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| Rhode Island - Department of Business Regulation |
Mission Statement
The Mission of the Rhode Island Department of Business Regulation is to assist, educate, and protect the public though the implementation and enforcement of state laws mandating regulation and licensing of designated businesses, professions, occupations, and other specific activities while recognizing the need to foster a sound business environment.
The Banking Division provides regulatory oversight of state-chartered financial institutions, credit unions and licensees through financial examinations and reviews to determine compliance with state banking laws, financial solvency and safety and soundness operations.
The Banking Division is responsible for regulating, monitoring and examining thirty-two (32) state-chartered financial institutions and credit unions and approximately one thousand one hundred (1,100) licensees. The division accomplishes its program objectives through the process of licensing, chartering and examining financial institutions and licensees. The purposes of examinations are to determine financial solvency and compliance with Rhode Island Banking Laws and Regulations for the protection of depositors and the public interest. The division reviews and conducts hearings on applications filed by financial institutions and credit unions for charters, branches and other pertinent financial institution and credit union business. Licensees include lenders, loan brokers, small loan lenders, foreign exchange transaction, sale of check and electronic money transfers, check cashers, and debt poolers. Additionally, The Banking Division enforces statutes relating to maximum interest charges and state usury laws and conducts administrative hearings when required. Additional responsibilities include investigating and resolving several hundred consumer complaints and inquiries each year.
Program Objectives
Charter, license and ensure compliance with statutory requirements for the safe and sound operation of regulated institutions and licensees to protect the public interest.
Use the attached link to access current information on the Banking Division of the Rhode Island Department of Business Regulation.
http://www.dbr.state.ri.us/banking.html
Contact and Location Information
DEPARTMENT OF BUSINESS REGULATION
233 RICHMOND STREET
PROVIDENCE, RI 02903
Phone Number (401) 222-2246
FAX Number (401) 222-6098
Complaints
Before filing a complaint with the Division, consumers should make an attempt to resolve the dispute themselves. Complaints can normally be resolved if the consumer contacts the company directly. If you have not already done so, contact the office manager and attempt to resolve the problem. If direct contact is unsuccessful, or if you're dissatisfied with the results, please send in the appropriate complaint form. Your complaint will be promptly acknowledged, and you will be advised of any action taken. The Division cannot act on complaints unless the complaint is made in writing.
Please be aware that the Banking Division is not authorized to pursue redress on behalf of individual complainants. While some complaints can be easily resolved by Division intervention, consumers should understand that the Division cannot serve as a substitute for a court of law. In many instances, particularly where violations of laws under the Division's jurisdiction are not evident, it may be necessary for consumers to pursue complaints in civil court. The Division cannot give you legal advice, nor can they recommend an attorney to you.
How do I File my Complaint?
All written complaints should include the name, address and telephone number of the person making the complaint; the name, address and telephone number of the person or company that is the subject of the complaint; and a narrative description of the nature of the complaint. Copies of documents relevant to the complaint should also be forwarded to the Banking Division at the following address:
State of Rhode Island Department of Business Regulation
Division of Banking
233 Richmond Street, Suite 231
Providence, RI 02903
Use the attached link to access current information on filing a complaint against one of the entities regulated by the Banking Divisions.
http://www.dbr.state.ri.us/complnt_info.html
Entities Regulated
The division reviews and conducts hearings on applications filed by financial institutions and credit unions for charters, branches and other pertinent financial institution and credit union business. Licensees include …
- lenders
- loan brokers
- small loan lenders
- foreign exchange transaction
- sale of check
- electronic money transfers
- check cashers
- debt poolers
Rules and Regulations
The Department of Business Regulation must follow rules and regulations on topics as outlined below.
- Code of Rhode Island Rules
- Central Management
- Access to Public Records
- Rules for Administrative Hearings
- Banking Division
- Board of Accountancy
- Insurance Division
- Securities Division
- Commercial Licensing and Regulation
- Racing and Athletics Division
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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