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STATE OF MAINE BUREAU OF FINANCIAL INSTITUTIONS 36 STATE HOUSE STATION AUGUSTA, MAINE 043330036PAYROLL PROCESSOR LICENSE APPLICATION Supervised Financial Organization or Subsidiary (10 M.R.S.A., Section
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A supervised financial organization refers to a financial institution that is regulated and monitored by a government agency to ensure compliance with financial regulations and protect consumers.
Any financial institution that falls under the supervision of a regulatory agency is required to file a supervised financial organization report.
To fill out a supervised financial organization report, the financial institution must gather and report specific financial data and information as required by the regulatory agency.
The purpose of a supervised financial organization report is to provide transparency and accountability of the financial institution's operations, ensure compliance with regulations, and protect the interests of consumers.
The information reported on a supervised financial organization includes financial statements, risk management practices, compliance with regulations, and other relevant data that the regulatory agency deems necessary.
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