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To Her Excellency M. Jodi Rell, Governor - page 6 / 25

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ADMINISTRATION

Agency Mission

The mission of the Department of Banking is to protect users of financial services from unlawful or improper practices by requiring that regulated entities and individuals adhere to the law, assuring the safety and soundness of state chartered banks and credit unions, educating and communicating with the public and other stakeholders, and promoting cost-efficient and effective regulation.

Organization

The Department of Banking is a state agency headed by the Banking Commissioner, who

reports to the

Governor. It

institutions and

various related

is responsible for the regulation entities that are chartered, licensed

and examination of financial or registered by the state. The

Banking

Commissioner

is

charged

with

administering

the

banking

and

credit

union

laws

of

the

state as well as the laws regarding securities, tender offers Commissioner also administers the Truth-in-Lending Act and major portion of the law concerning rental security deposits.

and business opportunities. other consumer credit laws

The and a

The agency is divided into three line divisions responsible for specific types of financial institutions or types of transactions, as well as other divisions that support the department functions.

The Consumer Credit Division licenses and regulates mortgage brokers, lenders and originators, consumer collection agencies, debt adjusters, sales finance companies, small loan companies, check cashing services and money forwarders.

The Financial Institutions Division regulates state-chartered bank and trust companies, credit unions, savings banks and savings and loan associations. It also supervises foreign bank agencies, branches and representative offices; licenses certain entities; and reviews applications for new banks and credit unions, mergers, branches, field of membership expansions and other matters.

The Securities and Business Investments Division is responsible for the registration of securities and business opportunity offerings for sale in Connecticut; the registration of broker- dealers and investment advisers, along with their agents and branch offices; the examination of broker-dealer, investment adviser and branch office registrants; and the enforcement of the state’s securities and business opportunity laws.

The Government Relations and Consumer Affairs Division assists consumers with issues

involving banks, credit unions, mortgage lending relating to securities and business opportunity

and other consumer

investments.

The

credit matters division also

and matters directs the

agency's legislative education outreach

program, manages efforts and handles

media relations, coordinates financial and investor

calls

to

the

Foreclosure

Assistance

Hotline.

Other

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