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| Hawaii - Division of Financial Institutions |
The Division of Financial institutions in Hawaii is a division of the Department of Commerce and Consumer Affairs. The Division of Financial Institutions regulates and supervises all state-chartered and state-licensed financial institutions and escrow depositories through various programs of licensing, monitoring, enforcement and examinations.
Use the attached link to access the website of the Department of Commerce and consumer Affairs.
http://www.state.hi.us/dcca/
Us the attached link to access the website of the Division of Financial Institutions.
http://www.state.hi.us/dcca/dfi/
Mission
“The mission of the Division of Financial institutions is to ensure the safety and soundness of state-chartered financial institutions by fairly administering applicable statutes and rules in order to protect the rights and funds of depositors, borrowers, consumers and other members of the community”.
The Division of Financial Institutions ("DFI") is charged with the overall supervision and regulation of all state-chartered and -licensed financial institutions in the State of Hawaii (including banks, savings banks, foreign bank branches, agencies and representative offices, savings and loan associations, trust companies, depository and non depository financial services loan companies, and credit unions), and all escrow depositories.
The DFI is headed by the Commissioner of Financial Institutions (Commissioner) who is responsible for the overall operations of DFI and its policies. The Commissioner is assisted by an administrative staff consisting of the Deputy Commissioner of Financial Institutions, the Financial Institution Regulation Analyst, and a secretarial staff headed by the Secretary of DFI. Within DFI, there are two branches: (1) the Field Examination Branch, and (2) the Licensing and Regulatory Analysis Branch.
The Licensing and Regulatory Analysis Branch, headed by the Licensing Branch Manager, is responsible for licensing activities, regulatory approvals, and the off-site monitoring program. This includes….
- Processing applications to allow financial institutions to conduct various types of activities;
- Processing initial and renewal license applications for escrow depositories;
- Responding to telephone, walk-in and written inquiries, requests, and consumer complaints;
- Conducting financial statement reviews and other off-site monitoring of financial institutions.
Contact and Location Information
Mailing Address: P.O. Box 2054
Honolulu, Hawaii 96805
Address: King Kalakaua Building
335 Merchant Street, Room 221
Honolulu, Hawaii 96813
Phone: (808) 586-2820
Fax: (808) 586-2818
Email: dfi@dcca.hawaii.gov
Entities Regulated
The following entities are regulated by the Division of Financial Institutions.
- Hawaii-chartered banks
- Hawaii-licensed foreign bank branches, agencies, or representative offices
- Hawaii-chartered savings banks (none currently)
- Hawaii-chartered savings and loan associations
- Hawaii-chartered trust companies (none currently)
- Hawaii-chartered credit unions
- Hawaii-licensed depository financial services loan companies
- Hawaii-licensed non depository financial services loan companies
- Hawaii-licensed escrow depositories
Laws and Regulations
The official version of the Hawaii Revised Statutes can be obtained using the following link.
http://www.capitol.hawaii.gov
Complaints
DFI can only investigate complaints against those financial institutions and escrow depository companies that are within DFI's regulatory jurisdiction, which means those institutions chartered or licensed by DFI.
Use the following link to access information on how to file a complaint.
http://www.state.hi.us/dcca/dfi/faq1.html
Mortgage Brokers
Mortgage brokers need no specific education or experience requirements to do business in Hawaii and are regulated by the DFI
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT.
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