Joseph Drayton Appointed to the New York State Banking Board
February 12, 2010
Joseph M. Drayton, Counsel in the Litigation Department, was appointed by New York Governor David A. Paterson to the New York State Banking Board. Mr. Drayton will serve as a public member to the 17-member Banking Board, which includes both industry and public members and is chaired by the Superintendent of Banks, Richard H. Neiman. The New York State Banking Board advises and cooperates with the New York State Banking Department in the formulation of banking standards and to exercise power to approve or disapprove the issuance of bank charters and licenses and the establishment of branch banks.
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.
External Link: Official Press Release (link will open in a new window)