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| New York- Banking Department |
“The purpose of the NY Banking Department is to allow the financial industry to expand and prosper through judicious regulation and vigilant supervision, to educate and protect consumers while promoting economic growth and ensuring that the financial system is safe and accessible to all”.
New York State banking policy began with an act in 1782 prohibiting the operation of any bank within the State, except for the Federal Bank of North America. In 1791, the legislature authorized a charter for the first State bank, the Bank of New York, and thereafter chartered other banks by special acts. A law in 1829 set up the Bank Fund, later renamed the Safety Fund, to guarantee the payment of debts of insolvent banks. All State-chartered banks were required to make an annual contribution to the fund, which was managed by the State treasurer. The same law provided for the appointment of three bank commissioners to examine the financial status of banks and to report annually to the legislature.
State regulation of banks was altered by the Banking Law of 1838 which required banks to file certificates of incorporation with the Secretary of State and report annually to the Comptroller. In 1843, the Comptroller was authorized to examine only when there was reason to suspect that a bank had made an incorrect report or was in an unsafe and unsound condition to continue business. On April 15, 1851, the legislature created the Banking Department with a chief officer to be known as the Superintendent. The first Superintendent of Banks was Daniel B. St. John. No major alteration of banking policy occurred for the next seventy-five years.
In 1932, the Banking Board was created to advise and cooperate with the Banking Department in the formulation of banking standards and to exercise power to approve or disapprove the issuance of bank charters and licenses and the establishment of branch banks.
The Banking Law requires the Department to examine the condition and affairs of all institutions subject to its supervision at prescribed intervals and to issue periodical calls for reports of condition.
The Department is included in the Executive Budget, and all expenses are paid by the Comptroller out of State funds, being reimbursed by the amounts assessed against the institutions subject to supervision. Expenses of examination and operation are paid entirely by the institutions subject to regulation.
Use the attached link to access more current information on the NY Banking Department.
http://www.banking.state.ny.us/dep.htm
Contact and Location Information
Mailing Address: Superintendent of Banks
New York State Banking Department
One State Street
New York, NY 10004-1417
Complaints
For consumer complaints and questions, please call 1-877-BANK-NYS.or use the following link to access information on how to file a complaint.
http://www.banking.state.ny.us/ccs.htm#How
The Banking Department diligently strives to address all complaints filed against supervised entities to the satisfaction of the complainants. Below you will find the information that you need to file a complaint with the Department, as well as a list of helpful contacts in the event that you have a problem with an entity that is not under their supervision. Please check to see if the institution you are having difficulty with is one that is under our jurisdiction.
Entities Regulated
The NY banking department regulates the following entities,
- Banks and Trust Companies
- Budget Planners
- Check Cashers
- Credit Unions
- Foreign Agencies
- Foreign Branches
- Foreign Representative Offices
- Holding Companies
- Investment Companies(Article XII)
- Licensed Lenders
- Mortgage Bankers
- Mortgage Bankers-Exempt(*)
- Mortgage Brokers
- Money Transmitters
- Domestic Representative Offices(**)
- Premium Finance Companies
- Private Bankers
- Safe Deposit Companies
- Sales Finance Companies
- Savings Banks
- Savings & Loans
Use the attached link to access information on the regulations the department is responsible for enforcing.
http://www.banking.state.ny.us/
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT.
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