The Texas Department of Banking has received its seventh consecutive banking supervision accreditation from the Conference of State Bank Supervisors (CSBS). The department also earned its money services businesses (MSB) accreditation for the second time. These designations verify that the department maintains the highest standards and practices in state banking supervision set by the CSBS accreditation programs.
Accreditation involves an in-depth review of an agency’s policies, procedures and operations to determine if it meets the standards set by the CSBS performance standards committee. The CSBS accreditation program assists state bank departments in standardizing their processes, provides guidance and assistance through self-evaluation, establishes best practices for state regulation and strengthens the state financial regulatory system by creating a shared set of principles.
In addition, the MSB accreditation program sets standards to support a modernized and coordinated state system for supervising MSBs and provides a framework for states to obtain the resources necessary to ensure safety and soundness, consumer protection and BSA/anti-money laundering compliance in an efficient manner.
“We are continuously striving to offer a fair and balanced approach to bank and MSB supervision,” says Charles G. Cooper, Texas banking commissioner. “Our staff’s expertise and commitment to excellence is the cornerstone of our achievements.”
