# # #
NYBA President Michael Smith
Testifies at Senate Hearing
Bankers Association Supports Streamlining Financial Regulatory
System but Urges Key Refinements Before Final Action
ALBANY, NY (03/07/2011)-- Michael P.
Smith, President & CEO of the New York Bankers Association (NYBA)
said today, "NYBA supports efforts to streamline and modernize New
York State's banking charter and regulatory structure." However, he
called for important modifications to be acted upon before consideration
is given to passing Governor Cuomo's plan to merge the state's Banking
Department, Insurance Department and Consumer Protection Board into a
new Department of Financial Regulation. Smith offered specific
recommendations in his testimony today before the State Senate's
Committee on Banks, Committee on Insurance and Committee on
Investigation and Government Operations.
"We believe that the modernization
of the State's financial regulatory system is an appropriate undertaking
– especially in a state like New York, which boasts an impressive
history of pro-consumer initiatives that serve as models for other
states and federal law," Smith said in his testimony, pledging to
work with the Governor and Legislature on the merger.
Smith praised the Governor for making
some significant improvements in the proposal in his 21-day budget
amendments, and said NYBA's recommendations "are aimed ultimately
at enhancing the new Department and preserving New York's position as a
global financial capital."
The recommendations provided to the
Legislature include:
- Ensuring that "safety and
soundness" of New York's banking institutions be among the
fundamental goals for the Department;
- Highlighting that among the goals of
the new Department should be strengthening and promoting the state
banking charter and revitalizing New York's financial industries;
- Clarifying the division of assessment
costs between financial institutions and insurance companies;
- Changing the funding mechanism for
the Department's consumer and investor protection activities to
eliminate potential conflicts of interest; and
- Reworking the hearing and review
procedures to ensure fairness and due process.
"We commend the Governor for
launching this bold initiative and for considering the implications on
the regulated industries – who together are the largest employers in
the State. NYBA pledges to work with the Legislature as it refines this
proposal. We urge that this work be undertaken with the goal of
preserving New York's status as a world financial center," Smith
concluded his testimony.
NYBA is the primary banking trade group
in New York, representing independent, community, regional, and money
center commercial banks and thrift institutions operating across New
York State. NYBA members have aggregate assets in excess of $9 trillion
and more than 200,000 New York employees. Link
to testimony
# # #
New
York
Bankers Association Names 2011
Officers
Officers Come From Banks Headquartered in
Nassau
County
,
Chenango
County
and
New York City
NEW YORK
,
NY
February 9, 2011 – The New York Bankers Association (NYBA) today
announced the election of its new officers for 2011.
John R. Buran, President & CEO of Flushing Financial
Corporation (
Lake Success
), parent of Flushing Savings Bank, FSB and Flushing Commercial Bank,
has been elected Chairman of NYBA for 2011.
Martin
A. Dietrich, President & CEO of NBT Bancorp Inc. (
Norwich
), was elected Vice Chairman, and Gail E. Cohen, Vice Chairman and
General Trust Counsel of Fiduciary Trust Company International (
New York City
) was elected NYBA Treasurer and Chairman of the New Century Investment
Fund. The new officers were
elected at NYBA’s Annual Meeting and Legislative Conference in
Albany
this week.
“As
New York
State
continues to emerge from the recession, the banking industry looks
forward to playing a vital role in helping our state’s economy to
strengthen and grow. While
the banking industry – as well as other financial services companies
– faces many challenges from
Albany
,
Washington
and the global economy, we are committed to serving our millions of
personal and business customers located in every city, county and hamlet
of the
Empire
State
,” said Mr. Buran. “I am
honored to serve as Chairman of NYBA this year.”
Mr.
Buran has been President & CEO of Flushing Financial Corp. since
2005. A banker for nearly
three decades, Mr. Buran has held a variety of different
responsibilities at several banks, including Citibank, NatWest Bank,
Fleet Bank, and Carver Bank. He currently serves as a Director of the
Federal Home Loan Bank of
New York
. He also currently or has previously served as a board member of
numerous charitable and not-for-profit organizations on Long Island and
in
New York City
.
Mr.
Dietrich began his career at NBT Bank in 1981. He became president and
chief operating officer of NBT Bank in 2000 and advanced to the position
of chief executive officer in 2004. His current duties as NBT Bancorp
president and chief executive officer were added in 2006.
A
Norwich
native, Mr. Dietrich is involved in a number of professional and
community organizations, including serving on the boards of
Chenango
Memorial
Hospital
and United Health Services.
“I
am looking forward to working with my fellow bankers on issues that
affect the business of banking and the economic health of the State of
New York
. We are also, as an industry, eager to play a role in the
revitalization of the State,” said Martin Dietrich.
Ms. Cohen
joined Fiduciary Trust in 1994 and has more than 30 years of experience
in the area of trusts and estates. In
addition to her roles as Vice Chairman and General Trust Counsel at the
New York City
headquartered wealth management firm, she is also a member of Fiduciary
Trust’s Board of Directors. Ms.
Cohen, following the traditional path from Treasurer to Vice Chairman,
will likely become the first woman chairman in NYBA’s 117-year
history.
“Given the special concerns of the State’s
trust industry, I am especially pleased to be helping to lead the
banking industry’s goal of strengthening the trust industry in
New York
and attracting new business,” said Gail Cohen.
NYBA
is the primary banking trade group in
New York
State
, representing independent, community, regional, and money center
commercial banks and thrift institutions operating across
New York
State
. NYBA members have aggregate assets in excess of $9 trillion and more
than 250,000
New York
employees.
"NYBA
will certainly benefit from the leadership, experience and vision of
John Buran, Marty Dietrich and Gail Cohen.
They bring a diverse array of talents, expertise and knowledge of
all facets of the banking industry.
I look forward to working with them and all NYBA members – who
unanimously elected our 2011 leadership team – to strengthen our
industry and continue to collectively serve New Yorkers,” said NYBA
President & CEO Michael P. Smith.
#
# #
Statement
of Michael P. Smith
President & CEO,
New York Bankers Association
on the Governor's Executive Budget
NEW YORK, NY
(02/01/2011) -- “NYBA
has pledged to work with Governor Cuomo’s Office and the Legislature
to help design the new Department of Financial Regulation, with the
goals of enhancing the State banking charter, attracting new companies
to New York, and encouraging economic development. We are committed to
helping create a department that meets the needs of
New York
’s banks and their millions of personal and business customers.”
###
Statement
of Michael P. Smith,
President & CEO,
New York Bankers Association
on Governor Cuomo's Proposal to Merge the Banking and Insurance
Departments and the Consumer Protection Board
NEW YORK, NY (01/05/2011) --
"The
New York Bankers Association welcomes the opportunity to work with
Governor Cuomo and the State Legislature on ways in which to improve the
oversight of the State's financial services industry and, specifically,
the Banking Department - the nation's oldest and most influential state
banking regulator. With the regulated companies funding their respective
departments, and with the distinct differences between banking and
insurance, any efficiencies of consolidation must be weighed against the
impact on sound supervision, oversight and enforcement.
This is especially true in light of the new responsibilities
under the federal Dodd-Frank Act. We look forward to working with the
Administration and the Legislature on these and other steps to redesign
government."
