Governor Cuomo to merge Banking Department, Insurance Department & Consumer Protection Board

ALBANY, NY (01/06/2011)(readMedia)-- The Independent Bankers Association of New York State is comprised of community banks located throughout New York State. Governor Cuomo in his first State of the State address recommended the creation of a Department of Financial Regulation which would merge the Banking Department, the Insurance Department, and the Consumer Protection Board. Chairman, Paul P. Mello of Solvay Bank, stated that, "we share the Governor's objective of better regulation of modern financial services organizations". In his speech, The Governor cited Wall Street corruption as a motivation for this change. Frank J. Capaldo, President and CEO of IBANYS commented, "The members of the Independent Bankers Association of NYS are confident that the Governor 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." Capaldo stated, "IBANYS and its Legislative Counsel, William Y. Crowell III, are anxious to review the details of the Governor's proposal, and to work cooperatively to achieve a positive result."

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The Independent Bankers Association of New York State, Inc., founded in 1974, represents community bank members before the state legislature and regulatory bodies. The Association is located at One Commerce Plaza, Suite 704, Albany, New York 12210.