TRENTON – New Jersey Department of Banking and Insurance (DOBI) Commissioner Tom Considine announced today that the Conference of State Bank Supervisors (CSBS) reaccredited the Department following a comprehensive review. The CSBS reviews state banking departments every five years for regulatory performance.
Reaccreditation is necessary for the Department to conduct its core mission of regulating the financial stability and efficiency of New Jersey’s banking industry in a manner that protects consumers while promoting the growth of those markets.
“I am very proud that the Department has met the highest national standards in financial services regulation,” said Considine. “This is a tribute to the depth and skill level of the Banking Division staff. It gives us the ability to continue our high quality partnership with federal authorities in regulating and examining New Jersey chartered financial institutions.”
CSBS reaccreditation recognizes that the Department is performing to a high standard of excellence. The Department licenses and regulates more than 266,000 banking, insurance and real estate licensees, including more than 100 banks and credit unions. Considine hailed the reaccreditation as a necessary step in the regulatory process.
“In this economy, strong regulation is more important than ever,” said Considine. “Reaccreditation means the Department will continue to provide added value that comes with the state charter.”
About the CSBS
Headquartered in Washington, DC, the CSBS is the nationwide organization for state bank regulation, representing the bank regulators of the 50 states, the District of Columbia, Guam, Puerto Rico, and the Virgin Islands. State authorities supervise approximately 6,000 state chartered financial institutions. Further, the majority of state banking departments also oversee mortgage providers and other financial services licensees. CSBS is also responsible for improving the quality of state bank supervision by providing performance evaluation and accreditation programs for the banking departments, as well as supervisory education and training programs for state personnel.
For more information, visit CSBS on the Web at: www.csbs.org
Additional information on banking matters can be found at www.njdobi.org or by calling 1-800-446-7467.