Department of Insurance, Securities and Banking: Press Release

Banking Code Change Upgrades And Strengthens District's Financial Regulatory Agency

"We're embarking on an exciting course. DBFI now has the tools and the incentives to promote the advantages of becoming a District-chartered financial institution," Allen stated.

The 21st Century Modernization Act of 2000 also enables DBFI and its Commissioner to enforce compliance with the District's Community Development Act and the Automatic Teller Act.

DBFI, under the new law, requires financial institutions to submit community development plans and the agency rates each institution's community development performance and shares the information with federal regulators.

Also, the Act grants DBFI the power to regulate Automatic Teller Machines (ATMs) in the District. The Department will establish registration procedures for owners of non-depository financial institutions and consumer complaint procedures among other guidelines.

For more information about the 21st Financial Modernization Act call DBFI at (202) 727-1563.

The Department of Banking and Financial Institutions (DBFI), established in 1986, is the District Government's regulatory authority for financial institutions operating in the District in all respects permitted by law. DBFI charters and regulates banks, savings banks, savings companies, trust companies, building associations, and all financial institutions seeking to establish an office or banking house in the District where deposits or savings are received. In addition, DBFI regulates and licenses mortgage lenders and brokers, money transmitters, check cashers, consumer sales finance companies and non-bank moneylenders. Through initiatives centered on safety and soundness, community reinvestment/community-based lending, international banking and community outreach, DBFI provides a regulatory framework that supports economic growth and community empowerment throughout the District.