The New York State Banking Department
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This paper examines how, in a country barely 230 years old, today, the New York State Banking Department is a veritable antique; it is the oldest bank regulatory agency in the nation, having been established in 1851. It looks at how, as one of the world's major financial centers with a majority of the nation's foreign bank branches, New York represents an enormous challenge for federal and state regulatory agencies and how the New York State Banking Department has far-reaching authority to ensure the safe and timely operations of these institutions. This paper provides an overview of the New York State Banking Department, a discussion of its responsibilities and activities over the years, followed by a summary of the research in the conclusion.
From the Paper:"According to their organizational literature, the New York State Banking Department employs almost 600 full-time employees, about 73 percent of which are bank examiners; however, state taxpayers do not pay for bank regulation since the revenues to fund the Department's operating budget are derived from the fees paid to it by state-chartered institutions. Besides its main office at One State Street, Manhattan, the Department maintains an office in the state capital at the Empire State Plaza, Albany, and at 333 East Washington St, Syracuse, New York. Based on its need to regulate a majority of the nation's foreign banking institutions located in New York, the Department also has an overseas office in London (State of New York Banking Department, 2004). The Department is the primary regulator for state-licensed and state-chartered financial entities, including domestic banks, foreign agencies, branches and representative offices, savings institutions and trust companies and other financial institutions operating in New York including mortgage bankers and brokers, check cashers, money transmitters, and licensed lenders, among others."
Cite this Essay:
The New York State Banking Department (2005, January 14) Retrieved May 26, 2022, from https://www.academon.com/essay/the-new-york-state-banking-department-54968/
"The New York State Banking Department" 14 January 2005. Web. 26 May. 2022. <https://www.academon.com/essay/the-new-york-state-banking-department-54968/>