TDFI, Mortgage Regulation Section Receives Mortgage Accreditation

WASHINGTON, D.C.—The Conference of State Bank Supervisors (CSBS) announces that the Tennessee Department of Financial Institutions, Mortgage Regulation Section has received a certificate of accreditation, certifying that the Department maintains the standards and practices in state mortgage supervision set by the organization's Accreditation Program. The Tennessee Department of Financial Institutions is the fifth state to receive accreditation for mortgage supervision.

 

The Department was established in 1913 and its primary mission is to provide the citizens of Tennessee with a sound system of state-chartered and licensed financial institutions by providing for an encouraging the development of depository financial institutions while restricting their activities to the extent necessary to safeguard the interests of depositors; and seeking to ensure compliance by both depository and non-depository financial institutions with governing law and regulations.

 

Greg Gonzales is the 18^th Commissioner of the Department. As Commissioner, Gonzales serves as Tennessee’s chief regulatory officer of all state-chartered depository and licensed non-depository financial institutions. Gonzales joined the Department in 1986 and prior to being named Commissioner, held several titles in the Department, including Acting Commissioner, Assistant Commissioner and General Counsel. A native of Baxter, Tennessee, Gonzales received a bachelor’s degree from Tennessee Technological University and earned a law degree from the University of Tennessee.

 

In the years since its creation, the Department has extended its regulatory oversight beyond depository institutions to include trust companies, business and industrial development corporations, industrial loan and thrift companies, insurance premium finance companies, mortgage companies and mortgage loan originators, check cashers, deferred presentment service companies, money transmitters and title loan companies. The Department has oversight of approximately 263 depository institutions and 9,000 licensed financial institutions and individuals. 

 

“Commissioner Gonzales and his department have joined an elite group today,” said Neil Milner, President and CEO of CSBS. “To date, only five states have obtained this prestigious accreditation for mortgage supervisors. The Tennessee Department of Financial Institutions, Mortgage Regulation Section consistently maintains the highest levels of regulatory supervision and consumer protection.”

 

CSBS accreditation seeks to strengthen state banking departments and mortgage agencies and to demonstrate the high quality of state regulatory agencies to the general public, the federal banking agencies, Congress, and other state regulatory agencies.

 

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.

 

 

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Media Contact: Catherine Woody, Senior Director of Communications, (202) 728-5733 or cwoody@csbs.org.

 

Click here to view the news release at the CSBS website