Governor Andrew Cuomo Announces First Round Of Mergers
Albany, NY (WIBX) - Keeping his promise to consolidate certain institutions, New York Governor Andrew Cuomo is calling for the merger of several departments.Today, he announced his plans to merge the State's Banking Department, Insurance Department and the Consumer Protection Board. Cuomo said the move will better regulate and curtail corruption.
Frank J. Capaldo, President and CEO of the Independent Bankers Association of New York State said he hopes the move doesn't mean job losses but at this point it's to early to see what lies ahead. He said, "We have to look at the whole proposal, and you know, the devils in the detail. But once we do that we'll be able to work with the administration. "Capaldo went onto to say, "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."
He said with the little bit of detail that they currently have about the merger he is not sure what the benefits are or what the deficits will be, or whether it even makes sense. He said, "Until we know that, and we hear everything--we won't know what it will all mean. We do know that in the passed certain mergers have not necessarily been a cost savings, when you consider the personell that you need to get the job done with a focus on community banking, and community bankers many times are left out of the equations and so, once the Coumo administration hears where we're coming from, I think he and his administration will be better able to assess where the community bankers fall into the picture."
Capaldo said despite the uncertaintly of what lies ahead, the IBANYS will work with the new administration to achieve a positive outcome. According to the release, The Independent Bankers Association of New York State, Inc., was founded in 1974, and represents community bank members before the state legislature and regulatory bodies.