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. She is a former Superintendent of Banks for the State of New York, the head of the New York State Banking Department.

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

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 Tokyo office, its second permanent office outside the U.S.

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

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.

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.

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

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.

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