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| Iowa- Division of Banking |
The Iowa division of Banking protects the interests of those doing business with banks and other financial services providers by ensuring safety, soundness and adherence to the laws and regulations of Iowa.
The vision is to maintain a regulatory environment that best assures the citizens of Iowa are provided banking and other financial services that are safe, sound, profitable and contribute to the economic well being of the state and its communities.
The goal is to promote public confidence in the banking system through the examination process.
- Enhance examination process to address industry trends and ensure fiscal integrity.
- Maintain independence from organizations or institutions regulated by the Division.
- Monitor and evaluate internal and external conditions affecting a financial institution, which may create a risk to its fiscal integrity.
- Promote open communication between the Division of Banking, financial service providers and other regulatory agencies.
- Identify trends in the financial services industry and related industries and technology to assure policies and procedures are current.
Objectives
The objectives of the division are to…..
- Assure the administration of sound regulatory policies and programs that best insure the safety and the independence of the Division.
- Utilize monitoring and examination processes that focus resources on discovering and evaluating risks.
- Assess the direction of the financial services industry and its customers.
- Maintain a working environment, which is rewarding and fulfills the career goals of employees.
- Maintain an experienced and professionally competent staff by assessing training needs and developing programs to meet those needs.
- Continuously develop and enhance internal and external communications and access to the Division.
- Allocate sufficient financial resources to assure Division goals and objectives are met.
- Develop and maintain expertise in new financial products, services and technology, including electronic commerce and banking.
- Work with federal regulatory authorities to assure efficient and cost effective administration of regulatory policy and programs.
- Provide the banking industry with value added services that assist management in establishing effective risk management policies and procedures.
Contact and Location Information
Phone: 515.281.4014
Fax: 515.281.4862
Iowa Division of Banking
200 East Grand Ave, Suite 300
Des Moines, IA 50309-1827
Entities Regulated
The Iowa division of Banking regulates the following entities.
- Bank Bureau
- Iowa's state-chartered banks
- bank holding companies
- trust operations
- Finance Bureau: (Lists)
- regulated loan companies
- industrial loan companies
- debt management companies
- mortgage bankers/brokers
- delayed deposit services (payday lenders)
- money transmitters
Laws and Regulations
Use the following line to access information on laws and regulations the Department of Banking is responsible for enforcing.
http://www.idob.state.ia.us/default.htm
Complaints
The Iowa Division of Banking will investigate signed written complaints against:
- an Iowa state chartered bank
- a bank holding company controlling an Iowa state chartered bank
- a trust company controlled by an Iowa state chartered bank
- a regulated loan company licensed by this office
- an industrial loan company licensed by this office
- a debt management company licensed by this office
- a mortgage banker/broker/registrant licensed by this office
- a delayed deposit service entity licensed by this office
- a money order entity licensed by this office
The complaint must contain probable cause to believe that a banking or consumer credit law or rule may have been violated. The Division has jurisdiction only if one of the entities listed above was involved in the transaction.
The written complaints should contain the following:
- a summary of the facts surrounding the complaint,
- copies of pertinent documentation, and
- a statement of the desired resolution.
If the Division determines that an applicable law or rule has been violated, the Division can take appropriate action against the bank or licensed entity.
The Division is not authorized to act as a judge in settling contract disputes. These are legal matters that may have to be settled in the appropriate court. If formal legal proceedings have been initiated against the bank or licensee, the Division will not intervene in the legal process or further pursue the complaint. The Division will also decline to pursue the complaint if it has been previously adjudicated.
Employees of the Division are not attorneys and are prohibited from providing legal advice. If you need advice and guidance to determine what course of action to take, you will have to consult with your attorney.
The party filing the complaint will receive written notification when an investigation of the complaint has begun and again after a determination has been reached. While the Division will attempt to resolve complaints as quickly as possible, the bank or licensee will be afforded adequate time to research and respond to a complaint. The Division normally will allow the bank or licensee 10 to 20 business days to respond to a complaint. The time allowed will vary depending upon the complexity of the complaint. Following a review of the bank's or licensee's response, the Division may request additional information from the bank or licensee causing the Division's reply period to be extended.
If the Division determines it does not have jurisdiction over the complaint, the complaint will be forwarded to the appropriate state or federal authority.
Complaints concerning an Iowa State chartered bank or an entity licensed by that office should be referred to:
Iowa Division of Banking
200 East Grand Avenue, Suite 300
Des Moines, IA 50309-1827
Phone: (515) 281-4014.
Use the following link to access information and follow the process for filing a complaint.
http://www.idob.state.ia.us/default.htm
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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