DOB Receives Triple Reaccreditation for Regulatory Excellence and Industry Leadership

February 20, 2025

Connecticut Department of Banking Receives Triple Reaccreditation for Regulatory Excellence and Industry Leadership

HARTFORD - Today, Banking Commissioner Jorge Perez announced that the Connecticut Department of Banking has been reaccredited in its bank, credit union and mortgage regulatory programs. The reaccreditation comes from the Conference of State Bank Supervisors (CSBS) for banks and mortgages and the National Association of State Credit Union Supervisors (NASCUS) for credit unions. 

"This reaccreditation highlights the dedication and expertise of our staff in upholding the highest standards of regulatory and supervisory excellence," said Commissioner Perez. "The NASCUS and CSBS Accreditation programs ensure that our practices are both rigorous and effective. It also offers valuable insights through independent peer reviews and ongoing monitoring, helping us to continuously improve and enhance our regulatory responsibilities. We greatly value our partnership with these organizations and their support for our mission."

The reaccreditation follows a thorough evaluation by teams from CSBS and NASCUS which are comprised of seasoned regulators from accredited state agencies. These accreditation programs provide in-depth reviews and continuous oversight, ensuring that state regulatory agencies uphold the highest standards of excellence.

To achieve reaccreditation, the Department, through its Financial Institutions Division for banks and credit unions and its Consumer Credit Division for mortgage, demonstrated compliance across key areas, including agency administration, personnel and training, examination procedures, supervision practices, and legislative authority. Areas where the Department exceeded accreditation standards were its communications with other regulators and leadership roles in industry, financial literacy and educational outreach, agency fiscal management, consumer complaint resolution, and its mortgage license application process. These accreditations allow for closer collaboration between other state and federal regulators thereby reducing regulatory burden in these industries and strengthening the safety net for the entire financial system. 

The Department was first accredited for its banking regulatory program in 1986 and has been continually accredited since. It was first accredited by NASCUS in 1990 and has maintained its accreditation since. The mortgage regulatory program has been accredited since 2019.
 
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Media Contacts

Department of Banking:
Matt Smith
matthew.smith@ct.gov
203-996-1241 (cell)