News Column

Virginia Bureau of Financial Institutions Receives Banking, Mortgage Supervision Reaccreditations

August 1, 2014



WASHINGTON, Aug. 1 -- The Conference of State Bank Supervisors issued the following news release:

The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) announced today that the Virginia Bureau of Financial Institutions (The Bureau) has received certificates of accreditation, certifying that the Division maintains the highest standards and practices in state banking and mortgage supervision, as set forth by the CSBS Bank Accreditation Program and the AARMR/CSBS Mortgage Accreditation Program, respectively.

This is the Bureau's fourth bank accreditation, with the first accreditation occurring in 1999. This is also the first mortgage accreditation for the Bureau, making it the 15th state agency to obtain accreditation. The Bureau, a regulatory division of the State Corporation Commission of Virginia (SCC), is led by E. Joseph Face. Jr., the SCC's Commissioner of Financial Institutions.

"It is my pleasure to congratulate Commissioner Face and his staff on receiving bank supervision reaccreditation," said CSBS President and CEO John W. Ryan. "For the last 15 years, the Bureau has maintained the highest quality of bank supervision."

"Congratulations to Commissioner Face and the Virginia Bureau of Financial Institutions," said Cindy Begin, AARMR President. "Commissioner Face was one of the original state regulators to help start AARMR, and it is a pleasure seeing his Bureau continue to represent the best in mortgage examination and regulation."

"I am very proud of all Bureau staff who worked long and tirelessly on this effort," said Commissioner Face. "We continually strive to maintain the highest standards and practices, and I am honored to accept the certificates of accreditation on behalf of the Bureau."

Commissioner E. Joseph Face Jr. has been employed at the Bureau since 1979 when he began work as an examiner. During his career with the Bureau, he has worked in each of the Bureau's regulatory sections and has participated in on-site examinations and investigations involving both depository and non-depository financial institutions. The Bureau supervises banks, credit unions, consumer finance companies, money service businesses, and mortgage businesses.

About AARMR:

The American Association of Residential Mortgage Regulators (AARMR) is the national organization representing state residential mortgage regulators. AARMR's mission is to promote the exchange of information and education concerning the licensing, supervision and regulation of the residential mortgage industry, to ensure the ability of state mortgage regulators to provide effective mortgage supervision for a safe and sound industry meeting the needs of the local financial markets and to protect the rights of consumers.

[Category: Banking]

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