Missouri Division of Finance http://finance.mo.gov/news/rss.xml Official news issued by the Missouri Division of Finance en-us <![CDATA[ Veteran Missouri banking regulator to retire]]>State to conduct search for permanent successor to Commissioner Rich Weaver

Jefferson City - The Missouri Division of Finance announced today that Commissioner Rich Weaver will retire effective Aug. 1. A comprehensive search will be conducted before Gov. Nixon names a new commissioner, subject to confirmation by the Missouri Senate.  

Commissioner Weaver began his career with the Division of Finance in 1985 working in the mail room. He served as the Division's deputy commissioner from 2004 to 2009 and was appointed Commissioner of Finance by Gov. Nixon in April of 2009.

"Rich has been a proven asset to our department," said John M. Huff, director of the Missouri Department of Insurance, Financial Institutions and Professional Registration. "During his tenure as the chief banking regulator in Missouri, total deposits in state-chartered banks at the end of March were at an all-time high at $84.1 billion with assets totaling $99.8 billion. Rich has built a solid team with extensive analytical, examination and leadership skills."

Deputy Commissioner Debra Hardman will serve as Acting Commissioner of Finance while the search for a new commissioner is underway.

"Debbie has a wealth of experience and technical expertise from her 30 years of service within the division," said Director Huff. "We greatly appreciate her stepping up to continue strengthening Missouri's banking industry during this time."

Hardman, who began her career with the division in 1984, holds a bachelor's degree in accounting from Truman State University and is a graduate of the Graduate School of Banking at Boulder, Colorado. 

Additionally, Christie Kincannon, the Division of Finance Chief Counsel, will assume the joint role of Acting Deputy Commissioner & Chief Counsel during the period of transition.

The Division of Finance was established in 1907. Earlier this year, Missouri was rated the "Number One Best Banking State" by MoneyRates.com. The state has been touted by industry experts as providing an economic and regulatory environment for bankers to thrive in. Missouri ranks fifth in the nation in the number of state-chartered banks with 261. 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.  No taxpayer dollars have ever been lost due to a bank failure. The division is part of the Missouri Department of Insurance, Financial Institutions and Professional Registration.

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DIFP FINANCEWed, 30 Jul 2014 16:26:29 CST
<![CDATA[ Missouri DIFP cautions consumers this holiday season]]>Use extra precautions when making online purchases

Jefferson City, Mo. - While the holiday season brings joy to Missourians shopping online for family and friends or donating to a charitable organization, it also brings out the scam artists.

"Unfortunately, there are a large number of fraudulent websites and scammers who prey upon innocent consumers this time of year," said John M. Huff, director of the Missouri Department of Insurance, Financial Institutions and Professional Registration. "We all need to pay special attention to safeguarding our personal and financial information."

The Missouri Division of Finance offers these tips for Missourians who shop online:

  • Use your own computer or one from a trusted source, and make sure your security software is updated and running.
  • Verify that the website is a known and trusted retailer or charity. Addresses that start with an "https" indicate a secure site.
  • Look for reviews and ratings from the Better Business Bureau or on Google before dealing with retailers or charities.
  • Never email your personal, bank or credit card information. Legitimate businesses may email you a receipt, but will never ask you to email information or call them.
  • Keep all receipts and know a store's return policy before making a purchase.
  • Be especially careful when purchasing gift cards. Many scammers use online auctions to sell gift cards that appear to be legitimate. Remember, if a deal sounds too good to be true, it probably is.
  • Use a credit card instead of a debit card for purchases. If your card is fraudulently used, there is far less financial risk with a credit card.
  • Review your credit card and bank account statements every month. Immediately notify the provider if you detect an error.

Following these tips will help ensure your financial identity is protected and your holidays will be joyous and happy. For more information, consumers may contact the Division of Finance.

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DIFP FINANCEMon, 16 Dec 2013 11:03:25 CST
<![CDATA[ Missouri Division of Finance: Veteran bank regulator named deputy director]]>Hardman has been with department since 1984

Jefferson City, Mo. - The Missouri Division of Finance announced today that Debra Hardman has been named the new deputy director. Her appointment to the position is immediate. She replaces Greg Barlow, who retired May 31.

"Debbie has a wealth of experience and technical expertise from her 29 years of service within the division," said John M. Huff, director of the Missouri Department of Insurance, Financial Institutions and Professional Registration. "She will work to strengthen and grow the banking industry in Missouri. I am delighted Debbie will be part of Commissioner (Rich) Weaver's leadership team."

Hardman obtained a bachelor's degree in accounting from Truman State University and is a graduate of the Graduate School of Banking in Boulder, Colorado. 

Hardman began her career with the division in 1984 as a field examiner. She was responsible for in-depth analysis of bank safety and solvency. In 1991, she was promoted to financial examiner specialist. Her responsibilities included reviewing bank mergers, requests to branch or expand, changes to corporate structure, stock issuance, and bank closures or sales. She also performed tasks such as analysis of a bank's financial condition. In 2011, she became a review examiner, which gave her the added duties of reviewing and analyzing bank and savings and loan examination reports prepared by field staff.

The Division of Finance was established in 1907. Missouri ranks fifth in the nation in the number of state-chartered banks with 265. They have assets of more than $96 billion. 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. The division is part of the Missouri Department of Insurance, Financial Institutions and Professional Registration.

 

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DIFP FINANCETue, 11 Jun 2013 14:20:37 CST
<![CDATA[ Missouri Department of Insurance, Financial Institutions and Professional Registration releases Annual Report]]>Department helped return $13 million to consumers; assisted recovery efforts in Joplin

Jefferson City, Mo. - The Missouri Department of Insurance, Financial Institutions and Professional Registration released its 2012 Annual Report today. The department's annual report, which is available online, is fully interactive, offering links, charts and other illustrations of data and trends in the regulation of insurance, banking and other industries.

"The department continued its commitment of protecting consumers in 2012, from ensuring banks, credit unions and insurance companies remained financially solvent, to disciplining doctors and other professionals who put Missourians at risk, to providing consumers with the tools to make smart choices" said John M. Huff, director of the Missouri Department of Insurance, Financial Institutions and Professional Registration. "Our 2012 Annual Report highlights the department's work in Joplin, consumer protection and recovery and regulatory efforts."

Among the department's accomplishments of 2012:

  • Recovered $13 million for Missouri consumers through its consumer complaint mediation process
  • Obtained enforcement penalties of $5.1 million against insurance companies
  • Helped bring an insurance company back from the brink of insolvency after claims from the Joplin tornado put it in financial distress
  • Launched a month-long consumer awareness campaign in Joplin about having adequate homeowners and renters insurance, based on lessons learned after the tornado
  • Established new regulations for county mutual companies which require them to carry enough reinsurance that losses could not deplete their surplus by more than 20 percent in any one year for a single event

Other government efficiencies by DIFP under Huff's leadership include online tools for consumers filing complaints against banks, credit unions and insurance companies; online licensing for insurance agents; electronic filing of forms required from insurance companies; and a virtually paperless consumer complaint system in the insurance divisions.

The report is available on the department's website at difp.mo.gov.

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CREDIT UNIONS DIFP FINANCE INSURANCEFri, 19 Apr 2013 09:39:29 CST
<![CDATA[ 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.

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DIFP FINANCEWed, 13 Mar 2013 08:24:34 CST
<![CDATA[ DIFP announces new legislative coordinators for all divisions]]>DIFP has announced the appointment of new legislative coordinators:

Emily Kalmer, DIFP Legislative Affairs Counsel: Kalmer represents the Insurance, Finance and Credit Unions divisions. Kalmer served previously in Senate Research and as an assistant attorney general in the Litigation Division of the Missouri Attorney General's office. During her time in Senate Research, she handled several DIFP-related bills, including 2009's SAFE Act (which changed regulations of mortgage lending) and the 2011 law that enhanced enforcement authority for the Board of Registration for the Healing Arts. She served as a legal advisor to the Senate Financial and Governmental Organizations and Elections Committee, which handles most legislation related to the Division of Finance and the Division of Professional Registration. Kalmer earned her law degree at Washington University in St. Louis.

Andy Briscoe, Legislation and Budget Director for the Division of Professional Registration: Briscoe served as Legislative and Constituent Services Director for the Missouri Department of Corrections. In that role, he handled the Justice Reinvestment Act, a 120-day mental health assessment program for offenders, as well as videoconferencing capability for parole hearings. Previously, he served as counsel for the Department of Public Safety. Prior to that, he was an assistant prosecuting attorney and a lawyer in private practice. Briscoe will oversee all budget and legislative issues for the division's 39 boards and commissions and administrative activities. He starts at the Division of Professional Registration on Jan. 2. Briscoe earned his law degree at Saint Louis University.

"Emily Kalmer and Andy Briscoe are experienced public servants who stand ready to provide technical expertise to policymakers, leveraging the knowledge of expert regulators in our department," said DIFP Director John M. Huff. "I welcome stakeholders to reach out to Emily and Andy any time they need assistance on issues relating to the consumer protection and competitive markets mission of DIFP."

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DIFP FINANCE INSURANCEFri, 28 Dec 2012 11:35:46 CST
<![CDATA[ Division of Finance publishes 2010-2012 Biennial Report]]>Jefferson City, Mo. - The Missouri Division of Finance has published its Biennial Report for the period covering July 1, 2010 to June 30, 2012.

Missouri law requires the commissioner of the Division of Finance to produce a report every two years that includes the names and condition of financial institutions regulated by the division, corporations that have ceased operating in the state, unclaimed funds held by the division, legislative changes, employee personnel and more.

 

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DIFP FINANCEThu, 27 Dec 2012 16:18:36 CST
<![CDATA[ Community Bank of the Ozarks, Sunrise Beach, acquired by Bank of Sullivan]]>No interruption of service for Community Bank customers

Contact Travis Ford: 573-619-7790

Jefferson City, Mo. - The Missouri Division of Finance today accepted possession of Community Bank of the Ozarks, Sunrise Beach, and appointed the Federal Deposit Insurance Corp. as receiver. To protect depositors, an agreement to acquire the bank was reached with Bank of Sullivan, a $284 million state-chartered bank headquartered in Sullivan.

Depositors of Community Bank of the Ozarks automatically become depositors of Bank of Sullivan, and continue to have full access to their accounts by writing checks or using their ATM cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Depositors will continue to be fully insured by the FDIC. Normal operating hours for lobby and drive-up services for former customers of Community Bank of the Ozarks will resume on Saturday. 

"There will be no interruption of services for customers of the former Community Bank of the Ozarks," said Richard J. Weaver, Commissioner of the Division of Finance. "The demise of this bank is the result of liberal lending practices compounded by adverse economic trends. Many of these loans became delinquent and non-performing. Losses have been realized and are more than the bank can support. The bank has operated under close regulatory scrutiny since 2009."

Attempts to sell the bank or acquire additional capital were not successful. As a result, the bank's board of directors voted to turn the bank over to the Missouri Division of Finance, as required by state law when a bank is in failing condition. Assets of the bank totaled $43 million as of September 30.

Customers who have questions about today's transaction can call the FDIC toll free at 800-830-6698. The number will be operational this evening until 9 p.m.; Saturday from 9 a.m. to 6 p.m.; Sunday from noon to 6 p.m.; on Monday from 8 a.m. to 8 p.m. and thereafter from 9 a.m. to 5 p.m.

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DIFP FINANCEFri, 14 Dec 2012 16:52:52 CST
<![CDATA[ Excel Bank acquired by Simmons First National Bank]]>Contact Travis Ford:
573-619-7790

Jefferson City, Mo. - The Missouri Division of Finance today accepted possession of Excel Bank, Sedalia, and appointed the Federal Deposit Insurance Corp. as receiver. To protect depositors, an agreement to acquire the bank was reached with Simmons First National Bank, a $1.8 billion national bank headquartered in Pine Bluff, Ark.

Depositors of Excel Bank automatically become depositors of Simmons First National Bank, and continue to have full access to their accounts by writing checks or using their ATM cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Depositors will continue to be fully insured by the FDIC. Normal operating hours for lobby or drive-up services for former Excel Bank customers will resume on Saturday.

"There will be no interruption of services for customers of the former Excel Bank," said Richard J. Weaver, commissioner of the Division of Finance. "The demise of this bank is the result of aggressive lending in commercial real estate development projects which proved unsuccessful. Many of these loans became delinquent and non-performing. Losses have been realized and are more than the bank can support. The bank has operated under close regulatory scrutiny since 2009."

Attempts to sell the bank or obtain additional capital were not successful, and as a result, the bank's board of directors voted to turn the bank over to the Missouri Division of Finance, as required by state law when a bank is in failing condition. Assets of the bank totaled $186 million as of Sept. 30.

Customers who have questions about today's transaction can call the FDIC toll-free at 800-830-4697. The phone number will be operational this evening until 9; on Saturday from 9 a.m. to 6 p.m.; on Sunday from noon to 6 p.m.; on Monday from 8 a.m. to 8 p.m.; and thereafter from 9 a.m. to 5 p.m. Interested parties also can visit the FDIC's website at http://www.fdic.gov/bank/individual/failed/excelbank.html.

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DIFP FINANCEFri, 19 Oct 2012 18:21:22 CST
<![CDATA[ Truman Bank, Clayton, acquired by Simmons First National Bank, Pine Bluff, Ark.]]>Contact: Travis Ford
573-619-7790

Jefferson City, Mo. - The Missouri Division of Finance today accepted possession of Truman Bank, Clayton, and appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. To protect depositors, an agreement to acquire the bank was reached with Simmons First National Bank, a $1.6 billion bank headquartered in Pine Bluff, Ark.

Depositors of Truman Bank automatically become depositors of Simmons First National Bank, and continue to have full access to their accounts by writing checks or using their ATM cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. 

Depositors will continue to be fully insured by the FDIC. Normal operating hours for lobby or drive-up services for former Truman Bank customers will resume on Saturday. 

"There will be no interruption of services for customers of the former Truman Bank," said Richard J. Weaver, Commissioner of the Division of Finance. "The demise of this bank is the result of aggressive, imprudent lending decisions made by prior management. Many of these loans were in high-risk commercial real estate and development projects that proved uncollectible. The bank has operated under close regulatory scrutiny since 2008."

Despite management's best efforts, attempts to obtain additional capital were not successful, and as a result, the board of directors voted to turn the bank over to the Division of Finance, as required by state law when a bank is in failing condition. Assets of the bank totaled $282 million as of June 30.     

Customers who have questions about today's transaction should call the FDIC toll-free at 1-800-823-5028. The phone number will be operational this evening until 9; on Saturday from 9 a.m. to 6 p.m.; on Sunday from noon to 6 p.m.; on Monday from 8 a.m. to 8 p.m. and thereafter from 9 a.m. to 5 p.m. Interested parties also can visit the FDIC's website at http://www.fdic.gov/bank/individual/failed/truman.html.

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DIFP FINANCEFri, 14 Sep 2012 17:07:12 CST
<![CDATA[ Glasgow Savings Bank acquired by Regional Missouri Bank, Marceline]]>Jefferson City, Mo. - The Missouri Division of Finance today accepted possession of Glasgow Savings Bank, Glasgow, and appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. To protect depositors, an agreement to acquire the bank was reached with Regional Missouri Bank, a $133 million state-chartered bank headquartered in Marceline.

Depositors of Glasgow Savings automatically become depositors of Regional Missouri Bank, and continue to have full access to their accounts by writing checks and using their ATM cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Depositors will continue to be fully insured by the FDIC. Normal operating hours for lobby or drive-up services for former Glasgow Savings customers will resume on Saturday. 

"There will be no interruption of services for customers of the former Glasgow Savings Bank," said Richard J. Weaver, Commissioner of the Division of Finance. "The demise of this bank is the result of aggressive lending decisions concentrated in out-of-territory participations. Many of these loans became delinquent and non-performing. Losses have been realized and are more than the bank can support. The bank has operated under close regulatory scrutiny since 2009."

Attempts to sell the bank or obtain additional capital were not successful, and as a result, the bank's board of directors voted to turn the bank over to the Missouri Division of Finance, as required by state law when a bank is in failing condition. Assets of the bank totaled $22 million as of June 30.

Customers who have questions about today's transaction can call the FDIC toll free at 1-800-822-1918.  The phone number will be operational this evening until 9; on Saturday from 9 a.m. to 6 p.m.; on Sunday from noon to 6 p.m.; on Monday from 8 a.m. to 8 p.m. and thereafter from 9 a.m. to 5 p.m. 

 

 

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DIFP FINANCEFri, 13 Jul 2012 16:49:05 CST
<![CDATA[ DIFP warns consumers and lenders who did business with insurance agent Wendi Glass]]>Glass and VMG insurance agency accused of issuing fake insurance coverage

Jefferson City, Mo. - The Missouri Department of Insurance is sending an urgent message to consumers and businesses in the St. Louis area who did business with former agent Wendi Glass and her company VMG, Inc. The department revoked the insurance license of Glass and VMG last September, but has received reports that Glass has been selling insurance illegally since that time.

The department turned its evidence over to St. Louis County Police, who arrested Glass on May 1. She is charged with forgery and stealing.

A Department of Insurance investigation found that Glass collected homeowners and auto insurance premiums from consumers, but never submitted the money to an insurance company. That left consumers and lenders believing incorrectly that insurance coverage was in place. Department Director John M. Huff says according to recent complaints, Glass may have given her customers forged insurance policy documents.

"We strongly encourage consumers who did business with Ms. Glass or VMG to do some research and find out whether they actually have insurance coverage," said Huff. "The worst-case scenario is that consumers don't learn they're uninsured until after they have a claim."

Huff advises consumers and lenders to verify any insurance policies sold by Glass or VMG, which may also be called Versatile Management Group Inc. He says they should contact the insurance company listed on the policy to determine if the coverage is valid. Consumers needing help locating the insurance company can contact the Department of Insurance.

Consumers are encouraged to file complaints against agents or insurance companies they believe have violated Missouri law. Since the beginning of 2012, the department has revoked the licenses of 11 insurance agents.

Consumers with complaints and general questions can call the department's Insurance Consumer Hotline at 800-726-7390 or visit insurance.mo.gov.

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CREDIT UNIONS DIFP FINANCE INSURANCEThu, 31 May 2012 15:40:18 CST
<![CDATA[ Information about the National Mortgage Settlement]]>A nationwide mortgage settlement will provide as much as $25 billion in relief to distressed borrowers. The settlement provides benefits to borrowers whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service.

State and federal investigations found the country's five largest loan servicers routinely signed foreclosure-related documents without really knowing whether the facts they contained were correct. That violates the law. Learn more at the official website of the settlement:

http://www.nationalmortgagesettlement.com/

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FINANCEFri, 11 May 2012 10:16:44 CST
<![CDATA[ Department of Insurance, Financial Institutions and Professional Registration releases 2011 Annual Report]]>Online-only report shows records in Missouri's insurance, banking and credit union industries

2011 DIFP Annual ReportJefferson City, Mo. - Responding to Gov. Jay Nixon's call for more efficient government, the Missouri Department of Insurance, Financial Institutions and Professional Registration has created the second annual report intended exclusively for online viewers. Since 1870, Missouri's insurance regulators had produced some form of published report, many of which were more than 200 pages. Gov. Nixon has directed all state agencies to improve efficiencies and maximize technology wherever possible.

DIFP's 2011 Annual Report is a 24-page review of department operations, industry statistics and accomplishments in the past year. The document is optimized for viewing on a computer monitor, rather than a printed page. Pages can be viewed on one screen, without the need for scrolling. It is also fully interactive, offering links, charts and other illustrations of data and trends in the regulation of insurance, banking and other industries.

The report also offers a video greeting with DIFP Director John M. Huff. It characterizes 2011 as a year of records in Missouri:

  • The Joplin tornado of May 22 is the largest insurance event in Missouri history, with paid claims at $1.3 billion at the end of 2011.
  • Premium sales in Missouri's insurance industry reached $30 billion for the first time
  • Consumers who filed complaints received an extra $19.2 million in insurance claims payments, the highest number in DIFP history.
  • Assets of state-chartered banks stand at $93 billion, a record level.
  • Assets of state-chartered credit unions are above $10 billion, having reached that milestone in May.

"Our annual report will show that despite the unprecedented challenges of 2011, our department fulfilled the three-tiered mission of protecting consumers, encouraging competitive markets and enhancing state-based regulation," said Huff in the report.

The report is available at the department's website, difp.mo.gov.

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CREDIT UNIONS DIFP FINANCE INSURANCEFri, 30 Mar 2012 13:55:08 CST
<![CDATA[ Mortgage loan originator licenses expire Dec. 31 - renew now]]>Jefferson City, MO -  Mortgage loan originators can now apply to renew their Missouri MLO license. If your application is not approved by Dec. 31, 2011, your license will expire and you will be inactive on Jan. 1, 2012.

Click here for more details.

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FINANCETue, 01 Nov 2011 09:12:32 CST