Trenton, NJ – Last week, Governor Chris Christie announced four nominations to the Banking Advisory Board, which advises the Department of Banking and Insurance (DOBI) on banking matters, legislation and procedures. Comprised of ten members, the Banking Advisory Board includes representatives from various types of banking institutions throughout the State.
“The Banking Advisory Board provides the Administration with valuable input and advice on banking matters and overall economic issues facing the state,” said Governor Christie. “These individuals will bring a wealth of experience from the banking and business community, and will be an important tool for the Department of Banking and Insurance’s decision making process. I’d like to thank each of the new members for their willingness to serve.”
Governor Christie’s nominations to the Advisory Board include Hopewell Valley Community Bank President and CEO James Hyman (Lambertville, Hunterdon); former New Jersey State Senator and Roma Financial Corporation President and CEO Peter A. Inverso (Hamilton, Mercer); Two River Community Bank President and CEO William D. Moss (Shrewsbury, Monmouth); and Hilltop Community Bank President and CEO Mortimer O’Shea (Mendham, Morris), who was reappointed to the Advisory Board.
Each member will serve a 4-year term and will serve without compensation. These nominations by the Governor require the advice and consent of the New Jersey State Senate.
Since taking office, DOBI Commissioner Considine and the Banking Division have worked to increase outreach to the banking community and financial institutions. Last year, DOBI hosted a statewide Banking Symposium attended by 200 members of the banking community as well as federal regulators and other financial experts; earned 5-year reaccreditation by the Conference of State Bank Supervisors in December, a necessary requirement to conduct its core mission of regulating the financial stability and efficiency of New Jersey’s banking industry; and partnered with the Department of Education and the banking community to revitalized its Financial Literacy program to teach basic financial issues statewide to high school students.
DOBI’s Banking Division currently licenses and regulates a wide range of financial institutions including: 85 state chartered banks and 19 state chartered credit unions, 97,213 real estate agents and brokers, 6,447 individual mortgage licensees, 235 check cashers, 142 money remitters, 35 pawn brokers and 27 debt adjusters.