WASHINGTON, D.C. – December 12, 2014 – (RealEstateRama) — The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) announced today that the Tennessee Department of Financial Institutions (the Department) has received certificates of accreditation, confirming that the Department maintains the highest standards and practices in state banking supervision, as set forth by the CSBS Bank Accreditation Program, and mortgage supervision, as set forth by the AARMR/CSBS Mortgage Accreditation Program.
This is the Department’s sixth bank reaccreditation, with the first occurring in 1987. This is also the Department’s second mortgage accreditation, with the first occurring in 2010. The department is led by Commissioner Greg Gonzales.
“These reaccreditations illustrate the proficiency, professionalism, and dedication of our staff to our consumers, our clients, and the state of Tennessee,” said Commissioner Gonzales. “I am grateful to my staff for their tireless dedication, as well as to the accreditation team for recognizing our efforts.”
“Congratulations to the Tennessee Department of Financial Institutions on receiving reaccreditation for bank and mortgage supervision,” said CSBS President and CEO John W. Ryan. “Commissioner Gonzales has been a vocal advocate of balanced supervision, always striving to protect consumers while allowing state-chartered banks he regulates the ability to contribute to the economic development of Tennessee.”
“Congratulations to Commissioner Gonzales and his talented staff,” said Rod Carnes, AARMR President and Deputy Commissioner of the Georgia Department of Banking and Finance. “Receiving this mortgage reaccreditation only further demonstrates how the Tennessee Department of Financial Institutions upholds exceptional supervisory standards for the state’s residential mortgage industry.”
The CSBS Accreditation Program involves a comprehensive review of the critical elements that assure a banking department’s ability to discharge its responsibilities. This is done through an investigation of all department operations including administration and finance, personnel, training, examination, supervision, and legislative powers. To achieve mortgage accreditation, state agencies must undergo a voluntary comprehensive review by the CSBS and AARMR accreditation team, which includes an extensive self-evaluation questionnaire and an on-site review by an external team comprised of veteran state regulators. The high standards set by these accreditation programs support CSBS’s public interest goals by encouraging state regulatory departments to enhance their capability with a minimum of regulatory burden and cost and by identifying highly competent state banking and mortgage supervision departments.
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CSBS Media Contacts:
Catherine Woody, Vice President of Media and Industry Relations, or 202.728.5733
Rockhelle Johnson, Senior Manager, Communications, or 202.407.7156
Matt Longacre, Manager, Communications, or 202.803.8091
The Conference of State Bank Supervisors (CSBS) is the nationwide organization of banking regulators from all 50 states, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands. State banking regulators supervise nearly 5,100 state?chartered financial institutions. Further, most state banking departments also regulate a variety of non-bank financial services providers, including mortgage lenders. For more than a century, CSBS has given state supervisors a national forum to coordinate supervision of their regulated entities and to develop regulatory policy. CSBS also provides training to state banking and financial regulators and represents its members before Congress and the federal financial regulatory agencies.
The American Association of Residential Mortgage Regulators (AARMR) is the national organization representing state residential mortgage regulators. AARMR’s mission is 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.