March 13, 2013

Missouri Division of Finance reaccredited

Division has been accredited since 1987

Jefferson City, Mo. - The Missouri Division of Finance has been reaccredited by a national association of state regulators. The Conference of State Bank Supervisors recently informed the division that its accreditation has been renewed for the fifth time.

The division regulates state-chartered banks, trust companies, consumer credit facilities, mortgage brokers and originators, and savings and loan institutions. Its primary objectives include ensuring the safety and soundness of those institutions and the monitoring of compliance with laws and regulations, thereby ensuring bank deposits are safe and consumers are protected.

"Our team in the Division of Finance is committed to providing quality supervision of the institutions we regulate. This accreditation reaffirms our commitment to protect consumers and maintain a strong banking system in Missouri," said John M. Huff, director of the Missouri Department of Insurance, Financial Institutions and Professional Registration.

The division has been accredited by the national association since 1987. The accreditation certifies that the division maintains the highest standards and practices in state banking supervision set by the CSBS accreditation program. These objectives are carried out by a team of dedicated commercial bank examiners, specialized trust examiners, mortgage specialists, consumer credit examiners and an office support staff.

 A team from the national association performed an on-site review of the division in Jefferson City. The accreditation process looks at all division operations, including administration, examination and training.

Missouri ranks fifth in the nation in the number of state-chartered banks with 265. They have assets of more than $96 billion. A searchable listing of banks is available on the division's website. Consumers can file complaints or ask general questions about state-chartered banks online or by calling 573-751-3242.

About the Missouri Department of Insurance, Financial Institutions & Professional Registration

The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.

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