Banks are holding more than $200 million in insurance payments meant for victims of Superstorm Sandy, nearly four months after the storm made landfall, New York Gov. Andrew Cuomo said Tuesday.
The Cuomo administration said it has delivered letters to various banks and mortgage service providers asking they "use maximum discretion and effort to speed the release of funds."
"Families need to be able to return to their homes and the state economy, which took a hit from Superstorm Sandy, needs the boost from spending on repairs," Cuomo said in a written statement. "After insurance companies have sent homeowners checks to pay for repairs, the money should not be sitting with the bank because of red tape."
The state's Department of Financial Services found that four of the biggest U.S. banks -- Wells Fargo, Bank of America, Citibank and JP Morgan Chase.