Pennsylvania Department of Banking and Securities Receives National Reaccreditations

Pennsylvania Department of Banking and Securities Receives National ReaccreditationsConference of State Bank Supervisors (CSBS)

HARRISBURG, PA — The Pennsylvania Department of Banking and Securities received re-accreditation from the Conference of State Bank Supervisors (CSBS), the American Association of Residential Mortgage Regulators (AARMR), and National Association of State Credit Union Supervisors (NASCUS) certifying the department maintains the highest standards and practices in its supervision of banks, credit unions, trust companies and mortgage licensees.

The accreditation programs involve rigorous and comprehensive reviews of the department’s operations, including administration and finance, personnel and training, examination and supervision capabilities, and legislative powers.

“The accreditation review process has proven our commitment to provide quality supervision,” said DoBS Secretary Robin L. Wiessmann. “When consumers are doing financial business within the commonwealth, they can feel confident and know the industry is regulated to the highest standard.

“I am extremely proud of the hard-working men and women at the department.  We are very fortunate to have such an experienced and dedicated team of professionals serving and protecting the public.”

Pennsylvania remains a leader having been accredited by CSBS for over 30 years, one of 26 states accredited through AARMR, and one of 28 states to be accredited by NASCUS. The 2019 accreditation process was the first time CSBS, AARMR, and NASCUS completed a joint review of the department.

Accreditations are completed every five years and include self-evaluation questionnaires, extensive onsite evaluations that are completed by CSBSAARMR, and NASCUS experts.  Reviews are also completed by the audit team and the performance standards committee of each accrediting organization.

The mission of the department is to charter, license, regulate, supervise and provide guidance to Pennsylvania financial entities and works to ensure consumers and businesses are well-informed about the marketplace.

Anyone can ask questions or file complaints online about financial transactions, companies, or services or call 1-800-PA-BANKS (800-600-0007).

Source: Commonwealth of Pennsylvania

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