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Press Release

June 1, 2016

Contact: Richard Loconte, 212-709-1691

DFS ACTING SUPERINTENDENT VULLO HOSTS STATE CHARTER ADVISORY BOARD

The Statute Enabling the Existence of the Board Is Set to Expire on October 3, 2016

Maria T. Vullo, Acting Superintendent of the Department of Financial Services (DFS), recently hosted a board meeting of the State Charter Advisory Board. The board, which was created under the authority of the Financial Services Law, is charged with advising the Superintendent on ways to promote the state chartered banking system. The statutory authority enabling the existence of the State Charter Advisory Board is set to expire on October 3, 2016. Bills have been introduced in both the Assembly and State Senate to extend the effectiveness of the board until October 3, 2021.

"DFS is committed to fostering and growing a strong state chartered banking system that both serves the financial services needs of consumers in communities across the state and generates solid, well-paying employment opportunities for New Yorkers," said Acting Superintendent Vullo. "The board is an integral voice, helping promote the value that a local regulator can provide, while also encouraging more banks to convert to a state charter."

New York currently has a total of 121 state chartered commercial banks, savings banks, and bank holding companies, 17 state chartered credit unions 88 foreign branches, 14 foreign agencies, and 35 representative offices, with assets totaling more than $2.5 trillion.

The nine member Advisory Board, which is required to meet at least three times annually, is responsible for retaining existing state chartered banks, encouraging federally chartered banks to change to state charters and promoting the state banking system. Membership on the board must consist of one representative of credit unions, one representative of consumers, one representative of foreign banks, and representatives of banks who reflect a range of locations across the state. At least one member must represent institutions of more than $3 billion in assets and at least two must represent institutions of less than $500 million in assets. The board’s members, each appointed by the Superintendent to a three-year term, serve without compensation. The board will meet at least three times a year.

The appointments to the board include bankers representing banks with assets ranging from less than $500 million to those with significantly greater assets, and reflecting a range of locations across the state. In addition, there is one representative from a credit union, one from a foreign bank and one representative of consumer interests.

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