Cuomo calls on banks to release insurance funds from Sandy
ALBANY, N.Y. -- Governor Andrew Cuomo is calling on the nation's largest banks to speed up the release of insurance funds for victims of Superstorm Sandy.
An investigation by the Department of Financial Services found more than $200 million has yet to be released to homeowners.
The money is needed to make necessary repairs after the damage caused by Sandy in October.
Insurance claim checks are issued to both the bank and the homeowner, but funds must first be released by the bank before the homeowner can access the money.
As of January, the bank servicers representing 95 percent of New York were holding an estimated $208 million worth of checks, according to the Department of Financial Services.
Governor Cuomo's administration is currently working with bank and mortgage services to determine the best way to speed up the process.