The Minnesota Department of Commerce regulates state-chartered financial institutions and other financial services.
We support the state's economy through safeguarding the integrity of the state's depository financial institutions and consumer credit licensees.
State Chartered Banks
Commerce is accredited as a bank supervisory agency to conduct examinations of state-chartered banks.
The Department of Commerce regulates state-chartered banks by:
- Supervising and examining state banks to determine their financial solvency and responsiveness to business and consumer credit needs.
- Writing rules and recommending laws to be enacted under which financial institutions and consumer credit licensees operate and fairly enforcing those laws, rules and principles of safe and sound operation.
The Financial Institutions Division is accredited as a bank supervisory agency by the Conference of State Bank Supervisors and conducts on-site examinations in institutions supervised by the Department of Commerce.
It is important to note:
- National banks are regulated by the Office of the Comptroller of the Currency (OCC). These institutions will often have the word "federal" or "national" as part of their name, and all have the letters "NA" or "na" following their name.
- Bank holding companies are regulated by the Federal Reserve. These institutions usually will have the letters "INC" following their name.
Activity Reports are issued approximately bi-weekly and list depository institution applications that have been accepted or approved by the Division of Financial Institutions, or which have become effective, during the previous two week period. Information regarding non-depository institutions can be found at the National Multistate Licensing System (NMLS) portal.