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Connecticut Department of Banking Receives National Reaccreditation

This news release was issued by the Conference of State Bank Supervisors.

February 26, 2008

The Conference of State Bank Supervisors announced this week that the Connecticut Department of Banking has received its fifth consecutive certificate of accreditation from CSBS, certifying that the department maintains the highest standards and practices in state banking supervision.

CSBS reaccredited the department for a five-year period on Feb. 15, 2008. The department was first accredited by CSBS in 1986 and as of September 30, 2007, supervised 15 commercial banks with total assets of $2 billion, 22 savings banks with total assets of $24 billion and two non-depository trust companies, and one uninsured bank.

Besides commercial banks and savings banks, the Banking Department is also responsible for the regulation of bank holding companies, financial holding companies, trust companies, limited purpose trust companies, foreign banks’ agencies, branches or representative offices in Connecticut, state-chartered credit unions, Business and Industrial Development Corporations (BIDCOs), and certain corporations acting in a fiduciary capacity.

“We are pleased to be recognized by our peers for this achievement,” said Howard F. Pitkin, Connecticut’s Commissioner of Banking.

The accreditation review begins with completion of an extensive self-evaluation questionnaire on all department operations: administration and finance, personnel, training, examination, supervision, and legislative powers.  Next, an external review team comprised of veteran state and federal regulators performs an on-site review and presents its findings to an audit team and to the Performance Standards Committee, which votes on the reports of the review team and the audit team.

The report and scores are based on documentary evidence, such as a random sample of examination reports and other files. The CSBS review team conducted a thorough review of the department’s self-evaluation questionnaire, interviewed key management personnel and a cross section of examiners and the reports of examination.

“The accreditation process provides an objective critical analysis to ensure we are current in our examination policies and procedures,” Pitkin said. “It also confirms that we employ nationally-recognized best practices in regulatory supervision and oversight.”

“Commissioner Pitkin and his staff are to be congratulated on establishing and maintaining the high standards set by the program. To maintain their accreditation, state banking departments must work to keep up with the changing industry that they regulate. The department has demonstrated that it has met this challenge,” said CSBS President and CEO Neil Milner.

CSBS is the nationwide organization for state banking, representing the bank regulators of the 50 states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands, and approximately 6,200 state-chartered financial institutions. The Conference is responsible for defending state authority to determine banking structure and the products and services state-chartered institutions can offer and for improving the quality of state bank supervision by providing department performance evaluation and accreditation programs and supervisory education/training programs for state banking department personnel.