Washington, D.C. – The Conference of State Bank Supervisors (CSBS) released today its 2015 Annual Report. The report provides an overview of CSBS’s efforts to support state financial supervision and contribute to the success of a diverse, safe, and fair U.S. financial system.
“This Annual Report recounts the many ways during 2015 that CSBS members have made state regulation a system of strength and resiliency,” said CSBS President and CEO John W. Ryan. “CSBS members strive to make state regulation smart, effective and fair. And the reason is clear: every day, in thousands of communities across the nation, our members regulate institutions that affect the lives of millions of consumers and thousands of small businesses.”
Highlights of the 2015 Annual Report include how state regulators increased coordination and collaboration between state regulators and other stakeholders, fostered and developed research and analytical tools, developed innovative solutions for a rapidly changing financial services industry, and provided education and training for examiners and supervisors.
- CSBS advocated for legislation approved by Congress that:
- Increased from $500 million to $1 billion the threshold for well-capitalized banks eligible for an 18-month exam cycle;
- Allowed community banks to more easily quality for rural or underserved designations regarding to Ability-to-Pay rule of the Consumer Finance Protection Bureau (CFPB);
- Expanded CFPB’s ability to exempt creditors serving rural or underserved areas from escrow requirements; and
- Provided the CFPB with greater flexibility to treat a balloon loan as a “qualified mortgage” if such a loan was extended by a community bank or creditor operating in rural or underserved areas.
- Nearly 1,000 community bankers from 39 states participated in the Community Banking in the 21st Century Research Conference Survey, which identified compliance costs as a rising concern.
- Nearly 1,700 bankers from 18 states attended CSBS Executive Leadership of Cybersecurity (ELOC) events, where they gained tools and resources to address cyber issues in their banks.
- Over 1,000 examiners from 43 agencies representing 41 states received certification through the CSBS Certification Program, further enhancing regulatory excellence at the state level.
“As the financial services industry continues its rapid progress and change, CSBS and state regulators remain committed to being at the forefront of supervision,” said Commissioner of Banks at the Massachusetts Division of Banks and CSBS Chairman David J. Cotney. “I look forward to CSBS continuing its work in the coming years. We’ve made significant progress in 2015, and there is still much more to do in 2016 and beyond.”
The CSBS 2015 Annual Report is available here.