The New York State Banking Department was created by the New York Legislature on April 15, 1851, with a chief officer to be known as the Superintendent. The New York State Banking Department was the oldest bank regulatory agency in the United States.
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. Total assets of the institutions regulated were nearly $2.2 trillion.
Effective October 3, 2011, Governor Andrew M. Cuomo and the New York State Legislature consolidated the New York State Banking Department and the New York State Insurance Department and created the New York State Department of Financial Services.
Read more about New York State Banking Department: Mission, Employees, The Banking Board, Unique Undertakings of The Banking Department, Other Activities, Nature of State Regulation, Scope, State Regulator Associations, External Links
Famous quotes containing the words york, state, banking and/or department:
“More than illness or death, the American journalist fears standing alone against the whim of his owners or the prejudices of his audience. Deprive William Safire of the insignia of the New York Times, and he would have a hard time selling his truths to a weekly broadsheet in suburban Duluth.”
—Lewis H. Lapham (b. 1935)
“If I place love above everything, it is because for me it is the most desperate, the most despairing state of affairs imaginable.”
—André Breton (1896–1966)
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“In the great department store of life, baseball is the toy department.”
—Los Angeles Sportscaster. quoted in Independent Magazine (London, Sept. 28, 1991)