WASHINGTON– The presence of strong state regulators will help the federal government do an even better job of implementing the new financial overhaul law, New York State Banking Superintendent Richard Neiman said today.
"State regulators provide checks and balances to the federal government and provide more cops on the beat. The relationship between state regulators and the new Bureau of Consumer Financial Protection will be the true test of cooperative federalism," Neiman said in a luncheon speech at a meeting of Women in Housing & Finance.
He praised the financial overhaul bill, which created the new consumer bureau to be housed in the Federal Reserve, for being a reaffirmation of a dual banking regulatory system.
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