New York Gov. Andrew Cuomo, in his first State of the State address, this week recommended the creation of a Department of Financial Regulation that would merge the state's Banking Department, Insurance Department and Consumer Protection Board.
Cuomo, most recently the state's attorney general, cited Wall Street corruption as a motivation for the change.
Frank J. Capaldo, president and CEO of The Independent Bankers Association of New York State, an organization of community banks, says, "[The association's members] are confident that the [Cuomo] and the New York State Banking Department appreciate that community banks are located on Main Street, not on Wall Street, and are not complex financial services organizations that need additional regulatory oversight. [The association is] anxious to review the details of the proposal, and to work cooperatively to achieve a positive result."
