HARRISBURG, Pa. -- Pennsylvania Banking Secretary A. William Schenck has tendered his resignation from that post effective Aug. 15.
Schenck plans to leave the government post to take a private sector position in his hometown of Pittsburgh. The Banking Department's Chief Counsel Victoria A. Reider will serve as acting secretary until an appointment is made, Governor Edward Rendell announced.
"At a time when other states are losing financial institutions, under Bill's leadership, Pennsylvania is attracting new, state-chartered banks. We have more than $120 billion in assets under supervision, making us one of the top ten states in the country," Rendell commented.
Schenck has increased the number of safety and soundness examiners and doubled the number who review the business practices of financial service providers, such as mortgage brokers, check cashers, and auto sales financers. The department has also added an investigations unit that looks into questionable license applications and business practices.
"The vast majority of financial service providers are honorable people conducting honorable businesses," Schenck said. "But the few who prey on vulnerable consumers must be stopped. The Legislature should act swiftly to pass the mortgage reform package now before them."