Missions, Goals, and Objectives

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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.

Objectives:

  • 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.

Objectives:

  • 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.

Objectives:

  • 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.

Objectives:

  • 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.

Objectives:

  • 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.

Objectives:

  • 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.