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NYSBD Banking Board Meeting Richard H. Neiman Superintendent of Banks November 1, 2007

NYSBD Banking Board Meeting Richard H. Neiman Superintendent of Banks November 1, 2007. World Bank Week/IIF/Group of 30. Global Impact of Subprime: Key Lessons Learned Greater Transparency Needed Reassess the Role of Rating Agencies

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NYSBD Banking Board Meeting Richard H. Neiman Superintendent of Banks November 1, 2007

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  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 Department’s 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

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