.

Click here for additional coverage fromReuters.

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