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Superintendent Richard H. Neiman, Farewell Remarks to New York State Banking Department Employees

April 25, 2011

After over four years as Superintendent of Banks for the State of New York, I would like to let you to know that I will be stepping down at the end of the day on May 6, 2011.

It is usually easy to say what a privilege it has been to serve and work with so many good and capable people. But in this case it is more difficult because it has never been more true.

Over the past four years, whether I have been in New York, travelling nationally, or travelling internationally, I have heard a consistent message from other regulators, institutions we supervise, industry groups, and consumer groups. They all have the upmost respect for the Banking Department and the excellent job our staff does. I heard it from Wall Street to Upstate, from Ohio to China.

At our Department Breakfast last December, I mentioned so many ways your work has made a difference in this state, and frankly around the world. You met the challenge of one of the most turbulent periods of financial history with unshakeable professionalism.

In the past few months, a new opportunity has been presented to the Department and you have the chance to achieve even more. Governor Cuomo’s merger of Banking and Insurance into a new Department of Financial Services gives our employees the chance to reshape financial supervision and regulation in a way this State has never before seen. Your intelligent voice is needed. The Governor has indicated he wants to learn from what the Banking Department does, adopt our best ideas, and implement new processes that will best serve the people of New York, regulated institutions, and employees. Your continued involvement and input - whether through our integration working groups or by your emails to our integration mailbox - will be a critical component of the success of this effort.

I plan to remain involved in the merger implementation in an advisory role to the Governor’s efforts. Regina Stone, our Acting First Deputy, will be the senior Department official during the transition to the new agency set for October 3rd.

I leave my post with a great sense of pride, not just for our tangible accomplishments, but also for the hard work that individual employees put into this Department on a daily basis. Nothing great happens without many people coming together in ways that are rarely obvious. The State of New York is truly in debt to you for your service.

Thank you for your dedication to this State and to this Department, and for making my job as Superintendent a truly rewarding one.