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| Indiana - Department of Financial Institutions |
Mission
The mission of the department of financial Institutions is to regulate and supervise state chartered commercial banks, trust companies, savings banks, building and loans associations, credit unions, pawnbrokers, money transmitters, industrial loan and investment companies, budget service companies, rental/purchase businesses, check cashers, and licensees under the Uniform Consumer Credit Code in a manner that:
- assures the residents of Indiana adequate and proper financial services
- protects the interest of depositors, borrowers, shareholders and consumers
- promotes safety and soundness in Indiana financial institutions
To promote states rights, equality with federal regulatory agencies, and the dual banking system through responsible supervisory actions, verbal and written communications and the quality deliverance of services under their jurisdiction.
To maintain a qualified, diversified professional staff through careful screening of new hires; prompt communication of changes in procedures and policies; fair and equitable treatment in promotions, salary increases and job assignments; continuing education and training; annual performance evaluations and acknowledgment of the worth and value of our employees’ contribution to the fulfillment of our responsibilities as defined by Indiana Statutes.
To maintain a positive, professional, and less intrusive relationship with our constituents (the financial institutions they regulate, other state and federal regulatory agencies, state and national financial associations and state and national legislative bodies) as partners for better banking, expanded services and faith and trust in Indiana institutions.
To maintain an atmosphere and operation conducive to flexibility and sensitive to a changing financial environment, technological advancements and broadening customer needs.
To ensure that the allocation of human as well as operational resources is accomplished in the most efficient, effective manner within the confines of a “smaller and smarter” environment.
Use the following link to access their website for more current information.
http://www.in.gov/dfi/
Contact and Location Information
Department of Financial Institutions
30 South Meridian St., Suite 300
Indianapolis, Indiana 46204
317-232-3955
Complaints
Use the attached link to guide you through the process on filing a complaint against a financial institution.
http://www.in.gov/dfi/complaint/
When you have a complaint, you should first contact the company about it. You may be able to get a resolution. If you do not get any satisfaction contact the department of Financial Institutions.
If your talk with the company fails to resolve the complaint, you may wish to complete a complaint form and mail it to the Department. Please include copies (not originals) of relevant documents, canceled checks, correspondence, etc. The Department will send a copy of your complaint to the institution and request that the institution respond promptly to you and send the Department a copy.
The Department's goal in complaint handling is to encourage companies and consumer to settle their disputes directly. It may take some time to process your complaint.
Be aware that the Department does not have the authority to act as a court of law and the Department may suggest that a consumer seek the advice of an attorney. In some cases your only recourse to resolve the matter might be legal action. The Department will not handle a complaint that is in litigation nor will the Department act on behalf of either party to the dispute. If, after a thorough investigation, a company is found to be in violation of a law, the Department will take appropriate corrective action.
Entities Regulated
The department of financial Institutions regulates the following entities…
- state chartered commercial banks
- trust companies
- savings banks
- building and loans associations
- credit unions
- pawnbrokers
- money transmitters
- industrial loan and investment companies
- budget service companies
- rental/purchase businesses
- check cashers
Mortgage Brokers
Mortgage brokers are regulated by the Secretary of State, Securities Division.
Use the following link to access information on mortgage brokers and how they are regulated.
http://www.in.gov/sos/
Statutes and Laws
Use the following link to access information on the Indiana statutes the Department of Financial Institutions is responsible for enforcing.
http://www.in.gov/dfi/statutes/
Below is a sample of these statutes.
- Credit Union Act
- Trust Code
- The Indiana Uniform Consumer Credit Code (IUCCC)
- Chapter 7 (Small Loans)
- Indiana Pawnbroking Act
- Check Cashing Act
- Money Transmitter Act
- Rental Purchase Act
- Budget Service Company Act
- Federal Code
- United States Code
Policies
The following is a list of some of the policies the Department of Financial Institutions expects the entities it regulates to comply to.
- Fees Rebates
- Policy for Closing a Branch Office
- Policy for Establishing a Bank Subsidiary
- Policy Concerning Debt Cancellation Contracts
- Policy Establishing Criteria for Exemption of Dividend Approval By The Department
- Trust Preferred Securities
- Trust Preferred Securities - Addendum
- Trust Preferred Securities - Addendum 2 (Word DOC)
- DFI Policy Concerning Debt Cancellation Contracts & Debt Suspension for Credit Unions
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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