accreditation
Banking / Financial

DOBI Receives Reaccreditation from Conference of State Bank Supervisors

The New Jersey Department of Banking and Insurance (DOBI) has received reaccreditation of its Banking Division, which certifies that the department continues to meet the national standards and practices set by the Conference of State Bank Supervisors (CSBS).

Accreditation contributes to the DOBI’s effectiveness in carrying out its mission of regulating the banking, insurance, and real estate industries in a professional and timely manner that protects and educates consumers and promotes the growth, financial stability, and efficiency of those industries. The department received notification of its reaccreditation on December 29. The CSBS reviews state banking departments every five years.

“The accreditation process ensures that the department’s oversight of the banking industry is at its highest level and aligns with nationally accepted best practices,” said Commissioner Justin Zimmerman. “The department is committed to upholding these rigorous standards to ensure the safety and soundness of state-chartered banks and the protection of New Jersey consumers.”

CSBS established accreditation programs for bank supervision to identify highly competent state regulators of financial institutions, promote safe and sound financial services, and ensure consumer protection. To earn accreditation, state agencies must undergo a rigorous and comprehensive independent review of their operations, including administration and finance, personnel training, examination, supervision, and statutory powers.

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