Archives from day » 15, September 2009

DISB’s Position on the Audit on the CAPCO Program

Commissioner Thomas E. Hampton reports that the DC Department of Insurance, Securities and Banking (DISB) disagrees with the flawed conclusions made in the audit on the CAPCO Program:

Recently, the DC Auditor issued a scathing report on the Certified Capital Companies (CAPCO) program, which is administered by the District of Columbia Department of Insurance, Securities and Banking (DISB).

DISB is responsible for regulating insurance companies, District banks, mortgage lenders and brokers, and securities firms operating in our jurisdiction. We perform licensing, analysis and examination functions, as well as product review on about 60,000 entities. Our mission is two fold: to attract and retain financial services companies, and to provide effective and efficient regulatory processes to protect the residents of the District of Columbia.

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The Nation’s Capital Needs CAPCO

Ben Dupuy from the Coalition for Capital makes his case for the effectiveness of CAPCO programs in Washington, DC:

Imagine you are a 32-year-old employee who works hard every day. Yet, you dream every night about opening your own business to create your own wealth.

In today’s economy, in which our unemployment rate is at a 25-year high of 8.1 percent and Fortune 500 companies have to beg for funds to preserve jobs and stay in business, where can you find startup money to realize your dreams?

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