State Regulators Make Major Career Changes in 2006

SHREWSBURY, N.J. — Both the Pennsylvania Banking Department and Connecticut Department of Banking saw new faces in their respective state regulators’ chairs in 2006. On Aug. 15, Pennsylvania Banking Secretary A. William Schenck resigned from the government position after three years of service to take a private sector job. Noted for his support of consumer protection initiatives and credit unions during his tenure, Schenck spent a good deal of time working to reform the state’s payday lending and mortgage industries. He also increased the number of professional examiners in the department and added an investigations unit that looks into questionable license applications and business practices.

Schenck’s office came under fire on several occasions during his time in office from the Pennsylvania Bankers Association and the department was named as a defendant in three cases involving credit unions he approved for expanded community charters–Belco Community CU, Freedom CU and TruMark Financial CU.