The Division of Banks maintains a safe and sound competitive financial services environment throughout the Commonwealth by chartering, licensing, and supervising banks, credit unions, mortgage lenders, sales finance agencies, small loan companies, collection agencies, and other related financial organizations. Banking institutions are the primary source of credit for small and medium businesses. A sound financial services industry will help sustain the financial vigor of businesses and consumers, which in turn will stimulate job growth in the Commonwealth.

The Division is responsible for financial soundness examinations of 330 federally insured state-chartered banks and credit unions; 610 state-licensed mortgage lenders and brokers; 86 check cashing organizations; and over 1,400 other licensed financial services entities. The Division also conducts specialized electronic data processing examinations, investigates consumer credit complaints, and performs community reinvestment and fair lending examinations that enforce Truth-in-Lending and anti-discrimination lending laws.

Budget Recommendations

The amount recommended for Fiscal Year 1999 will enable the Division to provide the same level of services as in Fiscal Year 1998.

Budgetary Direct Appropriations

DIVISION OF BANKS
7006-0010	For the operation of the division of banks	9,507,888