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Press Release
Suprintendent Richard H. Neiman Announces NY Participation in $1.25M Multi-State Settlement with CitiFinancial

March 24, 2010

New York N.Y.: Richard H. Neiman, Superintendent of Banks for New York State, joined the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) today in announcing a 35-state settlement, in which CitiFinancial agreed to remit a $1.25 million penalty for failing to report tens of thousands of residential mortgages loans to the federal government, as required by the Home Mortgage Disclosure Act (HMDA). The New York State Banking Department will receive $45,000 of that penalty.

“This settlement goes a long way in showing how important and valuable prudential regulation can be in enforcing both state and federal consumer protection laws,” said Neiman. “State regulators have once again demonstrated that by coordinating efforts with each other, as well as with our federal partners, we are able to take swift and appropriate action to ensure that consumers are vigorously protected under the law.”

“As we continue to debate preemption issues as part of financial regulatory reform, I hope that we will not lose sight of this. We must guarantee that those regulators who are on the ground and are better able to respond quickly to such compliance issues have the ability to do so,” concluded Neiman.

The press release with more information on the multi-state settlement is available on CSBS’s Web site at

The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $2.4 trillion.

In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at

Department of Financial Services


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