The Banking Board was established by and derives its authority from Sections 13 and 14 of the New York State Banking Law. It is a quasi-legislative body, whose members serve without pay, which promulgates regulations of both a general and specific nature for the conduct of the banking business in the State of New York. The Banking Board possesses broad powers that affect all areas of banking supervision.

The Banking Board is composed of 17 members, a number established by statute. The Superintendent of Banks serves as Chairman of the Board and Executive Head. The other 16 members of the Board are appointed to a three-year term by the Governor, subject to approval by the Senate. Of these 16 members, eight are so-called public members, while the other eight must have banking experience obtained from employment in the various segments of the banking industry.

There were 5 changes in the Banking Board membership during 2002:

• Michael R. Ambrecht, Esq., resigned on February 19, 2002.
  
  
• Frederick N. Antalek, Sr., was appointed on June 10, 2002, succeeding Michael D. Grosso, a public member who served from November 1995 to June 2002.
  
  
• Jeffrey Hwang was appointed on March 22, 2002, succeeding Jeffrey A. Moerdler, Esq., a public member who served from December 1995 to September 2001.
  
  
• Clifford M. Miller was appointed on May 2, 2002, succeeding John D. Garrison, an industry member who served from May 1997 to May 2002.
  
  
• Alan Shamoon was appointed on June 10, 2002, succeeding Charles J. Hamm, an industry member who served from May 1994 to June 2002.