April 14 (Reuters) - A top official at New York’s financial services regulator is leaving the agency to join McGraw Hill Financial Inc, according to people familiar with the matter.
Robert Easton, executive deputy superintendent of the insurance division at the New York Department of Financial Services (DFS), will become chief compliance officer at McGraw Hill, the parent of Standard & Poor’s rating agency, Benjamin Lawsky, head of the regulatory agency, confirmed to Reuters.
Lawsky, the first superintendent of the newly created agency, which combined the state’s banking and insurance departments, is expected to depart this year as well.
“Rob has been a vital member of our team at DFS since we opened our doors on day one nearly four years ago,” Lawsky said.
Daniel Alter, the agency’s general counsel, also left recently. He is now an adjunct professor and senior fellow at New York University Law School.
Alter was instrumental in actions against major foreign banks over sanctions-related violations that led to billions of dollars in penalties, people familiar with the agency have told Reuters.
Easton, whose last day will be April 24, has been integral to the agency’s work in opposing the life insurance industry’s move to principal’s based reserving and the use of shadow insurance to manage reserves, Lawsky added.
Jason Feuchtwanger, a spokesman for McGraw Hill, declined comment.
The insurance division of DFS oversees 1,700 insurers with assets exceeding $4.2 trillion, according to the agency’s website.
Standard & Poor’s in February agreed to pay $1.5 billion to resolve lawsuits over its ratings of mortgage securities in the run up to the financial crisis, ending one of the U.S. government’s most ambitious cases tied to the housing collapse. (Editing by Saumyadeb Chakrabarty)