Harrisburg, Pennsylvania – The Department of Banking Operations and Securities today announced the launch of a new online DoBS portal to serve professionals, institutions and businesses regulated by the agency.
The portal replaces several existing systems and provides a more efficient, cost-effective, sustainable and secure digital process for filing many requests, forms and additional documents previously submitted in paper form.
The ministry is implementing a gradual deployment of the system.
“The first phase of implementation included automotive industry non-custodian licensees who are licensed under the Consumer Credit Code. Over 4,000 motor vehicle licensees have joined the portal and have subsequently completed their annual license renewals, ”said Tim Knopp, Deputy Secretary for Non-Custodian Institutions. “The very first portal renewal was a resounding success, with the industry praising its ease of use. “
Non-depository licensees who currently use NMLS for their licensing functions will continue to do so, while using the ministry portal for all non-licensing functions, such as reviews and compliance.
The second phase of the process is currently underway and is impacting certain registrants in securities.
“Licensees and licensees can expect a direct match from their program area on how the portal will serve their specific industry, license, or registration type, as well as next steps to take.” said Eric Pistilli, acting assistant secretary for securities. “Investment professionals who currently register through the Central Registration Depositary (CRD) will continue to do so. “
System functions will differ depending on industry, license and type of registration.
Some of the benefits include:
- Increased efficiency. Both user and service staff can track all documentation and payments online. Automated reviews, web-based quizzes, and the ability to securely upload exam papers enable streamlined communication.
- Safety guards. Use of Keystone Login – a unique, secure user ID used to log into several Commonwealth online services – is required to access the new system. Keystone Login uses advanced authentication tools to prevent unauthorized access and protect personal data. The portal is also fully encrypted to allow secure submission and access to information.
- Savings made. Dematerialization eliminates the costs of sending large batches of requests overnight to the service, as well as the potential delays caused by those shipments, including printing paper documents and managing physical files.
- Environmental sustainability. Requiring less paper forms, documents and checks reduces paper waste and the environmental impact of that waste.
- Convenient online payments. The portal will eliminate the use of paper checks for some departmental payments, instead providing fast and convenient digital payment.
The department actively contacts our regulated entities as we reach each step of this gradual rollout.
“We anticipate the transition of state chartered banks, credit unions and trust companies to the system towards the end of the year,” said Wendy Spicher, assistant secretary for deposit-taking institutions. “Future communication and personal outreach is to come from our staff as we approach the deployment phase of the portal impacting deposit-taking institutions. “
The portal demonstrates the department’s commitment to lean practices and incorporates key components of the Governor’s Customer Service Transformation initiative to serve Commonwealth citizens with easy-to-use services and support.
“Everyone who has worked on this large-scale modernization project – whether IT staff, programmers, developers, and the many service staff who have verified the data and tested its functionality – deserves our recognition and gratitude, ”said Mary Beth Stringent, Assistant Secretary for Administration.
For more information, including FAQs, user guides, and who to contact with questions, visit the Resources page of the DoBS portal.
MEDIA CONTACT: Virginie Lucy – 717.214.6036, [email protected]
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