State banking commissioner Howard Pitkin will retire in January after nearly 40 years of service with the State Department of Banking.
“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,” Gov. Dannel P. Malloy said in a statement. “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.”
Under Pitkin’s leadership, the state banking department helped almost 8,000 people work with their lenders to avoid foreclosure through eight Foreclosure Assistance Events in the aftermath of the mortgage crisis and enhanced consumer protections from unscrupulous debt negotiators, debt collectors and payday lenders.
“First and foremost, I thank Gov. 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,” Pitkin said in the statement. “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.”
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 then-Gov. M. Jodi Rell to serve as commissioner of the state agency, and then was reappointed by Malloy upon his first inauguration in 2011.
Pitkin will leave his appointment with four pending applications to convert to a state charter. If approved, these newly state charted institutions will represent the addition of $3.5 billion in assets under the department’s regulatory jurisdiction.
