The State Government of New York has re-emerged as a pivotal broker of financial regulation. Enforcement action taken by the Department of Financial Services against Standard Chartered for violations of sanctions against Iran, as well as subpoenas issued by the State Attorney General to banks implicated in the manipulation of the London Inter-Bank Offered Rate (“LIBOR)”, reflect independent power. The unresolved question is whether its exercise demonstrates opportunistic deployment of extortionist impulses. The paper evaluates the impact on state-federal relations across mandate, process and agency. It argues that while the return of New York reflects opportunism, the opportunity has been caused by a systemic failure of regulation first identified by Eliot Spitzer, the proclaimed Sherriff of Wall Street, a decade earlier.