Protect consumers of financial services and promote safe and sound financial systems.
- Charter, license and register financial institutions and products.
- Examine records of businesses and individuals to ensure compliance with federal and state law or regulation.
- Investigate consumer complaints and take appropriate enforcement action.
- Accept and file annual reports and election materials from Alaska Native Claims Settlement Act (ANCSA) corporations for public access and respond timely to requests for investigation.
|Mission Results||Core Services|
|A: Result - Sound and competitive financial systems.|
|A1: Core Service - Charter, license and register financial institutions and products.|
|A2: Core Service - Examine records of businesses and individuals to ensure compliance with federal and state law or regulation.|
Target #1: Examine the operations of depository and other financial services businesses to ensure sound fiscal and consumer practices.
Analysis of results and challenges: Depository institution examinations are scheduled every 12 to 18 months in coordination with federal regulators. Examinations of other financial services businesses where Alaska is the sole regulator are generally scheduled between 18 months and three years apart, with the exception of mortgage lenders and money transmitters located outside Alaska. Those entities are typically examined in cooperation with other states to gain efficiencies and expand Alaska’s ability to reach more licensees. Compliance examinations may be scheduled sooner if risk factors such as poor exam results or consumer complaints indicate the need for more frequent reviews. As the number and complexity of regulated entities increase, so does the pressure on the division staff to timely schedule and complete examinations.
|A3: Core Service - Investigate consumer complaints and take appropriate enforcement action.|
Target #1: Investigate and take action to enforce the law as necessary.
Analysis of results and challenges: Fifty-five investigations were ongoing as of June 30, 2019 with 88 cases opened and 197 closed during FY2020. The division issued 11 final administrative orders and requested 7 license applications be withdrawn for not meeting licensing requirements. HB170, Alaska Securities Act, was passed and became effective on January 1, 2019 and new or updated regulations for both securities and ANCSA are being drafted.
|A4: Core Service - Accept and file annual reports and election materials from Alaska Native Claims Settlement Act (ANCSA) corporations for public access and respond timely to requests for investigation.|
Target #1: ANCSA corporations and shareholders timely file annual reports and proxy solicitations.
Analysis of results and challenges: Almost 1,600 ANCSA corporate and proxy solicitation filings were processed in FY2019 continuing the significant increase that started in FY2017. ANCSA corporations meeting the thresholds of total assets exceeding $1,000,000 and 500 shareholders are required to file with the division the annual reports and proxy solicitation materials made available to at least 30 of its Alaska resident shareholders. The division makes filed materials available for public access and responded to 148 direct requests for specific ANCSA filings in FY2019.
Target #2: Timeliness of division responses to ANCSA requests for investigation and inquiries.
Timely Responses to ANCSA Requests for Investigation (within 10 days)
Analysis of results and challenges: By regulation, the division must review and respond to ANCSA shareholder requests for investigation within 10 business days. Although the number of requests dropped from the peak of FY2017, requests for investigation continue at a significantly higher number than the average for the period of FY2011 through FY2016.
Current as of December 9, 2019