WASHINGTON, D.C.—The Conference of State Bank Supervisors (CSBS) announces that the Massachusetts Division of Banks has received a certificate of accreditation, certifying that the Division maintains the standards and practices in state banking supervision set by the organization's Accreditation Program.
The Division traces its origins to February 7, 1784 with the chartering of The Bank of Massachusetts, the forerunner of the former First National Bank of Boston, through Chapter 25 of the Acts of 1783. This Charter, signed by Governor John Hancock and Senate President Samuel Adams, includes one of the first known provisions to require bank examinations. It is believed that the first general statute in the country came about later requiring periodic reports from banks requiring all banks to make semi-annual reports to the Governor and Council (Chapter 132 of the Acts of 1802).
Steven L. Antonakes has served as the Commissioner of Banks since December 2003 and was reappointed by Governor Deval Patrick in July 2007. In May 2010, Mr. Antonakes was elected to serve as Vice Chairman of CSBS, having recently completed terms as Secretary and Treasurer. Since 2006, Mr. Antonakes has also served as a founding member of the Board of Managers of the State Regulatory Registry LLC, a wholly-owned subsidiary of CSBS, which is charged with developing and implementing the Nationwide Mortgage Licensing System (NMLS). Mr. Antonakes previously held a two year term as the Chairman of the Federal Financial Institutions Examination Council’s (FFIEC) State Liaison Committee and with the passage of the Financial Services Regulatory Relief Act of 2006 became the first ever state voting member of the FFIEC.
The Division oversees nearly 240 state-chartered banks and credit unions holding total combined assets of approximately $255 billion. The Division is also responsible for the licensing and examination of over 800 non-bank financial entities and over 3,800 individuals engaged in mortgage lending and brokering; and the licensing and supervision of an additional 3,500 non-bank financial entities, including check cashers, small loan companies, finance companies, and debt collectors.
“Commissioner Antonakes and his staff run a financial regulatory agency that holds its place with the best in the country," said CSBS President and CEO Neil Milner. "This accreditation demonstrates the Division’s ongoing commitment to achieving and maintaining the highest levels of quality financial supervision and consumer protection, which provides tremendous benefits to the citizens and financial services providers of Massachusetts."
CSBS accreditation seeks to strengthen state banking departments and to demonstrate the high quality of state banking departments to the general public, the federal banking agencies, Congress, and other state banking departments.
The accreditation process 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, the members of which vote on the reports of the review team and the audit team.