Banking and Securities
Governor's Executive Budget Program Measures
Average number of days for turnaround of independent depository institution examinations
The Pennsylvania Department of Banking and Securities regulates over 160 financial institutions throughout the commonwealth, including: banks, savings banks, bank and trust companies, credit unions and trust companies.
The department conducts examinations of state-chartered financial institutions to assess safety and soundness and adherence to laws and regulations. The department also evaluates and approves new charters, mergers, acquisitions, and branching activities of all state-chartered institutions.
The 30-day goal is an industry established best practice. The department is nationally accredited by the Conference of State Bank Supervisors, and the National Association of State Credit Union Supervisors.
Percentage of eligible depository and non-depository examiners with the highest certification available for their level of experience
The Department of Banking and Securities encourages staff to earn certifications relevant to their field of work. A highly skilled workforce is essential to providing strong regulatory oversight and is a required aspect of accreditation.
Industry certifications and continuing education requirements ensure the department’s examination teams are highly trained, expertly equipped, and current on industry issues.
Percentage of all non-depository licensees examined
The Pennsylvania Department of Banking and Securities licenses more than 37,000 non-bank ("non-depository") lenders, including mortgage brokers, originators, lenders, and servicers; auto sales finance companies; debt management and debt settlement companies; check cashers; consumer discount companies; credit services loan brokers; pawnbrokers; and money transmitters.
The department routinely conducts examinations of licensees for compliance with the laws and corrective actions are addressed when a violation is uncovered to provide relief to the consumer and gain compliance with the law.
The department’s objective is to conduct examinations on at least 20 percent of all applicable non-depository licensees. This is done on a 5-year rotating schedule and is a requirement for the department’s accreditation. The department is accredited by the Conference of State Bank Supervisors and American Association of Residential Mortgage Regulators and is a member of the Money Transmitters Regulators Association and the National Association of Consumer Credit Administrators.
Percentage of Securities Investment Adviser registrants examined on an annual basis
The Pennsylvania Department of Banking and Securities is a member of the North American Securities Administrators Association and registers more than 260,000 broker-dealers, broker-dealer agents, investment advisers, investment adviser representatives, and notice filers who conduct securities-related business in Pennsylvania.
The department protects investors through securities licensing and examinations to assess compliance with state and federal securities laws and regulations, and to determine appropriate product marketing and sales to Pennsylvania citizens. While the department is under the 20 percent objective for total registrants examined, the department examined more than 20 percent of State Registered Investment Advisers located in Pennsylvania.
Average number of days to
respond to consumer complaints
The Department of Banking and Securities' Financial Services for Consumers and Business (FSCB) staff reaches out to community groups, schools, senior citizens groups, military and veterans’ groups, and businesses across Pennsylvania to talk and listen about the delivery of financial services and products within Pennsylvania. The department also provides courteous and timely responses to consumer complaints with an objective to respond to complaints/concerns within 10 days of receipt. This is a requirement of the department’s accreditation.
Agency staff track and analyze inquiries, complaints and resolutions received via the toll-free helpline (1-800-PA-BANKS), website (www.dobs.pa.gov) and other government agency referrals. At the beginning of the COVID-19 pandemic there was a significant increase in inquiries to the department that has since leveled off to previous year levels.