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 the materials for public access; and respond in a timely manner 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 the materials for public access; and respond in a timely manner 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: In FY2025, the division regulated 158,795 entities and individuals in Alaska`s financial services industries, reflecting continued strong growth. In FY2025, more than $18.9 million was contributed to the General Fund. Financial services have remained strong through the pandemic, continuing five years of growth, but new business models such as expanded telework, mergers, atypical management structures, and greater reliance on technology present new regulatory challenges. Rising licensing volume and enforcement demands will require additional staffing to increase the division`s capacity to process applications, conduct examinations, and protect consumers in a timely manner. Target Last Modified: 01/02/2026

Target #1: Examine the operations of depository and other financial services businesses to ensure sound fiscal and consumer practices. Analysis of results and challenges: In FY2025, the division completed 43 examinations, including three depositories, five non-depositories, 13 money service businesses, nine mortgage companies, and 13 securities broker-dealers. Examinations are conducted regularly to ensure compliance and protect consumers, with collaboration from other states to improve efficiency and reduce regulatory burden. Depository institutions are examined every 12 to 18 months jointly with federal regulators, while industries under the division`s sole oversight are typically examined every 18 months to three years. Higher-risk entities, such as those with poor exam results or consumer complaints, may be examined more frequently. Innovation in the financial industry and growing complexity among our regulated entities continues to challenge the division`s ability to complete timely examinations. Target Last Modified: 12/02/2025

Target #1: Investigate and take action to enforce the law as necessary. Analysis of results and challenges: In FY2025, the Enforcement Section issued 12 final administrative orders involving violations related to securities, money transmission, mortgage lending, and ANCSA proxy solicitations. Based on these actions, the division imposed a total of $2,307,480 in civil penalties with a total of $2,028,068 being collected. Over the course of the fiscal year, the division opened 129 investigations, closed 111, and maintained 62 active cases as of year-end. The division joined multi-state investigations and settlement agreements to leverage our staff time and to strengthen networked supervision with our state regulator partners. Investigations addressed a range of issues, including consumer complaints, compliance reviews, unlicensed activity, and fraud schemes targeting Alaskans, notably senior exploitation, jury duty, and romance scams all which revolved around cryptocurrency. Target Last Modified: 12/02/2025

Target #1: ANCSA corporations and shareholders timely file annual reports and proxy solicitations. Analysis of results and challenges: In FY2025, 2,508 ANCSA corporate and proxy solicitation filings were processed. ANCSA corporations that have total assets exceeding $1,000,000 and at least 500 or more shareholders must file with the division annual reports and proxy solicitation materials made available to at least 30 Alaska resident shareholders. The division made filed materials available for public access through its online Search ANCSA Filings Portal (“Portal”). In FY2025, the division had 892 requests for specific ANCSA filings through the Portal. Target Last Modified: 12/02/2025

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 2025 15 15 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 Analysis of results and challenges: By regulation, the division must review and respond to ANCSA shareholder requests for investigation within 10 business days. Target Last Modified: 12/02/2025

Last refreshed: 03/04/2026 05:00 pm