Maine Government News
Maine Bureau of Financial Institutions Earns Reaccreditation from Conference of State Bank Supervisors
January 23, 2012
Professional & Financial Regulation - Financial Institutions
Governor Paul R. LePage and Bureau of Financial Institutions Superintendent Lloyd P. LaFountain III announced that the Bureau has been awarded reaccreditation by the Conference of State Bank Supervisors (CSBS). First accredited by the national organization in 1996, this is the agency’s fourth certificate of accreditation. It certifies that the Bureau maintains high standards and practices in state banking supervision.
“Reaccreditation of Maine’s Bureau of Financial Institutions is important for our state-chartered banks, and it’s significant for our economy as a whole,” Governor LePage commented. “It highlights the agency’s commitment to understanding and adapting to the ever-changing dynamics of the financial services sector.”
A review team from the Conference of State Bank Supervisors performed an on-site evaluation of the Bureau during October, 2011. The Review Team interviewed a cross-section of agency personnel, assessed the products of supervision, and conducted a thorough examination of the Bureau. Areas of focus during the review included administration and finance, personnel, training, examination, supervision and legislative powers.
“Reaccreditation signifies a high level of confidence in the Bureau’s methods, policies and personnel,” Superintendent LaFountain explained. “The Bureau serves to oversee the safety and soundness of state-chartered financial institutions, and thereby helps to protect the assets of Maine consumers and businesses.”
The Conference of State Bank Supervisor’s accreditation addresses the Bureau’s oversight of 20 state-chartered banks with assets totaling more than $13 billion on June 30, 2011. The accreditation is for a 5 year period.
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 business practices through high quality, impartial and efficient regulation of insurers, financial institutions, creditors, investment providers, and numerous professions for the purpose of protecting the public. Consumers can reach the Bureau through the Department’s website (www.maine.gov/pfr); calling 800-965-5235 in state; or writing to Bureau of Financial Institutions, 36 State House Station, Augusta, Maine 04333.
