New York Superintendent of Banks Richard Neiman’s Address before the Exchequer Club
October 13, 2010
WASHINGTON, D.C.—New York Superintendent of Banks Richard Neiman spoke before the Exchequer Club this afternoon.
In his remarks, Superintendent Neiman asserted that “enhanced consumer protection will be the bedrock of our current economic recovery and of future financial stability.” Neiman went on to call for a renewed level of coordination among state and federal financial supervisors to create what he called a “Cooperative Federalism.” According to Neiman, the recently enacted Dodd-Frank Act is a re-affirmation of the dual banking system, making the future of state supervision and consumer protection stronger today than it was before Dodd-Frank.
Neiman spoke specifically about the burgeoning relationship between state regulators and the Consumer Financial Protection Bureau (CFPB) as an example of Cooperative Federalism. To provide comprehensive and effective supervision over non-banks such as mortgage servicers and payday lenders, “the CFPB and states will need to be flexible and creative, to ensure we really do work together in implementing our common mission.”
Neiman concluded his speech by encouraging his fellow regulators to remain vigilant and to embrace Cooperative Federalism to strengthen cooperation and mutual accountability between regulators to provide better financial supervision.
The full text of Neiman’s remarks is available at http://www.banking.state.ny.us/sp101013.htm.Neiman is also a member of the TARP Congressional Oversight Panel and serves on the CSBS Board of Directors.
Media Contact: Catherine Woody, Senior Director of Communications, firstname.lastname@example.org or 202.728.5733.
The Conference of State Bank Supervisors (CSBS) is the nationwide organization for state bank regulation, representing the bank regulators of the 50 states, the District of Columbia, Guam, Puerto Rico, and the Virgin Islands. State authorities supervise approximately 6,000 state‐chartered financial institutions. Further, the majority of state banking departments also oversee mortgage providers and other financial service providers. CSBS is also responsible for improving the quality of state bank supervision by providing performance evaluation and accreditation programs for the banking departments, as well as supervisory education and training programs for state personnel.