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News Dec 19, 2014 - 3:56:56 PM

Malloy: Pitkin will retire from DoB

By Governor Dannel P. Malloy's office

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HARTFORD, CT - Governor Dannel P. Malloy today announced that he has been informed by Department of Banking Commissioner Howard Pitkin that he intends to retire in January following nearly 40 years of service with the state agency.

“Howard Pitkin has dedicated his career to ensuring that Connecticut consumers have confidence in their banking institutions, and on behalf of the state I can affirm that we are all grateful for the energy and commitment that he has given,” Governor Malloy said. “This is undoubtedly a loss for the state, but I am certain that he is leaving an office that is stronger because of his efforts.”

Commissioner Pitkin, a veteran of the United States Army Reserve, began his career in state service when he joined the Department of Banking as an Inspection Aide in 1977. Elevating to the role of Chief of Administration, Pitkin helped the department streamline with the consolidation of the bank examination and credit union divisions into one financial institutions division. In 2007, he was appointed by Governor M. Jodi Rell to serve as Commissioner of the state agency, and then was reappointed by Governor Malloy upon his first inauguration in 2011.

“First and foremost, I thank Governor Malloy for his confidence in me and his support of this department during my term. It has been an honor to serve as his Banking Commissioner,” Commissioner Pitkin said. “Throughout my nearly 40 years at the Department of Banking, I have had the luxury of working with a staff of exceptional professionalism and expertise. I thank them for meeting each task and exceeding each challenge that came through our doors.”

Under Commissioner Pitkin’s leadership, the Department of Banking had many notable accomplishments, including:

· Taking a lead role in helping consumers navigate the fallout from the mortgage crisis. Specifically, the department brought lenders and borrowers together in holding eight Foreclosure Assistance Events across the state which helped nearly 8,000 people work with their lender to preserve their home ownership.

· Significantly enhancing consumer protections from unscrupulous debt negotiators, debt collectors, and payday lenders and, most recently, championing the passage of Public Act 14-89 which expanded the department’s jurisdiction to license and regulate non-bank mortgage servicers.

· Supporting Governor Malloy’s continuing efforts to streamline government by migrating the department onto the National Multistate Licensing System (NMLS), which will simultaneously achieve both greater departmental efficiency and enhanced consumer protections.

· Under Commissioner Pitkin’s leadership, the Department of Banking played an instrumental role in shaping the 2013 major restructuring of the Foreclosure Mediation Program. The passage of Public Act 13-136, An Act Concerning Homeowner Protection Rights, streamlines the mediation process to ensure borrowers get to a more timely and fair resolution of their foreclosure issues.

· Pitkin will leave his appointment with four pending applications to convert to a state charter (two federal banks and two federal credit unions). If approved, these newly state charted institutions will represent the addition of $3.5 billion in assets under the department’s regulatory jurisdiction.

Commissioner Pitkin’s ex-officio service on the boards of the Connecticut Housing Finance Authority and the Community Economic Development Fund will cease with his retirement.

Governor Malloy will announce a successor to serve as Banking Commissioner in the coming weeks. The Governor is scheduled to be sworn into a second term in office on January 7, 2015.

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