New Hampshire Banking Department information, Mission Statement and history.
The NH Banking Department is responsible for the general supervision of all state chartered financial institutions. These institutions include commercial banks, fiduciary trust companies, mutual savings banks, guaranty savings banks, co-operative banks, merchant banks, and credit unions. The Department is also charged with the licensing and supervision of nondepository residential mortgage bankers, brokers, servicers and loan originators, money transmitters, retail sellers, sales finance companies, small loan lenders and debt adjusters.
State Laws mandate that the Department conduct examinations of each financial institution and licensed lender and broker to ensure compliance with state and federal laws and regulations.
State Laws also provide the Banking Commissioner with authority to investigate consumer complaints, hold public hearings and assess administrative fines and order restitution if New Hampshire State Laws are violated by institutions under the commissioner's jurisdiction.
The New Hampshire Banking Department is committed to protecting the public’s interest through the professional supervision of the financial services it regulates.
The Banking Department contains five divisions: Banking, Trust Supervision, Consumer Credit, Legal, and Operations.
The Banking and Trust Supervision Divisions charter, supervise, and examine all state-chartered banks, credit unions, trust companies, and family trust companies in New Hampshire.
The Consumer Credit Division licenses, examines, and regulates companies that provide consumer credit, such as mortgage bankers, mortgage brokers, mortgage servicers, retail auto sellers, sales finance companies, money transmitters, debt adjusters, and small loan lenders.
Working in conjunction with the Banking, Trust Supervision, and Consumer Credit Divisions, the Legal Division investigates consumer complaints and unlicensed or unchartered activity. The Legal Division may commence enforcement actions against financial entities that violate state or federal laws or regulations. The Bank Commissioner has the authority to order consumer restitution as part of those enforcement actions.
The Operations Division supports the daily functions of the Banking Department.
Emelia A.S. Galdieri
Emelia Galdieri is the Bank Commissioner for the New Hampshire Banking Department. She has worked for the Department since June of 2012; first as a hearings examiner for the Consumer Credit Division, later becoming legal counsel, and then deputy commissioner. Prior to working at the Department, Emelia served as senior law clerk for the New Hampshire Superior Court. In that role she worked closely with many Superior Court judges, including the Honorable James D. O’Neill, III and the Honorable Tina L. Nadeau, supervised all Superior Court law clerks, and drafted legal opinions.
Emelia is a life-long New Hampshire resident. She received her bachelor’s degree from the University of New Hampshire and her juris doctor from the University of New Hampshire Franklin Pierce School of Law. She married her husband Anthony in 2010 and they have twin sons, a daughter and a dog.
Deputy Bank Commissioner
The New Hampshire Banking Department is an executive agency of New Hampshire state government charged with protecting the public interest by securing the safety and soundness of banks and credit unions, and by regulating non-bank consumer loan lenders and loan brokers.
The first act relating to the bank commissioners was passed in 1837 and was approved July 5th by Governor Isaac Hill. It provided for the appointment of three commissioners for terms of one year. Prior to 1837, examinations of state banks were performed by committees of the legislature.
The terms of the commissioners continued to be of one year each until 1881, when the number of commissioners was reduced from three to two and the terms were increased to two years each. In 1889, the law was amended and a board of three commissioners was created with terms of three years each, the terms being so arranged that one expired each year. The board of commissioners continued until it was abolished in 1913, when the positions of commissioner and deputy commissioner were created by the legislature. In 1915, a board of three commissioners was restored, with one commissioner designated as chairman and the terms were extended to six years, with one expiring every two years. In 1925 changes provided for the reorganization of the bank commission, replacing the commission of three members with a commissioner, a deputy, two examiners, and other assistants. The bank commissioner and deputy were appointed for six year terms by the Governor with the consent of the executive council.
Until 1881 the commissioners were paid for their examinations by the banks at the rate of two dollars per day and ten cents a mile for travel. Subsequently the per diem was increased to three dollars, and in 1885 to five dollars. Salaries were first authorized in 1889.
The Small Loan Division was created in 1961. The division was responsible for the licensing and supervision of small loan companies and retail seller and sales finance companies. The division is currently referred to as the Consumer Credit Division and is responsible for licensing and supervising nonbank first mortgage lenders and brokers, mortgage loan servicers, mortgage loan originators, small loan companies, retail sellers, sales finance companies, money transmitters, and debt adjusters.
The Banking and Trust Division conducts examinations for safety and soundness of New Hampshire chartered banks, credit unions, trust companies, and family trust companies. The division processes and reviews applications for bank and trust charters, branches, ATMs, merger transactions, interstate acquisitions, and other corporate activity. The Division publishes a corporate activities listing, compiles data for inclusion in the Annual Report of the Bank Commissioner, and responds to inquiries from state and federal regulators, financial institutions, and the public. The Division investigates and facilitates the resolution of consumer complaints about the entities it supervises.
The Consumer Credit Division licenses and supervises nonbank mortgage lenders, brokers, and loan originators, mortgage loan servicers, small loan companies, retail sellers, sales finance companies, motor vehicle title lenders, payday lenders, money transmitters, cash dispensing machines, and debt adjusters. The division examines these entities for financial soundness and for compliance with state and federal laws and regulations. The division processes registration and license applications and works with the Nationwide Mortgage Licensing System (NMLS) to approve and administer a variety of license and registration types. The division compiles data for inclusion in the Annual Report of the Bank Commissioner, and responds to inquiries from state and federal regulators, financial institutions, and the public.
The enforcement section of the division brings enforcement actions as needed against licensees, and investigates and enforces the law against unlicensed activity. It investigates and facilitates the resolution of consumer complaints.
The Legal Counsel is responsible for many legal matters that come before the Department and provides advice to the Commissioner and the Deputy Commissioner on matters. The Legal Counsel drafts legislation and department rules, and serves as the legislative liaison to the state Legislature.
- Emelia A.S. Galdieri, 2022-Current
- Gerald H. Little, 2016-2021
- Glenn A. Perlow, 2013-2015
- Ronald A. Wilbur, 2011-2013
- Robert A. Fleury (Acting), 2010-2011
- Peter C. Hildreth, 2001-2010
- A. Roland Roberge, 1977-2001
- James W. Nelson, 1969-1976
- Vincent P. Dunn, 1965-1968
- Harrison S. King, 1959-1964
- Winfield J. Phillips, 1952-1958
- Clyde M. Davis, 1935-1952
- Willard D. Rand, 1931-1934
- Arthur E. Dole, 1926-1930
- Board: Leon O. Gerry/George E. Farrand, 1925
Deputy Bank Commissioners
- Michael Moranti, 12/2022-Current
- Raeleen Blaisdell, 2/2022-9/2022
- Emelia Galdieri, 4/2017-1/2022
- Ingrid E. White, 2013-2/2017
- Glenn A. Perlow, 2012-2013
- Robert A. Fleury, 2002-2012
- Vacant, 2000-2001
- Allan N. Jeannotte, 1993-1999
- Leon S. Merrill, Jr., 1991-1992
- Arlan S. MacKnight, 1969-1990
- James W. Nelson, 1957-1968
- Leon O. Gerry, 1928-1956
- George E. Farrand, 1926-1927
- Not Applicable, 1925