About the Division of Financial Services

In 1931, Colorado began chartering credit unions, when the General Assembly passed the Credit Union Act. Regulation of credit unions, savings and loan institutions and trust companies is conducted by what is now known as the Division of Financial Services. The Division seeks to fulfill this mission in its own areas of statutory responsibility, which are as follows:

  • Examination and supervision of state-chartered credit unions
  • Examination and supervision of state-chartered savings and loan associations
  • Administration and enforcement of the Savings and Loan Public Deposit Protection Act
  • Regulation of certain financial activities of life care institutions

The Division's eleven-member staff operates under the policy-making and rule-making authority of the Financial Services Board, which consists of five members appointed by the Governor and confirmed by the State Senate. The Financial Services Board issues rules and regulations governing the industries regulated by the Division, may delegate many of its authorities to the State Commissioner of Financial Services, and hears appeals of actions taken by the Commissioner under delegated authority.

The Division is wholly or partially responsible for administering and/or enforcing the following Colorado Revised Statutes (C.R.S.):

  • Credit Unions: §11-30-101, CRS
  • Savings and Loan Associations: §11-40-101, CRS
  • Protection of Deposits of Public Moneys: §11-47-101, CRS
  • Life Care Institutions: §12-13-101, CRS
  • Uniform Consumer Credit Code: §5-1-101, CRS
  • Electronic Funds Transfers: §11-48-101, CRS

State-chartered credit unions operate under the supervision of the Division. The Division is empowered to approve applications to incorporate new state credit unions and to approve mergers between credit unions. State credit unions are examined regularly by the Division staff to evaluate their financial condition and compliance with applicable laws and regulations. The Division's credit union examination and supervision program has been accredited by the National Association of State Credit Union Supervisors for a five-year period ending in October 2017, subject to annual review.

The Division is empowered to approve applications to incorporate new state-chartered savings and loan associations, approve branch office applications for existing associations, approve mergers between associations, and approve changes of ownership. The Division staff examines state savings and loan associations on a regular basis to evaluate their financial condition and compliance with applicable laws and regulations.

For the protection of consumer savings, all state savings and loan associations and all credit unions that serve Colorado citizens are required to maintain federal deposit insurance.

The Division also administers and enforces the Public Deposit Protection Act for savings and loan associations. State and federal savings and loans designated by the Division as eligible public depositories must pledge collateral to secure any deposits in excess of the federally-insured limit accepted from Colorado governmental units.

The Division regulates certain financial activities of life care institutions, which provide long-term residence and care for the elderly. The Division may initiate enforcement action against violations of the law by life care providers.

The Division also handles consumer complaints and information requests regarding the industries it regulates.

For information on the Division's expenditures and revenues, please visit the Transparency Online Project (TOP).