Other Activities
ATM inspections
The Banking Department is responsible for inspecting ATM facilities for compliance with the requirements of the ATM Safety Act. 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. The Banking Department has 13 ATM safety inspectors.
Name approvals
Under Section 301 of the Business Corporation Law and analogous sections of the Not-for-Profit Corporation Law, the Limited Liability Company Law and Limited Partnership Act, the Banking Department and the Insurance Department (as appropriate) must approve the use of certain words (or abbreviations or derivatives thereof) in the name of an entity. The Banking Department approves the terms acceptance, bank, finance, investment, loan, mortgage, savings and trust. During the first 7 ½ months of 2007, the Department ruled on over 600 such applications.
Consumer services
The mission of the Banking Department's Consumer Services Division is to ensure that regulated institutions abide by the consumer protection, fair lending and community reinvestment requirements of the Banking Law and regulations. The division also strives to increase consumer access to traditional banking services in under-served communities by administering the Department's Banking Development District program and other community development initiatives. Finally, the Consumer Services Division runs a consumer help unit to resolve problems between consumers and regulated entities.
Consumer Help Unit
CHU was created in May 2005 in order to give New York consumers a single point of contact for learning about important banking-related issues, making inquiries and filing complaints. Its management falls to the Deputy Superintendent of CMR.
Read more about this topic: New York State Banking Department
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