Department of Banking Divisions
The Department of Banking is comprised of four operating divisions and two support divisions to accomplish its mission. Specific regulatory functions are assigned to each operational division.
The Consumer Credit Division is responsible for examination, enforcement, and licensing of mortgage lenders, brokers, servicers, lead generators of residential mortgage loans and loan originators; small loan companies; sales finance companies; debt adjusters; debt negotiators; consumer collection agencies, including debt buyers; money transmitters; check cashing services; and student loan servicers. In addition, Consumer Credit also administers Truth-in-Lending laws and retail installment sales financing laws.
The Financial Institutions Division is responsible for the supervision of insured state-chartered bank and trust companies, savings banks, savings and loan associations and credit unions, in addition to uninsured banks. The Division also licenses foreign banking organizations that establish and maintain representative offices, agency offices and branch offices in Connecticut, and supervises bank holding companies. It has responsibility for analyzing applications for new bank or credit union charters, acquisitions, mergers, conversions, branches, changes in corporate structure, and credit union field of membership expansions. In addition, the Division licenses business and industrial development corporations, international trade and investment corporations and certain non-banking corporations that exercise fiduciary powers, including limited purpose trust companies.
Securities and Business Investments
The Securities and Business Investments Division is responsible for registering securities and business opportunity offerings sold in or from Connecticut; registering (licensing) broker-dealers, agents, investment advisers and investment adviser agents who transact business in Connecticut and registering branch offices of broker-dealer and investment advisory firms. The Division also conducts on-site examinations of broker-dealers, investment advisers and branch office registrants; and enforces the Connecticut Uniform Securities Act, the Connecticut Business Opportunity Investment Act and the Connecticut Tender Offer Act.
Government Relations and Consumer Affairs
The Government Relations and Consumer Affairs Division manages the external affairs for the Department of Banking, through its consumer affairs team, its legislative efforts, and its communications and educational outreach programs. The Division is committed to protecting Connecticut citizens in transactions with financial institutions, as directed by state law, and in assisting with complaints and dispute resolution. Agency employees promptly assist consumers with issues involving the financial services industry in Connecticut, those residents who might be facing foreclosure, and tenants involved with issues regarding their rental security deposits.
As a service to Connecticut consumers and investors, the Department of Banking has an active educational outreach program. Department staff is available to give free talks and presentations on an array of topics including debt management, credit repair, financial fraud, banking scams, identity theft and investor education.