PA Dept. of Banking Protects Against Fraud, Enhances Outreach with Data

From MAIL Magazine September/October 2023: The Pennsylvania Department of Banking (DOB) oversees the state’s financial institutions. It regulates over 200 state-chartered banks, trusts, credit unions and savings associations. The DOB is also responsible for licensing and registering over 18,000 non-bank lenders as well as 200,000 investment firms and professionals that do business with Pennsylvania residents.

TOO MANY RECORDS, TOO LITTLE VERIFICATION

The DOB regularly receives hundreds of applications form those wishing to obtain a license. If the DOB’s records are not accurate, then the process to issue a license will not only be delayed, but brokers could lose time, money – and worse – an opportunity to obtain their license.

However, the task of fraud prevention also remains of upmost importance. The DOB recognized their need for implementing a suite of data validation tools that will save all parties valuable time and resources and increase the DOB’s ability to prevent fraud … (click to read more)