Check Cashing

1
NYSBD Banking Board Meeting Richard H.
Neiman Superintendent of Banks November 1, 2007
2
World Bank Week/IIF/Group of 30

• Global Impact of Subprime Key Lessons Learned
• Greater Transparency Needed
• Reassess the Role of Rating Agencies
• Strengthening Liquidity Risk Management and
  Supervision
• Use of Off-Balance Sheet Vehicles
• Global Supervision - Greater Coordination and
  Harmonization

3
New York Bankers Association Annual Meeting

• Shared Banking Departments five core priorities
• Key Topics Included
• Reviewed Enhanced Wild Card Authorizations
• Multi-state Pacts Reciprocal De Nova Branching
• Charter Conversions

4
Treasury Department Regulatory Blueprint

• Treasury Department's Regulatory Blueprint
• Request for Response
• Internal Review Process

5

• Jane Azia
• Director of Non-Depository Institutions
• and Consumer Protection

6
Subprime Crisis Jane Azia

• HALT Task Force
• HALT Summit Long Island
• Mortgage Loan Originators
• Multi State AGs Initiative with Servicers
• Legislative Recommendations and Enforcement
  Actions

7
Subprime Mortgage Crisis

• HALT Task Force Halt Abusive Lending
  Transactions
• Data analysis to identify hardest hit areas
• Develop alternative loan products
• Keep The Dream Program
• Enforcement actions
• Community Outreach - HALT Summits
• Legislative proposals

8
Subprime Mortgage Crisis

• 3rd HALT Summit Long Island
• Community, government, industry and academia
• Community NeighborWorks, Long Island Housing,
  Community Development Corp. of Long Island, Legal
  Aid Society of Suffolk County
• Government Department of State, Deputy County
  Executives from Nassau and Suffolk, SONYMA,
  Executive Chamber, Long Island Regional Planning
  Board, Banking Department Representatives
• Others Center for Responsible Lending, Mortgage
  Bankers Association, Long Island Association
  (Chief Economist)

9
Subprime Mortgage Crisis

• Mortgage Loan Originators National Licensing
  System
• In coordination with CSBS
• Effective January 2008
• All mortgage loan originators (MLOs) not just
  companies
• Education requirements
• Nationwide system

10
Subprime Mortgage Crisis

• Multi-state AGs Initiative
• 1st meeting in September
• 2nd meeting next week
• Encourage servicers to apply loan modifications
• Banking Department encourages mass modification
  efforts
• Need evidence of modifications

11
Subprime Mortgage Crisis

• Looking Forward
• Expansion of State Predatory Lending Laws
• Collection of Foreclosure Data
• Meetings with State Legislators and Community
  Groups
• National Legislation
• Enhanced Enforcement
• Opportunities for Private Sector Initiatives