Performance Details

Department of Commerce, Community, and Economic Development - Banking and Securities

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Mission

Protect consumers of financial services and promote safe and sound financial systems.

Core Services

• Charter, license or register entities and persons in regulated financial services industries.
• Examine records of businesses and individuals to ensure compliance with federal and state laws and regulations.
• Investigate consumer complaints and take appropriate enforcement action.
• Accept annual reports and election materials from Alaska Native Claims Settlement Act (ANCSA) corporations, file those materials so the public may access them, and respond timely to requests for investigation.

Mission Results

Core Services

A: Sound and competitive financial systems. Details >

A1: Charter, license or register entities and persons in regulated financial services industries. Details > TARGET #1: Charter, license or register entities and persons in regulated financial services industries. A2: Examine records of businesses and individuals to ensure compliance with federal and state laws and regulations. Details > TARGET #1: Examine the operations of depository and other financial services businesses to ensure sound fiscal and consumer practices. A3: Investigate consumer complaints and take appropriate enforcement action. Details > TARGET #1: Investigate and take action to enforce the law as necessary. A4: Accept annual reports and election materials from Alaska Native Claims Settlement Act (ANCSA) corporations, file those materials so the public may access them, and respond timely to requests for investigation. Details > TARGET #1: ANCSA corporations and shareholders timely file annual reports and proxy solicitations. TARGET #2: Timeliness of division responses to ANCSA requests for investigation and inquiries.

Performance Detail

Target #1: Charter, license or register entities and persons in regulated financial services industries. Analysis of results and challenges: Continued rapid growth of the industries regulated presents challenges for the division"s ability to promptly complete statutorily-mandated licensing and examination functions. This continued growth also challenges the division"s ability to take timely enforcement actions, which protect Alaskan consumers, and promote safe and sound financial systems and economic growth. The division requires a sufficient number of experienced examiners in order to manage significant changes in the industries" corporate structures, financial technologies, expanded use of cryptocurrencies, and offshore management and support functions. The use of online registries, the STAR database, and other tools enables the division to streamline processing and reduce the regulatory burden on licensees and applicants. Target Last Modified: 11/15/2024

Target #1: Examine the operations of depository and other financial services businesses to ensure sound fiscal and consumer practices. Analysis of results and challenges: The division examines depository institutions every 12 to 18 months, along with federal regulators. Generally, the division examines other industries of which it is the sole regulator between 18 months and three years apart, with the exception of mortgage lenders and money transmitters located outside Alaska. The division typically examines those entities in cooperation with regulators in other states in order to efficiently examine more licensees. The division may schedule compliance examinations at shorter intervals if an examinee exhibits risk factors such as poor past exam results or consumer complaints. The increase in the complexity of regulated entities consequently increases pressure on the division staff to timely schedule and complete examinations. Target Last Modified: 05/30/2024

Target #1: Investigate and take action to enforce the law as necessary. Analysis of results and challenges: 55 investigations were ongoing as of June 30, 2024 with 73 cases opened and 73 closed during FY2024. The division issued 19 final administrative orders and requested 0 license applications be withdrawn for not meeting licensing requirements. The division no longer asks applicants to withdraw their applications. The division provides the applicant with all their options and allow them to make the decisions themselves. In FY2024, the division did not need to “require” an applicant to withdraw. Target Last Modified: 11/15/2024

Target #1: ANCSA corporations and shareholders timely file annual reports and proxy solicitations. Analysis of results and challenges: In FY2024 1,861 Alaska Native Claims Settlement Act (ANCSA) corporate and proxy solicitation filings were processed. ANCSA corporations that have total assets exceeding $1,000,000 and 500 or more shareholders must file with the division annual reports and proxy solicitation materials made available to at least 56 of its Alaska resident shareholders. The division makes filed materials available for public access. In FY2024, the division responded to 201 requests for specific ANCSA filings. Target Last Modified: 11/15/2024

Target #2: Timeliness of division responses to ANCSA requests for investigation and inquiries. Timely Responses to ANCSA Requests for Investigation (within 10 days) Fiscal Year Complaints Received Timely Responses FY 2024 13 13 FY 2023 17 17 FY 2022 14 13 FY 2021 17 17 FY 2020 9 9 FY 2019 32 32 FY 2018 28 28 FY 2017 47 47 FY 2016 13 13 FY 2015 22 21 Analysis of results and challenges: By regulation, the division must review and respond to Alaska Native Claims Settlement Act (ANCSA) shareholder requests for investigation within 10 business days. Target Last Modified: 05/30/2024

Last refreshed: 05/22/2025 08:00 am