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News Release

New Jersey Department of
Banking and Insurance

Acting Commissioner Richard J. Badolato

For Immediate Release:
August 5, 2015

For Further Information:
Ed Rogan or Marshall McKnight (609) 292-5064

New Jersey Banking Division Receives Reaccreditation from the Conference of State Bank Supervisors

TRENTON - Department of Banking and Insurance Acting Commissioner Richard J. Badolato announced today that the Conference of State Bank Supervisors (CSBS) has reaccredited the Department, certifying that it maintains the standards and practices of state banking supervision set by the organization. The CSBS reviews state banking departments every five years for regulatory performance.

The Department must maintain CSBS accreditation in order to conduct its mission of regulating the state’s banking and financial services industries. The Department’s Banking Division regulates 73 State-chartered banks, 16 credit unions, nearly 3,200 consumer finance licensees and nearly 11,000 mortgage originators.

“We at the Department are very gratified that we have met the national standards in financial services regulation set by the CSBS,” said Acting Commissioner Badolato. “The reaccreditation enables us to continue our work in regulating and examining New Jersey chartered financial institutions and it assures the public that we are carrying out that work in accordance with accepted national standards. The reaccreditation could not have been accomplished without the hard work and skill of the employees of the Department’s Banking Division.”

“Congratulations to the New Jersey Department of Banking and Insurance on receiving re-accreditation,” said CSBS President and CEO John W. Ryan. “By earning reaccreditation, the New Jersey Department has demonstrated its commitment to being on the forefront of bank supervision and maintaining the highest supervisory standards.”
“Our employees work very hard every day to maintain this accreditation and I thank each and every one of them for their efforts,” said Banking Division Director Patrick Mullen. “This reaccreditation validates the work we perform every day to protect consumers and assure the safety and soundness of our regulated financial institutions.”

About the CSBS:

The Conference of State Bank Supervisors (CSBS) is the nationwide organization of banking regulators from all 50 states, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands.  State banking regulators supervise approximately 5,000 statechartered financial institutions.  Further, most state banking departments also regulate a variety of non-bank financial services providers, including mortgage lenders.  For more than a century, CSBS has given state supervisors a national forum to coordinate supervision of their regulated entities and to develop regulatory policy.  CSBS also provides training to state banking and financial regulators and represents its members before Congress and the federal financial regulatory agencies.

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