IDFPR’s Division of Banking Re-accredited by CSBS

SPRINGFIELD - The Conference of State Bank Supervisors (CSBS) recently notified the Illinois Department of Financial and Professional Regulation’s (IDFPR) Division of Banking (the DOB) that they have received a certificate of accreditation, verifying that the DOB maintains the highest standards and practices in state bank supervision set by the CSBS Accreditation Program. Illinois was initially accredited by CSBS in 1984.

“I commend our Division of Banking for this achievement,” said Bryan A. Schneider, IDFPR Secretary. “This well-earned recognition shows the commitment our staff has to excellence and providing a safe financial system for citizens of Illinois.”

“The Illinois Department of Financial and Professional Regulation has maintained its accreditation for nearly 33 years, which is a tremendous achievement,” said John W. Ryan, CSBS President and CEO. “Congratulations are in order for Secretary Schneider and his staff.”

IDFPR’s Division of Banking regulates and examines banks, trust companies and savings banks chartered by the State of Illinois. The DOB also has regulatory or licensing authority over mortgage banks, mortgage loan originators, check printers, pawnbrokers, and ATMs not owned by financial institutions.

The CSBS Banking Accreditation Program involves an in-depth review of an agency’s policies, procedures, and operations to determine if it meets the standards set forth by the Performance Standards Committee (PSC). A state seeking accreditation for the first time or a state seeking its five-year re-accreditation must complete the self-evaluation questionnaire (SEQ), which includes several sections broken into multiple topics.