Unique Undertakings of The Banking Department
Banking Development District (BDD) Program:
Section 96-d of the Banking Law, entitled 'Banking Development Districts' addresses a program created to encourage the establishment of bank branches in areas with a demonstrated need for banking services, with the goals of stimulating local economies and helping more New Yorkers enter the financial mainstream.
Banks partner with local governments to establish a BDD in an under-banked neighborhood, and, when approved by the Banking Department, are eligible to receive municipal deposits at below-market interest rates from the State.
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. The Enriched BDD program also targets underbanked New York City neighborhoods and invites banks to apply for BDD branches in the pre-designated areas.
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.
Criminal Investigations Bureau
The Department's Criminal Investigations Bureau (CIB) provides specialized investigatory capabilities with respect to allegations of criminal activity involving the financial industry and works cooperatively with law enforcement organizations at the local, state and federal levels. 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.
Mortgage Fraud Unit
The Criminal Investigations Bureau has a Mortgage Fraud Unit that serves as a special team charged with fighting mortgage fraud in New York State. They conduct coordinated reviews with the Department of State, a HALT-member agency that oversees real estate appraisers. The Department also compiles state-wide data on mortgages and implements legislative requirements that require each homeowner facing foreclosure to receive a notice of available counseling services. The Department conducted foreclosure forums in various cities in 2008. In 2008, the Banking Department provided additional $2 million in grants for foreclosure prevention, recouped from settlements based on prior predatory lending enforcement actions.
A major component of the anti-fraud campaign includes New York’s participation in the National Mortgage Licensing System (NMLS), a state-run project to register individual loan originators. This system includes extensive security measures and educational requirements. New York was one of the first states to launch the new system and it is estimated that 20,000 mortgage loan originators in the state will be registered by January 2010.
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