Massachusetts Division of Banks Receives First Joint Bank, Credit Union, and Mortgage Accreditation
June 2, 2014 – NASCUS, The Conference of State Bank Supervisors (CSBS), and the American Association of Residential Mortgage Regulators (AARMR) announced today that the Massachusetts Division of Banks has received certificates of accreditation, certifying that the Division maintains the highest standards and practices in state banking, credit union, and mortgage supervision, as set forth by the NASCUS Accreditation Program, the CSBS Bank Accreditation Program, and the AARMR/CSBS Mortgage Accreditation Program.
The Division, which regulates state-chartered banks, credit unions, consumer finance companies, debt collectors, money service businesses, and mortgage loan originators, is headed up by Massachusetts Commissioner of Banks David Cotney, who was appointed as Massachusetts Commissioner of Banks in November 2010. Cotney started his career at the Division in 1990 as an entry-level bank examiner, rising through various management positions.
“This reaccreditation confirms that the Division’s regulatory programs are strong and positioned to protect Massachusetts consumers while ensuring the safety and soundness of the state financial system,” said David Cotney, Massachusetts Commissioner of Banks. “Because of the CSBS, NASCUS, and AARMR joint review, the Division was able to obtain several accreditations at once, saving time and allowing the Division to focus more of its resources on supervision.”
NASCUS President and CEO Mary Martha Fortney extended her congratulations to the Division upon its reaccreditation, noting that the joint NASCUS-CSBS-AARMR endeavor was the first of its kind. “We are pleased to offer our congratulations to Commissioner Cotney and his capable staff upon this notable achievement,” she said. “Special appreciation also to the Division’s foresight in participating in this joint reaccreditation endeavor. It will certainly serve as a positive model for other state regulatory agencies in the future.”
Massachusetts was first accredited by NASCUS in 1996, and achieved accreditation in all three programs as part of a joint pilot program between CSBS, NASCUS, and AARMR. The state is the first to go through the pilot program, which is being developed to help states gain multiple accreditations at one time. The Division’s initial mortgage accreditation—the first awarded as part of the AARMR/CSBS Mortgage Accreditation Program—occurred in 2008. This is Massachusetts’ fifth bank accreditation, with the first accreditation occurring in 1994.
The accreditation review team was made up of four previous NASCUS chairman: Tom Candon (Vt.), Gavin Gee (Idaho), Roger Little (Mich.) and George A. Reynolds (Ga.).