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FOR
IMMEDIATE RELEASE Senator Armstrong Acknowledges Accomplishments of Banking Department Secretary A. William Schenck IIIOn August 15, the Commonwealth will lose a great asset. A. William Schenck III, Secretary of Pennsylvania's Banking Department, has announced his resignation to seek a private-sector leadership position in his hometown of Pittsburgh, where he will be able to spend more time with his family. Bill's leadership has strengthened Pennsylvania's Banking Department, strengthening its focus on consumer protection by increasing the number of trained professionals who help consumers. Since being appointed as Secretary, Bill has increased the number of professional examiners who ensure the stability of the state's banking institutions and doubled the number who review the business practices of financial service providers such as mortgage brokers, check cashers and auto sales financers. Also, the department created an investigations unit that examines questionable license applications and business practices. Pennsylvania has also benefited from the addition of several new state-chartered banks in a time when other states across the nation are losing financial institutions. When these institutions were asked why the picked the Commonwealth, the majority of them cited high-quality regulatory services as one of the main decision-making factors. As Chairman of the Banking and Insurance Committee, it has been an honor to work closely with Bill on the complex issues facing Pennsylvania's banking industry. He has shown leadership, innovation and a strong commitment to serving Pennsylvania's consumers and the banking industry. I will truly miss his presence as a leader and as a colleague. I wish him the best as he moves on to pursue other ventures.
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