Kaselehlie, Ran Annim, Lenwo, Mogethin!
Everything we do is driven by and revolves around the banking system soundness, safety, stability and health.
Our vision is to ensure and maintain trust and confidence by the public in the banking system (our Mission) as the regulatory and supervisory entity by being innovative, effective, efficient, fair, friendly, firm, and consistent in rendering and availing the right and appropriate financial and banking regulatory and supervisory supports, tools and services.
(1) To undertake the licensing and supervision of banks in the FSM, (2) To protect the interests of depositors, and (3) To promote the soundness , stability, and development of the banking system.
Mission Statement
"Everything we do is driven by and revolves around the banking system's soundness, safety, stability and health."
About FSM Banking Board
"We are here to help. Feel free to contact us using the "Contact Us" link located in each page."
General Guidelines
"No person shall engage in banking business or the business of accepting deposits in the Federated States of Micronesia or shall use the term 'bank' or 'savings and loan association' or any form thereof in the conduct of business unless it has been granted a license pursuant to the provisions of 29FSMC."Banking Board Functions
The Banking Board functions start with the Banking Supervision: (a) Monitoring and Analysis (Off-Site); (b) Examination Activities (On-Site); and (c) Corporate Activities.More About The Banking Board
"By law, the Banking Board is responsible for its policy and affairs, and has the powers conferred upon it by Section 203 of 29FSMC, may issue directives for the purpose of giving effect to the provisions of the Bank Act of 1980, as amended. The Bank Act of 1980, as amended, is codified under 29FSMC."
The Banking Commissioner
(1) The FSM President shall appoint a person to be Banking Commissioner, who shall serve as the Chief Executive Officer of the Banking Board, responsible to it for the execution of its policy and the performance of duties and exercise of powers conferred to it by Title 29 of the FSM Code. (2) The Banking Commissioner shall be a person of recognized experience in banking and financial matters and shall not hold any other office unless approved in writing by the President. (3) The remuneration and other terms and conditions of employment of the Banking Commissioner shall be determined from time to time by the Banking Board. (4) The Banking Commissioner shall, except as many otherwise be provided in this tiltle or resolutions of the Banking Board, have the power to act and sign instruments and documents on behalf of the Banking Board. (5) The Banking Commissioner shall serve, ex officio, as a non-voting member of the Banking Board. (6) During any period when there is no duly appointed person servicing as Banking Commissioner, the Chairman of the Banking Board shall perform the duties and exercise the rights of the Banking Commisioner.