The Bank of Israel and the New York State Department of Financial Services have signed a memorandum of understanding over transferring information between the bodies, they said in a recent statement.

“As one of the most dynamic and interconnected financial capitals of the world, New York serves consumers and regulated entities best when it is working and sharing regulatory knowledge with fellow supervisory authorities,” said superintendent of financial services, Maria Vullo said. “Sustained success in global banking depends on international collaboration and effective supervision to safeguard our financial markets.  DFS fully supports our colleagues in Israel and this agreement further highlights the imperative value of cooperation on an international scale.  DFS is pleased to further strengthen our cooperation and work with The Bank of Israel to strengthen protections of our markets and our mutual interest in combatting terrorism.”

DFS has co-operation pacts with regional supervisory authorities for sharing information and global coordination, including, but not limited to, the banking authorities in the UK, France, Germany, Netherlands, Hong Kong, China, Canada, Brazil, Sweden and Taiwan. 

In September 2017, Vullo signed the Framework Cooperation Agreement among the European Banking Authority and various US Authorities, which lays out the foundation for cooperation on bank crisis management and resolution among the EU supervisory or resolution authorities and the participating US authorities. New York is the only state to have sighed that agreement.