In a fireside chat with Penny Lee, President and CEO, Financial Technology Association, Acting Superintendent Kaitlin Asrow discussed:
· Crypto: given the changing regulatory environment at the federal level, Superintendent Asrow believes some DFS charters will flip to federal; some entities will want to hold both federal and state charters; and some entities will hold onto DFS charters or BitLicenses exclusively.
· Buy Now Pay Later: The Superintendent believes the regulation implementing this law will be issued for comment in early 2026.
· AI: DFS wants to better understand how AI will work in financial services before the agency gets too far out on rulemaking; Superintendent Asrow says the agency will try to meet entities “where they are” in the actual implementation of AI.
· Third Party Risk Management: Superintendent Asrow said she is thinking about what more can be done in guiding institutions with Third Party Risk Management: “Our jurisdiction stops at some point but the sprawl of interconnection [involving licensed entities and third parties] does not stop.”
· Focus on Affordability and Access: The Superintendent repeatedly emphasized a focus on “affordability” and access to financial services across DFS initiatives.