New York State Banking Department
The Department was the primary regulator for state-licensed and state-chartered financial entities, including domestic banks, foreign agencies, branches and representative offices, savings institutions and trust companies, credit unions and other financial institutions operating in New York including mortgage bankers and brokers, check cashers, money transmitters, and licensed lenders, among others.[2] The Department's legislative mandate was to insure the safe and sound conduct of these businesses, to conserve assets, to prevent unsound and destructive competition, to maintain public confidence in the banking system, and to protect the public interest and the interests of depositors, creditors and shareholders.[3] Revenues to fund the Department's operating budget were derived from fees paid to it by state-chartered institutions.Group two: banks, trust companies and private bankers located outside the city of New York and having total assets of one hundred fifty million dollars or more, as shown in their last report to the Superintendent.Group four: savings banks located in the city of New York and the counties of Westchester, Rockland, Nassau and Suffolk.The Enriched BDD program was launched in early 2005 to better coordinate the Banking Department and Comptroller’s Office with other community development and capacity-building initiatives.Holocaust Claims Processing Office Created in 1997, the HCPO helps claimants from around the world obtain just resolution for the theft of property during the Holocaust—specifically, assets deposited in European banks, monies never paid in connection with insurance policies issued by European insurers, and lost or looted art.HCPO is co-financed by the NYS Insurance Department, and has responded to over 10,600 inquiries, resulting in 4,746 claims from 44 states and 42 countries.CIB also houses a team of examiners who specialize in compliance with anti-money-laundering laws, such as the bank Secrecy Act.This unit identifies and mitigates threats to the financial industry stemming from money laundering and terrorist financing.They conduct coordinated reviews with the Department of State, a HALT member agency that oversees real estate appraisers.The Department compiles data on New York mortgages and ensures that homeowners facing foreclosure receive information about available counseling services.[7] New York participates in the National Mortgage Licensing System (NMLS), a state-run project that registers lenders.[8] This includes requirements for surveillance cameras, adequate lighting, key-card access and an unobstructed view of the facility from the street.This law applies not only to state chartered entities, but to all federally chartered banks, trust companies, savings banks, savings and loan associations or credit unions, as long as they operate one or more ATMs in New York, whether the entity is headquartered in New York or not.[10] Under the Banking Law, the Superintendent may require a regulated entity to appear and explain any apparent violation of law, issue an order directing a regulated entity to discontinue unauthorized or unsafe practices or to make good an impairment of capital or, in the case of a banking organization, required reserves, or to improve its recordkeeping.[11] The Superintendent may take possession of and liquidate a banking organization and may suspend or revoke a certificate or license to do business or certain activities of a regulated non-banking entity.[12] Finally, under Section 44 of the Banking Law, following notice and a hearing, the Superintendent may impose penalties to be paid to the State.An agency may issue large-denomination ($100,000 or over) CDs, may accept deposits from foreign residents and citizens and may maintain credit balances for customers incidental to its banking business.Licensed lenders A licensed lender is an entity engaged in the business of making loans in the principal amount of (i) $25,000 or less to any individual for personal, family, household, or investment purposes, or (ii) $50,000 or less for business and commercial loans, and which charges a rate of interest greater than 16% per annum.NASCUS is the only organization dedicated to the defense and promotion of the dual chartering system and the autonomy of state credit union regulatory agencies.” Today, NASCUS also represents the interests of state agencies before Congress and is the liaison to federal agencies, including the National Credit Union Administration (NCUA).