New York credit unions were giving preliminary approval Thursday to Gov. Andrew Cuomo's cost-cutting call for combining state regulatory agencies covering banks, insurance, consumer protection and credit unions into a new Department of Financial Regulation.
In his first State of the State message, the new Democratic chief executive unveiled a broad consolidation package he called "radical reform" combining 20 state agencies including merging the Insurance and Banking Departments along with the Consumer Protection Board.
In a statement, William J. Mellin, president of the Credit Union Association of New York, commended the governor "for his goal of creating efficiency and streamlining state government."
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