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Goals of the Division of Banks

The Division of Banks (DOB) strives to achieve its mission by accomplishing 3 goals. Learn more about our mission and goals.

Mission

The primary mission of the DOB is to ensure a sound, competitive, and accessible financial services environment throughout the Commonwealth.

Consumer protection and outreach

Our consumer protection and outreach goals are to implement and enforce consumer protection laws and regulations, while also providing consumers and/or industries with information to make both informed financial decisions and prepare to mitigate anticipated risks.

Supervision and regulatory environment

In order to effectively supervise and examine regulated financial entities, the DOB strives for a supervision and regulatory framework aimed at ensuring consumer protection while promoting a competitive industry. To ensure a sound, competitive, and accessible financial services environment in the Commonwealth, the DOB must maintain a robust supervision program to satisfactorily complete its core supervisory function through examination, licensing, consumer complaint review and response, and initiation of regulatory actions where appropriate.

Administration, staffing, and development

Our administration, staffing, and development goal is to update and establish operational policies and procedures to mitigate agency risk and ensure effective and efficient agency function. We aim to ensure efficient staffing by having the right people in the right roles with the right skills to perform their responsibilities and work toward achieving the DOB’s vision.

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