Goals and Objectives - 2021 Biennium
Division Mission: To protect Montana citizens by regulating state-chartered and licensed financial institutions under its supervision.
Goal: Protect Montana citizens who enter short-term, high-rate loans with lenders from abuses that occur in the credit marketplace.
- Examine consumer loan companies and escrow businesses to ensure compliance with Montana and federal law.
- Issue licenses to entities that meet the requirements of law.
- Continue to provide Montana citizens with an efficient and effective consumer complaint process involving any licensed entity that violates the law.
Goal: Protect Montana citizens who enter residential mortgage loans with mortgage brokers, mortgage loan originators, mortgage lenders, mortgage servicers, and escrow businesses from abuses that occur in the credit marketplace.
- Examine mortgage servicers, mortgage brokers, mortgage loan originators, and mortgage lender licensees to ensure compliance with Montana and federal law.
- Issue licenses to entities and individuals who meet the requirements of law.
- Provide Montana citizens with a consumer complaint process involving any mortgage licensee that violates the law.
Goal: Provide Montana citizens with a safe and sound system of state-chartered financial institutions.
- Examine state-chartered financial institutions to assure their operations are in accordance with law and sound financial practices.
- Coordinate the supervision of financial institutions with federal regulatory agencies.
Goal: Promote the dual regulatory system that allows state and federal governments to act independently to charter, regulate, and supervise financial institutions for the good of Montana citizens.
- Address the needs of banks and credit unions, local communities, and Montana citizens while assuring safe and sound banking practices.
- Authorize state-chartered banks and state-chartered credit unions to engage in authorized activities in which the bank or credit union could engage if it were operating as a national bank or federal credit union.
- Modernize the Montana Bank Act.
Goal: Improve the distribution of information and services through web-based tools.
- Use the website www.banking.mt.gov to more efficiently distribute press releases, consumer alerts, names of regulated financial institutions, and forms.
- Promote electronic licensing of mortgage servicers, brokers, loan originators, and residential mortgage lenders.
- Continue to provide electronic information, forms, or documents to financial institutions and consumers.
- Promote Montana financial education efforts, available resources, and current issues.
Goal: Review current policies, procedures, and laws for needed revisions.
- Revise all division policies and protocols to ensure they accurately reflect the division's actions.
- Identify all statutes that require "clean-up." Revise to ensure the accurate interpretation and enforcement of Montana law.