Politics & Policy
Regulatory Visit a Success By Michael P. Affuso, Esq.
T
wo major events marked the return from the beach season – a trip to Washington, DC, and an election. NJBankers was pleased to re-commence our regulatory trip to Washington, DC. Held on Oct. 5 and 6, the trip included visits to the Consumer Financial Protection Bureau (CFPB), Council of State Bank Supervisors Michael P. Affuso Senior Vice President/ (CSBS), Federal Director of Government Relations NJBankers Reserve, Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC). The visit began with a briefing at the ABA and ICBA; both briefings were viewed as very thoughtful and thorough. Next, our group attended a meeting at the CSBS. One of the major takeaways from that meeting was that the appointive nature of New Jersey’s State Banking regulator is preferable to an elected official needing to placate the whims of public opinion. A dinner was held sponsored by Wells Fargo – a special thanks to our hosts. The next morning – the Community Bankers Association kindly provided a bus to move our bankers expeditiously – we began at the CFPB, an agency staffed with 700 of the most highly educated attorneys in DC, charged with protecting consumer interests. A very interesting discussion ensued. Our meeting with the OCC was focused on the transition from OTS to OCC and an attempt to allay any lingering concerns. Next, the bankers enjoyed a lunch meeting at the FDIC. The trip ended with a final meeting at the Federal Reserve with an economic update. Please mark your calendars for our next Regulatory Visit on June 26 and 27, 2012. On Tuesday, Nov. 8, New Jersey voters went to the polls for the legislative and local
10 New Jersey Banker
Participants in the Regulatory Visit to Washington, DC, take a break for a photo near the Office of the Comptroller of the Currency building. The trip included visits to the CFPB, CSBS, Federal Reserve, FDIC and OCC.
elections. All 120 seats in the New Jersey Legislature were up for election. In the end, Democrats retained control of the Assembly, where they presently hold a 47-33 margin. Going into the new session in January, the split in the Assembly will be by 48-32, given the loss of one Republican seat (Domenick DiCicco). The other two competitive races in the State Senate saw the Democrats hold on to both seats. In District 2, incumbent Democrat Sen. Jim Whelan won the election by a 54 to 46 percent margin over Republican Assemblyman Vincent Polistina. This race set fundraising and spending records as a result of close to a $4 million tab. In what was touted as another potential Republican victory, in District 38, incumbent Democrat Bob Gordon retained his seat and defeated Bergen County Republican Freeholder Chairman John Driscoll by a 53 to 47 percent margin. As a result, the Democrats’ current control (24-16) of the Senate will remain intact. There were only a handful of contested Assembly races in the 40 legislative districts, but a significant number of new legislators will nonetheless be sworn in on Jan. 10, 2012. As a result of the election, there have been changes to the current leadership team
in the Assembly under Speaker Sheila Oliver (D-34) and Majority Leader Joe Cryan (D20). Oliver will remain Assembly Speaker with Budget Chair Louis Greenwald (D-6) ascending to the Majority Leader position. Assemblyman Vincent Prieto (D-32) will assume the Budget Chair. Other committee chairmanships will likely not be announced until January. Minority Leader Alex DeCroce (R-26) is expected to retain his post and continue to be backed up by Assemblyman Jon Bramnick (R-22) to lead the Republican caucus. Senate President Steve Sweeney (D-3) retained his post in the Senate, but Senate Majority Leader Barbara Buono (D-18) did not seek re-election to the leadership post. Senate Health Committee Chairwoman Loretta Weinberg (D-37) was elevated to the Majority Lead position with Senator Joseph Vitale (D-19) poised to re-assume the Chair of the Senate Health Committee. Senator Tom Kean (R-21) will keep his position as Senate Minority Leader. n Michael Affuso, Esq., is senior vice president and director of government relations for NJBankers. He can be reached via email at maffuso@ njbankers.com
Winter 2012