California Department of Financial Institutions Received Re-Accreditation from CSBS
SACRAMENTO – Department of Financial Institutions Commissioner Donald R. Meyer today announced that the Department has received its third certificate of accreditation from the Conference of State Bank Supervisors (CSBS), certifying that the Department maintains the highest standards and practices in state banking supervision. The CSBS Accreditation Program identifies banking departments that serve the citizens of their state by operating a capable and professional regulatory program.
The Department was first accredited in 1990, and currently supervises 202 commercial banks, 22 industrial banks, 18 non-deposit trust companies and 54 foreign agencies and foreign branches with total commercial bank assets of approximately $124 billion.
The CSBS Performance Standards Committee voted for re-accreditation based on the reports of a re-accreditation review team (comprised of veteran state and federal regulators) and an audit team. In addition to an on-site review, the accreditation process includes an extensive self-evaluation questionnaire on all department operations: administration and finance, personnel, training, examination, supervision, and legislative powers.
The Conference of State Bank Supervisors is the only national organization dedicated to enhancing the value of the state charter and strengthening the dual banking system. Founded in 1902, CSBS is the premier resource for state banking and the major champion of the American dual banking system. A fundamental goal of CSBS is enhancing the professionalism of state banking departments and their personnel. Well-educated examiners bring more efficiency, experience, and accuracy to the examination process.
The Department of Financial Institutions is responsible for regulating the safety and soundness of California’s state-chartered financial institutions, including state-licensed banks, state-licensed savings and loans, trust companies, state-licensed offices of foreign banks, issuers of travelers checks and payment instruments (money orders), transmitters of money abroad, state-licensed credit unions, and state-licensed industrial banks. DFI reports to Secretary Maria Contreras-Sweet of the Business, Transportation and Housing Agency and Governor Gray Davis.