NEW YORK, March 12, 2020 /PRNewswire/ -- Howard P. Milstein, Chairman and CEO of New York Private Bank & Trust (NYPB&T) and William ("Bill") Isaac, former Chairman of the FDIC and former Chairman of Fifth Third Bancorp, today announced the formation of The Isaac | Milstein Group, a new strategic advisory firm specializing in corporate governance, risk management and compliance for the global financial sector.
Messrs. Milstein and Isaac will serve as co-chairs of the new firm, which will offer critical guidance and counsel to institutions in today's rapidly evolving global regulatory and competitive environments. Separately, Mr. Isaac has been elected as a member of the Board of Directors of New York Private Bank & Trust (NYPB&T) and its operating bank, Emigrant. Mr. Isaac will also serve as Chairman of the Sarasota Private Trust Co. and the Cleveland Private Trust Co., both under the NYPB&T umbrella. The Isaac | Milstein Group will soon announce further growth plans.
From 1978 through 1985, Mr. Isaac served on the board of the Federal Deposit Insurance Corporation (FDIC) under Presidents Carter and Reagan, and was named Chairman of the FDIC by President Reagan in 1981. As the youngest FDIC board member and chairman in history, Mr. Isaac led the FDIC during the banking and thrift crises of the 1980s, working closely with the late Federal Reserve Board Chairman, Paul Volcker, helping to maintain stability in the financial system during an extremely tumultuous period in which over 3,000 banks and thrifts failed, including many of the largest in the nation.
"I am pleased to be joining with Bill Isaac in the formation of The Isaac | Milstein Group," Howard Milstein said. "Bill has an impeccable reputation for integrity and is among the most experienced leaders in the world when it comes to financial regulation, compliance and risk management. Our experience in these areas will prove invaluable to institutions worldwide as they confront a world where financial security, transparency and regulatory risk management is paramount."
"It's truly an honor to be partnering with a business and civic leader of Howard Milstein's stature and caliber in creating a premier financial and regulatory compliance consultancy," Bill Isaac said.
The Isaac | Milstein Group will bring together a team of former regulators and financial executives with deep hands-on experience in strategic planning, risk management, information governance, organizational culture, business ethics and regulatory compliance. The firm will serve financial institutions—including central banks and regulatory agencies—and their boards of directors both in the US and throughout the world. In today's evolving global regulatory environment, all of these entities face heavy fines and damaged reputations if they do not proactively nurture corporate culture, as well as measure and remediate compliance weaknesses.
The Isaac | Milstein Group will also focus on data security issues and global financial transparency in a world where the stability of economic systems depends upon the trust companies build with their shareholders, regulators, creditors and clientele.
"Our goal is to provide a level of service to the financial and corporate community that is unmatched," said Rick Wolf, Managing Director of The Isaac | Milstein Group.
About William ("Bill") Isaac
In addition to his service as FDIC Chairman, Bill Isaac has decades of experience in regulatory counseling and risk management services. Upon leaving the FDIC Chairmanship, Isaac founded The Secura Group, a leading consulting firm for financial institutions that was sold by Mr. Isaac in 2010. Mr. Isaac served as a Senior Managing Director of FTI from 2011 to 2020. He has also been Chairman of Fifth Third Bancorp a leading regional banking company. Mr. Isaac is a frequent writer and commentator on banking and financial issues for media outlets that include The New York Times, The Wall Street Journal, Washington Post, Forbes, American Banker, Fox, Bloomberg and CNBC. Mr. Isaac is the author of Senseless Panic: How Washington Failed America, foreword by Paul Volcker, a thought-provoking critique of the mishandling of the Wall Street crisis of 2008-2010.
Mr. Isaac began his career as a corporate attorney at Foley & Lardner and has also been a senior partner at Arnold & Porter. He earned a BBA from Miami University in Oxford, Ohio and a JD, summa cum laude, from the Moritz College of Law at Ohio State University.
About New York Private Bank & Trust (NYB&T) and Emigrant Savings Bank
Founded in 1850 to serve the financial needs of a growing America and its dynamic emigrant population, New York Private Bank & Trust (NYPB&T) and its operating bank, Emigrant, is the largest privately held, family owned and operated bank in America. Emigrant offers a full range of deposit and home mortgage products, and also specializes
in meeting the needs of wealthy individuals, families, endowments, foundations and corporations, directly and through its various subsidiaries. In addition to Sarasota Private Trust Company and Cleveland Private Trust Company, NYPB&T subsidiaries also include Emigrant Capital, New York Private Trust (including fully-integrated banking, custom lending, insurance services, and trust administration services), Emigrant Fine Art Finance, Personal Risk Management, Galatioto Sports Partners and Emigrant Partners, which makes minority investments inwealth, asset and alternative asset managers.
SOURCE The Isaac | Milstein Group