Pennsylvania Insurance Commissioner Diane Koken today announced that Pennsylvania has entered into an agreement to exchange a broad scope of information with the Office of Thrift Supervision (OTS), the primary federal regulator of federal and state-chartered savings associations. Savings associations are financial institutions that primarily focus on accepting deposits and offering mortgage loans.
“As the lines between the various types of financial services continue to blur, it’s imperative we develop a strong working relationship with our fellow regulators so consumer interests continue to be protected,” Koken said. “Regulatory jurisdiction doesn’t change, but the level of cooperation does.”
In June 1999, Koken announced that the department signed an agreement with the Office of the Comptroller of the Currency to share consumer-complaint information. “That system has worked effectively, but the OTS agreement is broader. It calls for sharing information on financial solvency, insurance activities and consumer-complaint information,” Koken said, adding that strict confidentiality of the information is assured.
This agreement is based on a form developed by the National Association of Insurance Commissioners with the OTS. In addition to agreements with the federal banking regulators, Commissioner Koken meets regularly with Pennsylvania’s Banking Secretary and securities commissioners to address regulatory issues of mutual concern and to reinforce the Ridge Administration’s commitment to providing quality service to Pennsylvania consumers.
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