AmeriCU CEO Appointed to New State Charter Bank Advisory Board
April 20, 2012
Mark Pfisterer, President and CEO of AmeriCU Credit Union, was appointed to the New York State Department of Financial Services’ State Charter Advisory Board. Along with eight other appointees, Mr. Pfisterer will advise Superintendent Benjamin Lawsky on ways to promote the state chartered banking system. The board’s creation was authorized last year with the enactment of the Financial Services Law used to establish the Department of Financial Services.
Under the Financial Services Law, the Advisory Board will be responsible for retaining existing state chartered banks and credit unions, encouraging federally chartered financial institutions to change to state charters, and promoting the state banking system. The appointments to the new board include bankers representing banks with assets ranging from less than $500 million to those with significantly greater assets, and reflecting a range of locations across the state. In addition, there is one representative from a credit union (Mr. Pfisterer), one from a foreign bank, and one representative of consumer interests. The Board members, each appointed by the Superintendent to a three-year term, will serve without compensation. The Board will meet at least three times a year.
The number of New York State-chartered financial institutions (currently numbered at approximately 320 with assets of $2.1 trillion) is growing. Converting to a state charter would enable banks and credit unions to be supervised by regulators with an in-depth understanding of the dynamics of banks’ home markets. AmeriCU Credit Union is a not-for-profit financial cooperative serving eight counties in Central and Northern New York. AmeriCU Credit Union is located in central New York and is among New York State’s largest fullservice financial cooperatives. The organization has built relationships with members since 1950 and currently serves more than 118,000 members world-wide through its remote contact center and its 15 full-service financial center locations. In addition to its full offering of traditional personal and commercial banking services, AmeriCU provides investment, insurance and financial planning services and consultation.
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