According to Bloomberg:
“New York’s top financial industry regulator is trying to expand bank examiner staffing, but relatively low pay and federal agencies’ competition for skilled labor are posing stiff challenges. The New York Department of Financial Services has faced ‘internal staffing restraints’ that hinder adequate staffing of examination teams, the DFS said in an April report on the failure of Signature Bank.”
“’In government, there is always that question of retaining staff that have opportunities in the private sector or even in federal government jobs that may pay more. And in banking, there are some federal agencies that may pay more,” said former New York Superintendent of Financial Services Maria Vullo, who led the agency from 2016 until February 2019.”