Press Release

*Michigan Department of Insurance and Financial Services Earns Accreditation from Conference of State Bank Supervisors* 

 

*Media Contact: *Laura Hall, (517) 290-3779, [email protected] 

*Consumer Hotline:* 877-999-6442, Michigan.gov/DIFScomplaints [ [link removed] ]  

 

*FOR IMMEDIATE RELEASE:* January 18, 2024

 

(LANSING, MICH) The Michigan Department of Insurance and Financial Services (DIFS) is proud to announce that the Conference of State Bank Supervisors (CSBS) has granted reaccreditation to the Department’s Banking regulatory program and first-time accreditation for both its Mortgage and Money Transmission Services regulatory programs. Michigan’s Banking program was one of the first in the nation to be accredited and has been continuously accredited since 1986. Michigan is the 8th state to obtain accreditation for both Mortgage and Money Transmission Services regulatory programs.  

 

“The exemplary work of our dedicated professionals to ensure that state and national standards are met demonstrates that DIFS has trusted supervisory programs in place that meet the stringent standards of CSBS,” said *DIFS Director Anita Fox*. “We appreciate the support and partnership CSBS has provided through the accreditation process, which is integral to state-based regulation of the financial services industries.” 

 

The CSBS accreditation is based upon in-depth review of Department policies, procedures, and operations to determine if the Department meets the national standards required to function seamlessly within a networked supervision system designed to allow states to work together to supervise regulated entities. Accreditation enhances the effectiveness of Michigan’s financial regulatory framework and ensures that robust consumer protections are in place. 

 

CSBS supports state financial regulators by promoting safety and soundness, consumer protection and economic growth, and fostering innovative, responsive supervision.  

 

Consumers who have questions or disputes that cannot be directly resolved with their financial institutions can contact DIFS Monday through Friday 8 a.m. to 5 p.m. at 877-999-6442 or file a complaint online at Michigan.gov/DIFScomplaints [ [link removed] ]. 

 

The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS [ [link removed] ] or follow the Department on Facebook [ [link removed] ], Twitter [ [link removed] ], or LinkedIn [ [link removed] ].  

 

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