Elizabeth McCaul

Elizabeth McCaul is partner in charge of the New York office of Promontory Financial Group, a strategy, risk management, and compliance consulting firm, where she advises on financial and regulatory strategy.[1] She is a former Superintendent of Banks for the State of New York, the head of the New York State Banking Department.

Career

McCaul began her career in 1985 as an investment banker at Goldman Sachs, where she specialized in energy and project financing. [2]

In 1995, she joined the New York State Banking Department as chief of staff to Neil D. Levin, a former Goldman Sachs colleague who had been appointed Superintendent of Banks. Ms. McCaul became Acting Superintendent in 1997 upon Levin's departure to head the New York State Department of Insurance, and she continued in that capacity for two years. While serving as Acting Superintendent, McCaul established the Banking Department's Toyko office, its second permanent office outside the U.S. [3]

New York Governor George Pataki nominated McCaul in December 1999 to become Superintendent. [4] Her nomination was confirmed by the New York State Senate on June 7, 2000. [5]

As Superintendent of Banks, McCaul regulated and supervised New York State's 3,500 financial institutions, including foreign institutions with offices in New York; New York banks with multinational operations; and state-chartered banks, savings and loan, trust companies, mortgage brokers, credit unions, and finance companies.[6]

During McCaul's tenure as Banking Superintendent, her office established a New York State Holocaust Claims Processing Office to assist and advocate on behalf of Holocaust survivors and their heirs who were trying to recover assets wrongfully held or stolen in World War II. Her office blocked a proposed merger of the Union Bank of Switzerland and the Swiss Bank Corporation in 1998 until the banks promised to cooperate on the return of victim's assets.[7][8]

McCaul oversaw initiatives to ensure that the New York banking system functioned well in the aftermath of the September 11, 2001, terrorist attacks. [9]

McCaul also was a key negotiator, along with several state attorneys general, of a $484 million multistate settlement with Household International Inc. regarding Household's residential mortgage lending practices. The settlement, which provided approximately $37 million in restitution to up to 25,000 New York borrowers, was at the time the largest predatory lending settlement ever recorded in the U.S. [10]

In March 2003, McCaul announced that she would step down as Superintendent after a short transition period, citing personal reasons. She had recently given birth to her seventh child. At the end of her tenure as Superintendent, McCaul had served eight years with the Banking Department and six years as its chief. [11] [12]

In September 2003, McCaul joined Promontory Financial Group, then a new consulting firm established by former U.S. Comptroller of the Currency Eugene Ludwig. She established the Washington, D.C.-based firm's New York office, which serves many of the nation's largest global banks and investment houses. [13] She has also overseen Promontory's operations in continental Europe.[14] McCaul also headed a federally mandated review of mortgage foreclosure practices at Bank of America. [15]

In 2013, the Vatican selected Promontory Financial Group to conduct a forensic review of the Vatican Bank, which McCaul led.[16]

Education, Affiliations, and Honors

McCaul is a graduate of Boston University [17] and a member of the board of trustees of Hofstra University.[18] As New York State Banking Superintendent, she served as chairman of the Conference of State Bank Supervisors from 2001 to 2002 and was a member of the Federal Financial Institutions Examination Council from 2002 to 2003.[19]

With her husband, Frank Ingrassia, McCaul received the 2012 Humanitarian Award from the Juvenile Diabetes Research Foundation's New York City chapter.[20]

References

  1. ↑ http://www.promontory.com/Bios.aspx?id=1039
  2. ↑ Liz Moyer (March 28, 2003). "McCaul Steps Down as N.Y.'s Top Bank Regulator," American Banker. Retrieved 2015-02-04.
  3. ↑ James R. Kraus (December 26, 1997). "N.Y. Regulator to Set Up Tokyo Office; Move Said Unrelated to Asia Turmoil,"American Banker. Retrieved 2015-02-04.
  4. ↑ Jacqueline S. Gold (March 16, 2000). "New York Regulator Proves She's Not Just 'Acting'," American Banker. Retrieved 2015-02-04.
  5. ↑ Lynne Montgomery (December 2000). "Recent Developments Affecting Depository Institutions," page 41, FDIC Banking Review. Retrieved 2015-02-04.
  6. ↑ Jacqueline S. Gold (March 16, 2000). "New York Regulator Proves She's Not Just 'Acting'," American Banker. Retrieved 2015-02-04.
  7. ↑ Elizabeth McCaul (January 19, 2001). "Superintendent Elizabeth McCaul Testifies On Proposed Claims Resolution Process For Holocaust Victims' Claims Against Swiss Banks". Retrieved 2009-02-12.
  8. ↑ Sanger, David (March 26, 1998). "Swiss Banks Face Deadline And Sanctions". New York Times. Retrieved 2009-02-12.
  9. ↑ Staff Reporter (March 31, 2003) "New York's Bank Regulator Will Give Up Her Post Soon," Wall Street Journal. Retrieved 2015-02-05.
  10. ↑ New York State Banking Department Press Release (October 11, 2002).Governor Pataki, Attorney General Spitzer Announce Historic $484 Million Settlement with Household International Inc., Retrieved 2015-02-04.
  11. ↑ Liz Moyer (March 28, 2003). "McCaul Steps Down as N.Y.'s Top Bank Regulator," American Banker. Retrieved 2015-02-04.
  12. ↑ Staff Reporter (March 31, 2003). "New York's Bank Regulator Will Give Up Her Post Soon," Wall Street Journal.. Retrieved 2015-02-05.
  13. ↑ http://www.promontory.com/Offices/New_York/
  14. ↑ Business Wire (June 1, 2011). "Promontory Expands European Presence with Addition of Brussels Office," Retrieved 2015-02-05.
  15. ↑ Jeff Horowitz and Maria Aspan (March 15, 2013). "How Promontory Financial Became Banking's Shadow Regulator," American Banker. Retrieved 2015-02-05.
  16. ↑ Carol Matlack (July 2, 2013). "A Money-Smuggling Scandal Threatens to Sink the Vatican Bank," New York Times.
  17. ↑ http://www.promontory.com/Bios.aspx?id=1039. Retrieved 2015-02-02.
  18. ↑ http://www.hofstra.edu/About/Administration/President/pres_bot.html. Retrieved 2015-02-05.
  19. ↑ https://www.americansecuritization.com/uploadedFiles/ElizabethMcCaul.pdf
  20. ↑ https://jdrf-nyc.ejoinme.org/MyEvents/40thAnnualPromiseBallEventInformation/tabid/358867/Default.aspx. Retrieved 2015-02-05.
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