NEW YORK ( TheStreet) - New York Governor Andrew Cuomo will reveal plans to merge the powerful state banking and insurance departments during a speech on Wednesday, according to published reports.

The New York Post reports that Cuomo will propose that the New York Banking Department and the New York Insurance Department be merged into a single entity. The plans, which will be revealed at the State of the State address, will also call for the state's Consumer Protection Board to be folded into the planned "super regulator," according to the report.

The rational for the combination is to create a "less costly single agency" that mirrors a financial services industry where "insurance companies often function as banks and engage in securities and other investment-type businesses," the New York Post article stated, citing a source close the Cuomo.

Cuomo will give his State of the State speech at the Empire State Plaza Convention Center at 1:30 pm.

--Written by Maria Woehr in New York.

To contact the writer of this article, click here: Maria Woehr.

To follow the writer on Twitter, go to http://twitter.com/newsgirlmw.

To submit a news tip, send an email to: tips@thestreet.com.