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NY May Merge Insurance, Banking, Consumer Agencies

Law360 (January 5, 2011, 4:21 PM EST) -- New York Gov. Andrew Cuomo on Wednesday proposed to consolidate the state's insurance, banking and consumer protection departments into a combined financial regulatory agency that could better catch Wall Street misdeeds.

In his inaugural State of the State address, Cuomo said that having three separate agencies allowed Wall Street's misdeeds to slip through the cracks and remain hidden from state watch dogs.

If Cuomo's plan, which requires approval of the state legislature, moves forward, the state's Insurance Department, Banking Department and Consumer Protection Board would be...
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