Mission
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.
The New York State Banking Department was headquartered at One State Street in New York City and had an office in the state capital at the Empire State Plaza, Albany, and an office in Syracuse, New York to serve the most Northern and Western parts of the State.
Revenues to fund the Department's operating budget were derived from fees paid to it by state-chartered institutions. The Department was included in the New York State Executive Budget, and all expenses were paid by the New York State Comptroller out of State funds, reimbursed by the amounts assessed against the institutions subject to supervision. Expenses of examination and operation were paid entirely by the institutions subject to regulation.
Read more about this topic: New York State Banking Department
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