The Pennsylvania Department of Banking and Securities was created by Act 86 of 2012, which merged the Pennsylvania Securities Commission and the Pennsylvania Department of Banking into one agency under the Governor’s jurisdiction. The Department’s mission is to regulate financial services and work to ensure that consumers and businesses are well-informed about the marketplace.
 
The Department regulates nearly 200 state-chartered banks, trust companies, and credit unions to safeguard that Pennsylva­nians’ deposits are available when they are needed.
 
The Department licenses more than 24,000 non-bank entities dealing with consumer lending, including mortgage brokers, originators, lenders, and servicers; motor vehicle installment sellers, sales finance companies, and collector-repossessors; consumer discount companies; debt management or debt settlement services companies; check cashers; pawnbrokers; and money transmitters. It also enforces compliance with state and federal laws so that consumer borrowers will have confidence in their transactions.
 
The Department registers more than 200,000 investment professionals who conduct securities-related business in Pennsylvania, and reviews securities offerings made to Pennsylvanians each year.
 
The Department’s Consumer Services staff can be reached at 800.PA.BANKS (800-722-2657) or the Department’s website at www.dobs.pa.gov.
 
The Department holds hearings pursuant to the Pennsylvania Administrative Agency Law, 2 Pa. C.S. §§ 501-508, which includes requirements for the providing of  interpreter services upon request, and the General Rules of Administrative Practice and Procedure, I Pa. Code §§ 31.1.-35.251.
 
An Office of General Counsel-assigned Hearing Officer presides over the majority of the Department’s hearings.  The Banking and Securities Commission is the final adjudicator of every administrative proceeding that requires the appointment of a hearing officer and that is instituted by the Department under any law that it administers. 71 P.S. § 733-1122-A.
 
The Department operates pursuant to a confidentiality statute that broadly prohibits Department employees from divulging information in the Department’s possession. 71 P.S. § 733-302.A.  

Gerard Mackarevich, Assistant Counsel
Pennsylvania Department of Banking and Securities
17 N. Second Street, Suite 1300
Harrisburg, PA 17101
717-787-1471 (main phone line) 717-724-6915(fax)
gmackarevi@pa.gov
www.dobs.pa.gov

 

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