Angelo is leaving

Dear Fellow Staff:  

It is with mixed emotions that I email to say that Angelo Sigismondo, after 30+ years of service, has decided to retire on June 22nd.  

I have been fortunate over the years to be able to get to know Angelo well by working with him not only in LFSD, but on matters throughout the Department.  I am extraordinarily proud of the work he has done to make this Department a success and of how professionally he has executed his duties.  He is a true professional in everything he does. It is an understatement to say that we will have large shoes to fill upon his retirement. He will be greatly missed.    

I have asked Manzar Atabaki to take over the position of Deputy Superintendent for Licensed Financial Services on June 22nd, which she has graciously accepted. Manzar has over 20 years of experience with the Banking Department, successfully leading RATA as Deputy Superintendent since 2009.  RATA will report to me during an interim period starting on June 22nd.  Although Manzar’s leadership at RATA will be missed, I certainly will be seeking her guidance as well as that of the entire RATA staff.  

For Angelo, I wish he could stay, but his next steps in life await him and we cannot ask more from him as he has already given so much.  Please give Angelo your best for a long, happy, and healthy retirement.

Sincerely,

Regina Stone
Acting Superintendent of Banks

Examiner News – Tuesday, June 7, 2011

Advanced Measurement Approach: Supervisory Guidance
The FDIC, with the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, is issuing guidance to clarify supervisory expectations and to highlight key considerations to implement an effective advanced measurement approach (AMA) framework. The guidance focuses on the combination and use of the four required AMA data elements: internal operational loss event data, external operational loss event data, business environment and internal control factors (BEICFs), and scenario analysis. Given some of the unique challenges with scenario analysis as it relates to the AMA, this data element is discussed in greater detail. Governance and validation also are discussed given their importance in ensuring the integrity of a bank’s AMA framework.

Statement of applicability to institutions with total assets less than $1 billion:
 Not applicable

Complete Financial Institution Letter:   http://www.fdic.gov/news/news/financial/2011/fil11041.html  
First Quarter 2011
  FDIC State Profiles   .
  Quarterly Banking Profile

Crain’s Insider – Tuesday, June 7, 2011

Crain’s Insider


Today’s News Tuesday, June 07, 2011

City Council Keeps Coming Up Short

The City Council’s latest proposals to avoid closing 20 fire stations and laying off thousands of teachers include cutting city contracts, canning parking-meter collectors and redirecting $75 million in Department of Education spending. But the numbers don’t add up to much. The council has now proposed $145 million in savings at best, while the cost of preventing teacher layoffs and keeping firehouses is almost $320 million. Replacing teaching positions lost through attrition would cost even more. Council Speaker Christine Quinn, nevertheless, has vowed to continue negotiating with the Bloomberg administration.

Retail Politics

Pat Purcell of United Food and Commercial Workers Local 1500 said the Valley Stream Target store unionization campaign was initiated by employees, not the union. “It’s the first time in my 27 years [in organized labor] where the workers truly self-organized,” Purcell noted. Among the reasons, he said, are that employees are being assigned so few hours of work, and that some who came from union shops in other industries are new to retail and “are not used to getting 8-cent raises.” He added, “I’ve met a couple of workers who in their previous professions didn’t think so highly of unions. Now they’re thinking, ‘Retail’s tough.’ ”

Metro Area’s Next 30 Years

The Regional Plan Association will soon begin writing a new tristate regional plan, “disassembling the lessons of the last 30 years, then reassembling them as a new manual for the next,” according to RPA’s creative and technology director, Jeff Ferzoco. In a newsletter, he hinted at its premise: “Urbanism has long been about [population] density. But density alone won’t do it. It’s leveraging that density to make more connections among and between people” using “new technologies and new thinking.”

Do Liveries Stand A Chance?

Many yellow taxi and livery drivers were perfectly happy with the status quo until the mayor introduced his plan to allow legal street hails outside Manhattan. One benign and possibly effective proposal on the table is the creation of livery stands in high-density outer-borough neighborhoods. Building the stands would not require legislation and would serve a purpose similar to street hails. Having the stands would allow the Taxi and Limousine Commission to better regulate drivers, who would be charged for the right to make pickups there. The stands would have to be manned 24/7 by the liveries.

blogspot counter Weiner won’t resign, but may lose seat

A tearful Rep. Anthony Weiner vowed yesterday to remain in Congress, but one insider said, “If he doesn’t resign, he could be the next Steve Solarz.”

Solarz, a veteran Brooklyn congressman, was caught up in the House bank scandal in the early 1990s, leaving him vulnerable when House districts were redrawn by the state Legislature for the 1992 election. His district was obliterated, and rather than run against popular incumbent Chuck Schumer, Solarz competed in a new, three-borough Latino district. He lost to Nydia Velázquez.

“That’s probably the most likely scenario to occur [with Weiner],” the source said. “The district will end up in a number of pieces, none of which are Anthony Weiner’s.”

Working in Weiner’s favor is the fact that the six districts surrounding his are made up mostly of minority voters. It would be hard to shift Weiner’s white voters into minority districts without violating the Voting Rights Act.

“There’s a lot of politics going on and a lot of constraints,” said David Epstein, a political science professor at Columbia University.

A proponent of independent redistricting said Weiner’s problems would be irrelevant if parties could no longer gerrymander. “Without an impartial process, any criteria is fair game,” the source said.

Weiner has survived redistricting before. A lifelong Brooklynite, he was elected in 1998 (succeeding Schumer) to a district that was 70% in Brooklyn and 30% in Queens. In 2002, those percentages were reversed, and Weiner soon left his Sheepshead Bay apartment for one in Forest Hills. It was a politically astute move, but Weiner said at the time that he took the step in order to be closer to La Guardia Airport.

If Weiner resigns, a special election could bring a Republican into Weiner’s seat, just as Democrat Kathy Hochul won the seat vacated by another shirtless politician, Republican Chris Lee. The GOP could then sacrifice that seat in redistricting, just as Democrats might sacrifice Hochul’s.

Weiner’s troubles have given other white congressmen downstate, like Rep. Jerry Nadler, some breathing room, an insider said.

Said the congressman, “The first thing I need to do is make sure this never, ever happens again.” He did not rule out seeking psychiatric help.

At A Glance

MOVING IN:  Chris Browne is the new deputy commissioner for policy and communications at New York State Homes and Community Renewal. Browne spent six years with the city Department of Finance, where he served as a director for government affairs until the end of April.

 

News Clips – Tuesday, June 7, 2011

Lloyd’s New York Application in Final Stages | Mentions Ins (Subscription)
Posted on June 7, 2011  by admin  
Lloyd’s of London remains committed to gaining admitted status as a qualifying alien reinsurer in New York State despite withdrawing its application for the same status in Florida. Lloyd’s has confirmed that discussions with the New York State Insurance Department are “in the final stages”. Gaining approval would mean the Society is able to post reduced levels of collateral for business sourced from New York cedants. This comes after it emerged Lloyd’s had “temporarily” withdrawn its application for qualifying status… Lloyd’s New York application in final stages | The Insurance Insider .
Posted in Insurance Industry  | Comments Off
Overhaul of Financial Regulations Is Mired in Details and Dissent
Posted on June 7, 2011  by admin  
Nearly one year after Congress passed financial changes to rein in the banking sector, more than two dozen of the legislation’s rules are behind schedule, and no end to the wrangling over details is in sight. U.S. Treasury Secretary Timothy Geithner speaking at the International Monetary Conference in Atlanta, Georgia, on Monday. The delays come as regulators extend public comment periods on the rules, and as some on Wall Street and in Congress resist the changes. One result may be that many new safeguards do not take hold in earnest before the next election, an outcome that could open the door for newly elected officials to back away from the overhaul. Overhaul of Financial Regulations Is Mired in Details and Dissent – NYTimes.com .
Posted in Bank Regulation (domestic) , Dodd-Frank , Financial Crisis , Financial Regulation  | Comments Off
Fed Said to Back Three Percentage-Point Capital Surcharge for Big Banks
Posted on June 7, 2011  by admin  
The Federal Reserve supports a proposal at the Basel Committee on Banking Supervision that calls for a maximum capital surcharge of three percentage points on the largest global banks, according to a person familiar with the discussions. International central bankers and supervisors meeting in Basel, Switzerland, have decided that banks need to hold more capital to avoid future taxpayer-funded bailouts. Financial stock indexes fell in Europe and the U.S. yesterday as traders interpreted June 3 remarks by Fed Governor Daniel Tarullo as leaving the door open to surcharges of as much as seven percentage points. “A seven percentage-point surcharge for the largest banks would be a disaster,” said Jason Goldberg, senior analyst at Barclays Capital Inc. in New York. “It will certainly restrict lending and curb economic growth if true.” Fed Is Said to Back Three Percentage-Point Capital Surcharge for Big Banks – Bloomberg .
Posted in Bank Bail-Outs , Bank Regulation (domestic) , Bank Regulation (Foreign) , Basel II | Basel III , Capital Requirements , Too Big To Fail  | Comments Off
Lawmakers Seek to Remove Medical Bills from Mortgage Originations
Posted on June 7, 2011  by admin  
Three U.S. congressmen are offering an novel concept when it comes to kick-starting home sales. A new bill proposed by Reps. Don Manzullo (R-Ill.), Ralph Hall (R-Texas) and Heath Shuler (D-N.C.) will prevent institutions from keeping resolved medical debts on credit reports, where they end up serving as barriers to obtaining a mortgage. “Medical debt is not a reliable indicator of credit risk, yet nearly a quarter of Americans have seen their credit scores plummet because of small, routine medical bills,” said H.R. 2086 cosponsor Rep. Nydia Velazquez (D-N.Y.), Ranking Member of the House Small Business Committee. “This bill provides a common-sense, simple solution to address this problem now and protect consumers in the future.” The lawmakers behind the legislation, called the Medical Debt Responsibility Act, want paid medical debts removed 45 days after a full repayment is made. Current practices allow keeping paid medical debts — some as small as a few dollars — on consumer credit reports for a period of seven years.  Lawmakers seek to remove paid medical bills from mortgage originations « HousingWire .
Posted in Consumer Protection , Credit Rating , Mortgage Industry  | Comments Off
Fannie releases new rules for calculating servicing fees on modified loans
Posted on June 7, 2011  by admin  
Fannie Mae is asking servicers to review the GSE’s updated servicing guidelines to ensure they are following a new formula for calculating servicing fees on mortgage loan modifications. The government-sponsored enterprise stipulated in its revised servicing guide  that all modified loans closed in Fannie’s HomeSave Solutions Network on or after June 18 will be subject to a new servicing fee structure in which the cost will either be the fee the servicer received before the loan modification or 0.25%.  Fannie releases new rules for calculating servicing fees on modified loans « HousingWire .
Posted in Fannie Mae/Freddy Mac , Foreclosure , Mortgage Industry , Mortgage Loan Servicers , Mortgage Modifications  | Comments Off
Regulators delay risk-retention rule to August
Posted on June 7, 2011  by admin  
Federal regulators extended the comment period on the proposed risk-retention rule from June 10 to Aug. 1…regulators proposed the rule in April, requiring lenders to retain 5% of the credit risk on mortgages pooled in securities. The exception is the qualified residential mortgage. Lenders do not have to maintain the risk on these loans if they meet a variety of requirements…In May, a group of 15 housing trade groups wrote a letter  to regulators formally asking for an extension…Sheila Bair long argued the risk-retention rule was designed to govern much of the market, and the QRM was meant to be a narrow slice…But HUD Acting Commissioner Bob Ryan said the 20% down payment may be too restrictive…Regulators did not immediately give a specific reason for the delay. Regulators delay risk-retention rule to August « HousingWire .
Posted in Mortgage Backed Securities , Mortgage Industry , Risk Retention  | Comments Off
Geithner Urges Rules on Swaps to Avoid ‘Race to the Bottom’
Posted on June 7, 2011  by admin  
U.S. Treasury Secretary Timothy F. Geithner said he wants global minimum standards on derivatives trading and urged regulators to avoid a “race to the bottom” in which financial risk moves to the least-supervised economies. “We need global minimum standards for margins on uncleared derivatives trades,” Geithner said today in a speech in Atlanta. “Without international consensus, the broader cause of central clearing will be undermined. Risk in derivatives will become concentrated in those jurisdictions with the least oversight. This is a recipe for another crisis.” The U.S. Commodity Futures Trading Commission and Securities and Exchange Commission are writing new regulations required by the Dodd-Frank Act, the financial overhaul enacted last July, after largely unregulated derivatives helped fuel the 2008 credit crisis. Dodd-Frank seeks to reduce risk and boost transparency in the $601 trillion global swaps market by having most swaps guaranteed by central clearinghouses and traded on exchanges or other venues. Geithner Urges Rules on Swaps to Avoid ‘Race to the Bottom’ – Bloomberg .
Posted in CFTC , Derivatives , Dodd-Frank , Swaps  | Comments Off
Facebook Becomes Tool to Serve Legal Papers on Those Who Exist Only Online
Posted on June 7, 2011  by admin  
Two years after an Australian lawyer caused a stir by sending a foreclosure notice via Facebook, the practice of online legal service is spreading as a means for courts to keep their dockets moving. Courts in New Zealand, Canada and the U.K. have adopted the Australian example to avoid having cases stall when people can’t be located and served in person. Lawyers said the U.S. may not be far behind in using the world’s most popular social- networking service. “There are people who exist only online,” said Joseph DeMarco, co-chair of the American Bar Association’s criminal justice cyber crime committee, and a lawyer at New York-based DeVore & DeMarco LLP. Being able to serve documents by social- media networks would be a useful tool, he said. …advocates said that serving court notices by mail or in person often already provokes privacy complaints. Therefore using Facebook doesn’t raise any new issues. Facebook Becomes Tool to Serve Legal Papers on Those Who Exist Only Online – Bloomberg .
Posted in Cyber Security , Foreclosure  | Comments Off
HSBC Agrees to Pay $62.5 Million to Settle Madoff Civil Case in New York – Bloomberg
Posted on June 7, 2011  by admin  
HSBC Holdings Plc , Europe’s biggest bank, agreed to pay $62.5 million to settle a group lawsuit in New York filed by investors in a fund that lost money in Bernard Madoff’s fraud. The accord applies to a class-action case against several HSBC companies and other defendants by investors in the Thema International Fund Plc, an Ireland-based fund whose assets were invested with Bernard L. Madoff Securities LLC, HSBC said in a statement today. The settlement “shall in no way be construed” as an admission or fault, London-based HSBC said in the statement.  HSBC Agrees to Pay $62.5 Million to Settle Madoff Civil Case in New York – Bloomberg .
Posted in Bank Fraud , Lawsuit , Scams, Schemes & Frauds  | Comments Off
Lehman Brokerage Gets $2 Billion From Barclays – Bloomberg
Posted on June 7, 2011  by admin  
Barclays Plc, which bought Lehman Brothers Holdings Inc.’s North American business, must return $2 billion in margin assets to the trustee liquidating the remains of Lehman’s brokerage and pay about $270 million in interest, a bankruptcy judge ruled…Barclays will appeal, the bank said in an e-mailed statement. The amount Barclays must return will be offset by $1.1 billion in assets that the two parties previously agreed should go to the U.K. bank, which bought Lehman’s businesses in the 2008 credit crisis. That cuts its cost to about $1.2 billion, including interest. However, Barclays lost its bid for $1.9 billion in margin to offset liabilities it took on with some of the brokerage’s trading positions. Lehman Brokerage Gets $2 Billion From Barclays – Bloomberg .
Posted in Bank Regulation (domestic) , Bank Regulation (Foreign) , Bankruptcy , Financial Crisis  | Comments Off
Wall Street Probe Illustrates Levin’s Clout – Bloomberg
Posted on June 7, 2011  by admin  
Last week the Manhattan District Attorney joined in with a subpoena to Goldman Sachs. The bank stuck to muted criticism of the Levin report until yesterday, when people briefed on Goldman Sachs’s strategy said the firm was considering preparing its own document to refute the Senate report’s contention it held a “big short” against the housing market while marketing mortgage-backed securities. The impact of the two-year inquiry is only the latest illustration of the clout of Levin and his Permanent Subcommittee on Investigations. The Michigan Democrat, who’s headed the panel on and off for a total of six years since 2001, has helped fuel legislative and court action with his focus on issues including sham accounting at Enron Corp., credit-card rules, money-laundering and tax shelters for the wealthy The subcommittee is “not just overturning some rocks,” Levin, 76, said during a recent interview in his Washington office. “Success is when we lead to reforms or lead to justice and accountability.” Wall Street Probe Illustrates Levin’s Clout – Bloomberg .
Posted in Bank Regulation (domestic) , Mortgage Backed Securities , Senate Banking Committee  | Comments Off
State & Political News Round-Up | June 7, 2011
Posted on June 7, 2011  by admin  
Picking apart the ethics bill
Lawmakers contemplate a 14-member Joint Committee on Public Ethics, where the governor would appoint six members (including three not from his political party) and each legislative conference would appoint two. For an investigation to commence — its findings on any legislative ethics violations would be referred to an appropriate prosecutor and/or the Legislative Ethics Committee, appointed by legislators — At least two legislative appointees of the same party as the target lawmaker or staffer would have to assent. Legislators, particularly Senate Republicans, insisted on this protection, fearing political “witch hunts.” But journalists noted that this could result in the JCOPE voting 11-3 to start an investigation without any action occurring. “This is a very imperfect science because you’re trying to balance conflicting needs, and historically, there’s the legislature, and there’s the executive,” Cuomo said, noting his staffers reviewed other panels in other states…Cuomo’s aides released a summary memo for the omnibus ethics bill — a draft may become public “as soon as” Tuesday morning. http://blog.timesunion.com/capitol/
Weiner admits sending lewd Tweets, more
“This isn’t anyone else’s fault,” said Rep. Anthony Weiner in his ongoing news conference from Manhattan, where he has admitted to sending the racy Twitpic that seems to have set off a cascade of revelations of unseemly uses of social media. Weiner, a Democrat often mentioned as a 2013 candidate for mayor of NYC, says he has no plans to resign. The disgraced congressman said that he has sent similar messages to six women over the course of the past several years, although he said he believes he did not violate any rules of the House, or any law. Weiner’s wife did not appear with him. Weiner said that despite the messages sent via social media, he had never met anyone the women in person. His appearance was preceded by the surprise entrance of conservative blogger Andrew Breitbart, who rushed the mic to inform the assembled press that he was prepared to release X-rated images of Weiner in the event that the congressman denied that he was the sender of the images and messages in question. Weiner said he could not confirm that the images Breitbart alluded to were not of him. http://blog.timesunion.com/capitol/archives/69661/breaking-weiner-admits-sending-lewd-tweets/
Deceptive e-mail practice leads to cover-up attempt by senator’s office
In state Senator Greg Ball’s 40th District, which includes Lewisboro and Katonah, the questionable handling of a letter from a constituent by a senator staffer has led The Ledger to discover the senator’s office set up e-mail accounts in other people’s names — in at least one case without their consent — to give legitimacy to congratulatory letters the office receives in order to send them to newspapers to be published… Dan Branda, the Republican senator’s deputy communications director, created an e-mail account in the name of a resident who had written the senator thanking him for helping her daughter. He then used that e-mail address to send the letter to the editors of The Ledger and other local publications to be printed. But Robyn Fields of South Salem who wrote the letter on May 22 and her husband, Robert, said they sent that letter in private, never gave permission to have it sent to the press and the e-mail address The Ledger received it from was not theirs, despite it having Ms. Fields’ full name in the address. http://www.acorn-online.com/joomla15/lewisboroledger/news/localnews/95778-deceptive-e-mail-practice-leads-to-cover-up-attempt-by-senators-office.html
State Sen. Lee Zeldin, GOP seeking to cut off MTA’s tax fund
A group of of Republican suburban lawmakers is trying to eliminate a tax that raises money to maintain and operate the MTA’s bus, subway and commuter train system. State Sen. Lee Zeldin, one of the bill’s sponsors, said the Metropolitan Transportation Authority could do without the revenue by reducing wasteful spending and privatizing bus operations. Zeldin and co-sponsor Kenneth LaValle described the MTA payroll tax as a “job-killing” fee that raises the cost of running a small business. Gene Russianoff of the Straphangers Campaign said the tax may be unpopular but raises $1.4 billion a year and “our commuter, subway and bus system fuels the region’s economy, whether an individual uses it or not.” The MTA has called the funding stream “vital” to the mass transit system. “The MTA’s focus is on using this revenue as efficiently as possible, which we are achieving by identifying savings projected to reach $1 billion annually by 2014,” the MTA said in a statement.  http://www.nydailynews.com/news/politics/2011/06/07/2011-06-07_gop_seeking_to_cut_off_mtas_tax_fund.html
Assembly pauses fracking permits: Moratorium, Challenge in the Senate
Arguing that the state needs more time to assess the potential effects of the natural gas drilling technique known as hydrofracking, the state Assembly on Monday passed a moratorium on the issuance of new permits until June 1, 2012. The measure would cover drilling for oil as well as gas, and would cover vertical drilling using hydrofracking — a method already in use around the state — as well as the horizontal drilling that the drilling industry wants to begin using to tap the Marcellus and Utica shale formations, massive gas-bearing regions that stretch from Pennsylvania into New York’s Southern Tier. The measure passed the Assembly 91-46, according to a preliminary tally. It faces an uncertain future in the Senate, where the narrow Republican majority views natural gas drilling as a major economic opportunity for hard-pressed upstate regions. http://www.timesunion.com/local/article/Assembly-pauses-fracking-permits-1412505.php
Posted in State & Political News Round-Up  | Comments Off
Ex-Wachovia Manager Gets Seven Years for $14 Million Bank Fraud
Posted on June 7, 2011  by admin  
A former Wachovia Bank manager in Virginia who admitted to stealing $14.1 million from bank clients through a bogus wealth-management scheme was sentenced to seven years in prison. Linda Speaks Tribby, 42, who pleaded guilty to one count of bank fraud in March, was sentenced today in federal court in Alexandria, Virginia. Tribby used the funds to buy a helicopter, a luxury motor home, rural houses and property, and exotic animals, including two zebras, prosecutors said. U.S. District Judge Liam O’Grady ordered Tribby to make full restitution to victims and forfeit property, funds held in bank accounts and the helicopter. Ex-Wachovia Manager Gets Seven Years for $14 Million Fraud – Bloomberg .
Posted in Bank Fraud  | Comments Off
Flashback to 1893 : The Wreck of the Madison Square Bank
Posted on June 7, 2011  by admin  
American Banker Cover 1873 OCTOBER 28, 1893 — The temporary receivers of the Madison Square Bank of New York city, have exposed an elegant scandal in which politicians and financiers are inextricably mixed. The work of turning on the light was in part superintended by James G. Cannon, vice-president of the Fourth National Bank, in whom we recognize one of the shrewdest bankers in the metropolis. The exposures which have been made so far under their energetic treatment of the concern’s assets are quite as black as they could possibly be. Perjury and fraud perpetrated by the bank’s officers, vie with each other in the record which the investigation is making against them. It is a startling fact that this institution was examined by the Banking Department two weeks before its collapse, and the sorry position of its affairs at present has again brought the question of State supervision and its effectiveness into view.  The Wreck of the Madison Square Bank – American Banker 175th Year Flashback Article – American Banker .
 
Posted in Bank Closings , Historical  | Comments Off
Banking Corruption and the Afghan Government
Posted on June 6, 2011  by admin  
The investigation into Kabul Bank was run by a remarkable but little-known group of Americans working at the Embassy called the Afghan Threat Finance Cell. Their findings are considered so sensitive that almost no one—generals, diplomats, the investigators themselves—is willing to talk about them publicly. The unit, made up of agents from the F.B.I., the Drug Enforcement Administration, the Treasury Department, and the Pentagon, has compiled extensive evidence of bribery. “If this were America, fifty people would have been arrested by now,” an American official told me.  Banking Corruption and the Afghan Government : The New Yorker .
Posted in Bank Fraud , Bank Regulation (Foreign)  | Comments Off
Elizabeth Warren and Consumer Protection – The New Yorker
Posted on June 6, 2011  by admin  
The Anti-Warren Commission: James Surowiecki of the New Yorker writes about what he says is the political “demonization” of Elizabeth Warren and the Consumer Financial Protection Bureau. “It’s profoundly misguided, because Warren is far from the anti-capitalist radical that her critics (and some of her supporters) suppose. Indeed, an empowered C.F.P.B. could actually be a boon to business.” Elizabeth Warren and Consumer Protection : The New Yorker .
Posted in CFPB , Consumer Protection  | Comments Off
Project On Government Oversight: The SEC’s Revolving Door
Posted on June 6, 2011  by admin  
POGO just released a new report and database showing that hundreds of former SEC employees have recently taken jobs representing clients before the SEC. All told, POGO’s database shows that 219 former SEC employees filed 789 statements between 2006 and 2010 announcing their intent to appear before the SEC or communicate with its staff on behalf of private clients. One former employee had to file 20 statements during this time period in order to disclose all his clients and the issues on which he expected to appear before the SEC. Another former employee filed his first statement just two days after leaving the agency. The Project On Government Oversight POGO Blog .
Posted in Bank Regulation (domestic) , Financial Regulation , SEC  | Comments Off
Consolidation Concerns (Mentions DFS)
Posted on June 6, 2011  by admin  
…most agents and small businesses would probably argue that bigger doesn’t mean better. Quite often, to many folks, “bigger” tends to end up meaning something more like “slower, less flexible, unresponsive to change, frustrating and difficult to navigate.” The new agency – which will be led by Cuomo confidant Benjamin Lawsky – has yet to launch, but there is a growing fear among agents that the new DFS could take on those less flattering qualities. “We really think it could go either way,” said Dick Poppa, president and CEO of the Independent Insurance Agents and Brokers of New York, which is currently suing the department for what basically amounts to regulatory mission drift. “We do see the opportunity – if this is managed correctly – to make it a much better department in terms of its responsiveness to rate and form filings, its responsiveness to a number of administrative things like approving CE courses and that kind of thing… (but) if they just see this as kind of mashing together banking and insurance, doing the same old thing… it could end up being a nightmare because the department has to learn to be more responsive.”  Consolidation Concerns .
Posted in Ben Lawsky , Department of Financial Services (DFS)  | Comments Off
Op-Ed | Don’t blow off this deadline
Posted on June 6, 2011  by admin  
Our opinion: The state needs, for a change, not to scramble at the last minute on health care reform. There’s work to do, right now, for the Legislature before it leaves town. New York and other states have until 2014 to get health insurance exchanges up and running under the federal Affordable Care Act. Is it too much to hope that New York, for once, will see a deadline as a mandate to plan, not to procrastinate?  Don’t blow off this deadline – The Observation Deck – timesunion.com – Albany NY .
Posted in Insurance Industry  | Comments Off
MERS Names Former Banking Regulator (Ed Kramer) as Independent Director
Posted on June 6, 2011  by admin  
Mortgage Electronic Registration Systems, or MERS, appointed an independent director with a meaty background in fair lending to its board of directors. MERS confirmed Thursday that Edward Kramer, executive vice president of regulatory programs at Wolters Kluwer Financial Services, is the company’s latest independent director. There are six members on the MERS board and only one independent role. Kramer brings an expansive background to the position, including six years spent at the New York State Banking Department, where he served as deputy superintendent of banks in charge of the consumer services division. In his role at the banking department, Kramer oversaw fair lending examinations and consumer compliance.  MERS names former banking regulator as independent director « HousingWire .
Posted in Banking Department News , MERS  | Comments Off