COMMISSIONER OF BANKING (CGS §§ 36a-10 — 36a 14)

The banking commissioner is responsible for administering the department of banking, including conducting examinations and investigations and adopting regulations as necessary. He must report annually to the Governor on (1) the condition of organizations the department examines, (2) Truth-in-Lending Act administration, (3) home financing, and (4) interstate banking.

NOMINEE QUESTIONS

1. Often questions arise about federal preemption of various state banking laws. In your capacity as banking commissioner, how do you balance exercising power over entities you can regulate with maintaining the benefits of the state charter?

2. Would you comment generally on what areas the state still has control over and how those areas might change once the Supreme Court rules in Wachovia v. Watters?

3. Historically, the United States has had a dual banking system, with both states and the federal government chartering their own banking institutions. What do you see as the future of this system?

4. Do you feel the recent events involving Mortgage Lenders Network and news stories about unscrupulous loan originators have caused consumers to distrust the mortgage lending industry? If so, what can you do to address these concerns?

5. Federal banking regulators and several states, including Connecticut, have issued “supervisory guidance” on “non-traditional mortgage products. ” What is the weight of this guidance and does the state need to enact legislation on this issue given the increase in foreclosure rates?

6. Connecticut has a high concentration of hedge funds. Can you discuss the positives and negatives associated with this concentration? Is the Department of Banking currently equipped (e. g. personnel, expertise, statutory authority) to deal with hedge fund-related issues?

7. There have been a number of high profile security breaches involving personal financial information. Do you believe current law is sufficient to protect the consumers in this area?

SC: ts