Financial Institutions

DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

DIVISION OF FINANCIAL INSTITUTIONS

DAVID Y. IGE
GOVERNOR

CATHERINE P. AWAKUNI COLÓN
DIRECTOR

IRIS K. IKEDA

COMMISSIONER OF FINANCIAL INSTITUTIONS

FOR IMMEDIATE RELEASE

December 19, 2018

Division of Financial Institutions Receives Nationally Recognized Accreditation

Honolulu, HI – The Hawaii Department of Commerce and Consumer Affairs, Division of Financial Institutions (DFI), has again attained national accreditation in both Bank and Mortgage standards by the Conference of State Bank Supervisors (CSBS) and American Association of Residential Mortgage Regulators (AARMR).  DFI, previously accredited in 2012 for a five-year period, is one of twenty-two state bank regulatory agencies to hold both accreditations.

The voluntary achievement is attained following a comprehensive review and confirmation of an agency’s overall policies, procedures, and operations in accordance with rigorous requirements set forth by the CSBS and AARMR. The process began in early 2018 and is the culmination of an effort lead by the Commissioner of Financial Institutions, Iris Ikeda, to ensure the agency’s capabilities meet national best practices standards.

“I am very proud that we have achieved both the bank and mortgage accreditation from the Conference of State Bank Supervisors,” Commissioner Ikeda said.  “This accomplishment is evidence that the significant work performed by our team members is of the highest standard.”

The accreditation process began with the completion of an extensive evaluation questionnaire on all agency operations, including administration and finance, personnel, training, examination, supervision, and legislative powers. Subsequently, an external review team comprised of veteran state regulators performed an on-site review and presented its findings to an audit team and to the independent Performance Standards Committee, comprised of state bank commissioners, for final decision and approval.

The goal of the CSBS Accreditation Program is to help state bank regulatory agencies enhance their capabilities to supervise and regulate their state-chartered depository institutions and non-depository companies with a minimum of regulatory burden and cost, and to assist them in achieving that capability.

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The Hawaii Division of Financial Institutions (DFI) ensures the safety and soundness of state-chartered and state-licensed financial institutions, and ensures regulatory compliance by state-licensed financial institutions, escrow depositories, money transmitters, mortgage servicers, mortgage loan originators and mortgage loan originator companies, by fairly administering applicable statutes and rules, in order to protect the rights and funds of depositors, borrowers, consumers and other members of the public. Website: https://cca.hawaii.gov/dfi/. Twitter: @HawaiiDFI

The Conference of State Bank Supervisors (CSBS) is the national organization of bank regulators from all 50 states, American Samoa, District of Columbia, Guam, Puerto Rico and U.S. Virgin Islands. State regulators supervise roughly three-quarters of all U.S. banks and a variety of non-depository financial services. CSBS, on behalf of state regulators, also operates the Nationwide Multistate Licensing System to license and register non-depository financial service providers in the mortgage, money services businesses, consumer finance and debt industries.

The American Association of Residential Mortgage Regulators seeks to promote the exchange of information and education concerning the licensing, supervision and regulation of the residential mortgage industry, to ensure the ability of state mortgage regulators to provide effective mortgage supervision for a safe and sound industry meeting the needs of the local financial markets and to protect the rights of consumers.

Media Contact:
William Nhieu
Communications Officer
Department of Commerce and Consumer Affairs
Email: [email protected]
Phone: (808) 586-7582