SEATTLE -- The Washington Department of Financial Institutions' Division of Banks has been accredited for a second time by the national association of state bank regulatory officials. The Conference of State Bank Supervisors (CSBS) awarded its certificate of accreditation to Department Director John L. Bley and Assistant Director Gerald R. Zachary, who heads the Division of Banks, at a ceremony today.
The Division of Banks supervises 66 commercial banks with total assets of $17.3 billion, ranging in size from $7.7 billion in assets to less than $100 million. The Division is also responsible for overseeing the activities of non-deposit trust companies, savings banks, and state-licensed offices of foreign banks.
CSBS accreditation signifies that the DFI's Division of Banks meets the highest professional standards of bank examination and regulation. To receive accreditation, the Division conducted a comprehensive review of its policies and procedures; then, a team of veteran state and federal bank regulators visited the division for an on-site examination.
The Washington Division of Banks first received CSBS accreditation in 1990. Since then, it has undergone annual reviews to ensure it maintained consistently high professional standards. Accredited state banking departments must renew their accreditation with a comprehensive review, including an on-site visit, every five years.
"The evolution of interstate branching will require a new level of cooperation among state banking departments and federal agencies," said CSBS President and CEO James B. Watt in making today's presentation. "This requires that everyone have confidence in the quality and consistency of state examinations. John Bley, Gerry Zachary and the staff of the Division of Banks have demonstrated their commitment to quality supervision by completing the accreditation process not once, but twice."
Thirty-four state banking departments have received CSBS accreditation. These departments supervise approximately 85% of assets in state-chartered banks nationwide.