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Maine Bureau of Financial Institutions Awarded Reaccreditation by Conference of State Bank Supervisors

January 11, 2007

 

Contact: Lloyd LaFountain III
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Augusta -

Governor John Baldacci and Bureau of Financial Institutions Superintendent Lloyd P. LaFountain III announced on Wednesday that the Bureau has been awarded reaccreditation by the Conference of State Bank Supervisors. First accredited by the national organization in 1996, this is the agency’s third certificate of accreditation. It certifies that the Bureau maintains high standards and practices in state banking supervision.

“Reaccredidation of Maine’s Bureau of Financial Institutions is a significant action. It recognizes the skills and dedicated service of Bureau employees. It also reaffirms the agency’s long-standing commitment to meet the challenges of a constantly changing banking industry,” Governor Baldacci commented.

A review team of three former regulators and the Director of Accreditation and Certification from the Conference of State Bank Supervisors performed an on-site evaluation of the Bureau during a three day visit last August. The Review Team interviewed a cross-section of agency personnel, assessed the products of supervision, and conducted a thorough examination of the Bureau’s completed Self-Evaluation Questionnaire. Areas of focus during the review included administration and finance, personnel, training, examination, supervision and legislative powers.

According to Superintendent LaFountain, “this reaccreditation signifies a high level of confidence in the methods and diligence of the Bureau, whose main mission includes protecting consumers and overseeing the safety and soundness of state-chartered financial institutions.”

The Conference of State Bank Supervisor’s accreditation addresses the Bureau’s oversight of 29 state-chartered banks with assets totaling $12.9 billion on June 30, 2006. It also covers the agency’s supervision of 10 non-depository trust companies.

Founded in 1902, the Conference of State Bank Supervisors is the nationwide organization for state banking. It represents the bank regulators of all 50 states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands.

The Bureau of Financial Institutions is part of the Department of Professional and Financial Regulation, which encourages sound ethical business practices through high quality, impartial and efficient regulation of insurers, financial institutions, creditors, investment providers, and numerous professions and occupations for the purpose of protecting the citizens of Maine. Consumers can reach the Bureau through the Department’s website (www.maine.gov/pfr); by calling 800-965-5235 in state; or by writing to Bureau of Financial Institutions, 36 State House Station, Augusta, Maine 04333.

Last Updated: February 1, 2007 10:59 AM