Colorado Department of Regulatory Agencies decreases cost of doing financial service business in the state
State-chartered banks and credit unions to see fee reduction for 2016
DENVER (Jan. 5, 2016) -- The Colorado Department of Regulatory Agencies (DORA) announced today that the semi-annual assessed fees issued to state-chartered banks and credit unions have reduced over the fees that were last issued in July 2015.
The Division of Banking, led by Banking Commissioner Chris Myklebust, and the Division of Financial Services, led by Financial Services Commissioner Patty Salazar, are cash-funded DORA agencies that do not depend on the state’s general fund to operate. To perform its supervisory and regulatory duties, each Division must establish semi-annual assessment fees for financial institutions licensed by the state based on their recently reported assets in order to generate sufficient funds to operate.
The January 2016 assessment mailed by the Division of Banking to state-chartered banks and trust companies will include a more-than 7 percent average decrease since the last assessment issued in July 2015. The Division of Financial Services, likewise, announced a more-than 11 percent decrease in the assessed fee for state-chartered credit unions.
“The Department of Regulatory Agencies is committed to ensuring our regulatory activities support economic development in Colorado,” said DORA Executive Director Joe Neguse. “Significantly decreasing assessed fees on state-chartered banks and credit unions is just one way that the state is reducing regulatory burdens and supporting a robust economic environment.”
Assessed fees for state-chartered banks and credit unions are based on assets reported by the financial institutions and are subject to change each cycle pursuant to Colorado law. Over the past six months, conversions of several financial institutions to a state charter, coupled with internal efficiencies and reductions of operating costs in the Divisions, enabled both Divisions to substantially decrease the assessed fees.
The Division of Banking (dora.colorado.gov/dob) protects the public by regulating the business of state-chartered commercial banks and trust companies, state licensed money transmitters and enforcing the Public Deposit Protection Act. The Division of Financial Services (dora.colorado.gov/dfs) protects the public interest and preserves public trust by regulating the business of state-chartered credit unions, savings and loan associations and the financial activities of life care institutions under its supervision.
For more information about DORA, visit dora.colorado.gov.