Olympia – The Washington State Department of Financial Institutions (DFI) is pleased to announce that its banking and non-depository mortgage programs have been reaccredited by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). These accreditations certify that DFI maintains the highest standards in banking and mortgage supervision.
“Washington DFI is proud of our reaccreditation process and results — especially in light of how challenging the CSBS accreditation standards are,” DFI Director Scott Jarvis said. “Staff works hard to ensure the agency meets – and often exceeds – the regulatory standards set for the banking and mortgage industries.”
The CSBS accreditation process involved a comprehensive review of DFI’s ability to meet its regulatory responsibilities. An external team of experts comprised of veteran state and federal regulators performed an on-site review of DFI’s operations including administration and finance, personnel, training, examination, supervision, and legislative powers. The comprehensive review was then presented to an audit team and to the Performance Standards Committee. The members then voted on the reports of the review team and the audit team.
“For years, Washington has focused on having one of the top mortgage supervision and enforcement programs in the country,” DFI Division of Consumer Services Director Charles Clark said. “When mortgage accreditation through CSBS and AARMR was first offered around 2011, Washington was one of the first ten states to have their state mortgage program accredited. Now, in obtaining reaccreditation, we continue to demonstrate our commitment to doing exceptional work as a state regulator.”
“This certification tells the FDIC and other states that our banking division is a high-quality program,” DFI Division of Banks Director Richard M. Riccobono added. “Additionally, it indicates we utilize the tools available to us — such as training and statutory authority — to ensure we can continue with an excellent program in the years to come.”