Steven Goldman, a former banking commissioner of New Jersey, is raising his profile again.
Goldman, who served under former Gov. Jon Corzine until stepping down in June 2009, has been appointed to the board of North Jersey Community Bancorp in Englewood Cliffs, N.J. His supervisory experience will bring important knowledge to the bank, he said.
"I've had a chance to look at community banking from a regulatory perspective, which is unusual," he said on Wednesday. "I've seen banks that have done well and have not performed well, and I think that experience will translate into advice I can provide to the other board members. I can help the bank avoid problems and pursue things that will continue to enhance growth and profitability."
As commissioner, Goldman worked with state officials to develop strategies for increasing liquidity at community banks to stimulate commercial lending. He also developed a response to the mortgage foreclosure crisis for the state.
Goldman is a partner at the law firm Kramer Levin Naftalis & Frankel LLP. Under New Jersey rules, Goldman had to have been out of office one year before getting involved in certain private sector activities. He may not represent the bank before the department on any matters he helped decide. Goldman said he was confident there is little chance of a conflict of interest arising for him.
Thomas Tarter, a banking industry consultant in Encino, Calif., said when a former regulator joins the board of a bank, it usually signifies that the regulator believes the institution is strong.
"I think it reflects that the former regulator has confidence in the bank and its management team, and it adds another dimension from a corporate governance perspective," Tarter said. "It's always important to have an informed and educated board of directors with regulatory sophistication for them to provide proper guidance to the bank's management."
