Elizabeth McCaul

Elizabeth McCaul
Occupation(s)	Banking executive, regulator
Years active	1985–present
Known for	Member of the European Central Bank supervisory board, New York State Superintendent of Banks, CEO of Promontory Europe
Spouse	Frank Ingrassia

Elizabeth McCaul has been serving on the European Central Bank's supervisory board since 2019. Prior to this role, she was the New York State Superintendent of Banks, heading the New York State Banking Department. Before entering public service, McCaul held prominent leadership positions at Promontory Financial Group, a subsidiary of IBM.

Career

McCaul launched her professional journey in 1985 as an investment banker at Goldman Sachs, where she concentrated on energy sector and project finance transactions.

New York State Banking Department

In 1995, she became chief of staff to then-superintendent Neil D. Levin at the New York State Banking Department; Levin was a former colleague from Goldman Sachs. Two years later, in 1997, she assumed the role of acting superintendent and was instrumental in opening the department’s Tokyo office, marking its second permanent international branch.

Governor George Pataki nominated McCaul for the superintendent position in December 1999, with the New York State Senate confirming her appointment on June 7, 2000. She was responsible for regulating and supervising approximately 3,500 financial institutions within the state. Under her leadership, a claims processing unit was established to aid Holocaust survivors in reclaiming assets unjustly withheld during World War II. Additionally, she opposed the merger between Union Bank of Switzerland and Swiss Bank Corporation until both banks agreed to collaborate on restitution efforts.

Following the September 11, 2001 terrorist attacks, McCaul spearheaded measures aimed at reinforcing stability within New York’s banking sector. She also negotiated a $484 million multistate settlement with Household International Inc., addressing predatory mortgage lending practices. This agreement secured $37 million in restitution for up to 25,000 borrowers in New York, representing the largest settlement of its kind in the United States at that time.

In March 2003, after eight years with the department—including six as superintendent—McCaul announced her resignation citing personal reasons related to the birth of her fifth child.

Promontory Financial Group

In September 2003, McCaul joined Promontory Financial Group, a consulting firm founded by former U.S. Comptroller of the Currency Eugene Ludwig and based in Washington, D.C. She was responsible for launching the firm’s New York office to support global banks and investment firms and served as partner-in-charge until 2016. That year, she was promoted to chief executive officer of Promontory Europe, overseeing operations throughout continental Europe. In 2019, she assumed the roles of global head of strategy and chairperson of Promontory Financial Group Europe.

Between 2012 and 2013, McCaul led a federally mandated review examining Bank of America’s mortgage foreclosure procedures. In 2013, she managed Promontory’s forensic investigation into the Vatican Bank, quickly assembling a team of 25 specialists tasked with analyzing thousands of documents, some written in Latin.

By July 2016, McCaul highlighted significant financial reforms implemented by the Vatican during the Leadership Roundtable annual meeting. She emphasized advancements in transparency, governance structures, regulatory adherence, and sustainable practices under Pope Francis, noting that these changes effectively ended historical financial misconduct within church institutions.

On July 11, 2019, McCaul was appointed by the European Central Bank to serve a single five-year term on its supervisory board, charged with overseeing eurozone banking institutions under European Banking Supervision.

Personal

McCaul earned her degree from Boston University. Together with her spouse, Frank Ingrassia, they are parents to seven children.

Affiliations and honors

McCaul holds trustee positions at both Hofstra University and Cold Spring Harbor Laboratory. Additionally, she is a board member of Accion International, a worldwide nonprofit organization dedicated to advancing microfinance and promoting financial inclusion. During her tenure as New York State Banking Superintendent, she led the Conference of State Bank Supervisors from 2001 to 2002 and was part of the Federal Financial Institutions Examination Council between 2002 and 2003.

In recognition of their efforts, McCaul and her husband were honored with the 2012 Humanitarian Award by the New York City chapter of the Juvenile Diabetes Research Foundation.