Pennsylvania. Department of Banking
Dates
- Existence: 1891 - Present
Biography
The Department is under the direction and control of a secretary of banking, who is appointed by the governor of Pennsylvania to serve as a member of the governor's cabinet.
The agency provides oversight of financial institutions and is charged with fostering economic growth while concurrently protecting consumers and investors. The bureau regulates the approximately 225 traditional banks that have received state charters, as well as over 14,000 non-bank lenders, including mortgage brokers, securities dealers, debt managers, and pawnshops. The department is fully funded by licensing fees and is not dependent upon tax revenue.
The Department of Banking was created in 1891 (PL 217) to supervise banks and banking companies, trust companies, savings institutions, savings banks, provident institutions, and other corporations receiving money on deposit that were incorporated under the laws of Pennsylvania. Prior to 1891, regulatory functions relating to depository institutions had been assigned to the Auditor General. The Department of Banking presently operates under the Department of Banking Code of 1933 (PL 565), as amended, in order to protect the interest of depositors, creditors, shareholders, and the public.