NY A07576

Directs the New York Department of Financial Services to conduct a comprehensive study on creating a compensation system comparable to similar federal financial regulators, in consultation with the Office of Employee Relations and Department of Civil Service.

Study must consider the federal General Schedule (GS) payscale and focus on achieving pay parity between state and federal financial regulators in similar roles to improve recruitment and retention.

Report must be issued within one year to the Governor, Senate President, Assembly Speaker, and minority leaders of both chambers.

Report must identify comparable positions at the SEC, Federal Deposit Insurance Corporation, Federal Reserve Bank of New York, Consumer Financial Protection Bureau, and Department of Treasury.

Report must propose a compensation system or pay scale for parity, identify alternatives to achieve pay parity, list retention alternatives, and analyze potential training savings from increased retention.