DISB snags third place win for Pothole Award—DISB’s Labor Management Partnership Council (LMPC) picked up third place and a $500 prize for its Pothole Award entry— A Consumers’ Guide to Frequently Asked Questions. There were nine entries in all. The Pothole Award was created as an incentive for District government agencies to use their labor-management partnership to improve customer service, teamwork and problem solving. The partnership demonstrates a strong commitment to analyzing problems in developing viable solutions to enhance the workplace environment, operational efficiency and potential cost savings. The Office of Labor Management Partnership awards financial prizes ranging from $500 to $2,500 to the top three partnership projects. These funds can be used to further partnership activities and programs. Mayor Anthony Williams, the co-chair for management, attended the LMPC award ceremony on Oct. 26 at the University of the District of Columbia. DISB staff, Betty M. Bates, Angela Boyd-King and Labor Co-Chair Yvonne Henderson, represented the agency. DISB’s FAQ guide is intended to provide District residents with a quick reference to commonly asked questions; and to help them become familiar with DISB’s functions and services. The Department of Housing and Community Development won the first prize and the Office of the Chief Financial Officer’s Steering Committee took the second prize.
DISB issues A Consumers’ Guide to Frequently Asked Questions on the Web—Have you ever wondered where you should get answers on financial-service related questions? Where can you find out about insurance, investing, banks, check cashers, fraud, etc.? Well, DISB has taken some of the fuzziness out and developed a consumers’ guide to answer the top 35 questions it receives.
- Listed below are a few of the inquiries the guide answers.
- I was recently laid off from my job and lost health insurance provided by my employer. What can I do?
- I am buying a house and they mentioned PMI. What is PMI and do I need it?
- Can you recommend an investment adviser or broker-dealer?
- I have heard about a great investment opportunity. How can I check it out?
- What type of business does the Banking Bureau regulate?
- How can I find what happened to a bank that is no longer operating?
- What does the Enforcement and Investigation Bureau do?
- If I suspect that someone has committed an alleged act of financial-services fraud, should I report it?
To view a copy of this guide, visit the DISB website. Limited hard copies may be obtained by calling DISB’s Office of Communication at (202) 727-8000.
DISB passes NAIC accreditation—DISB recently passed the National Association of Insurance Commissioners (NAIC)’s accreditation review. The accreditation team completed its on-site review of DISB’s financial analysis processes on Nov. 3, and informed the agency that it meets NAIC’s qualifications for accreditation. DISB was publicly acknowledged during NAIC’s winter meeting in San Antonio, Texas, on Dec. 9.
Bank Review ongoing—DISB held a public hearing on Dec. 14 on the bank charter application for NuAmerica Bank (in organization). This is part of DISB’s review of the bank charter application for what may be the third bank chartered in the District. DISB has to determine whether the management, capital, business and community plans for the proposed bank comply with District law. The agency is also determining whether the bank will be successful. Staff is assisting the organizing group in completing the background check.
Owner of DC dental clinic pleads guilty to health care fraud—DISB was involved in a case where the owner of a District-based dental clinic, has pleaded guilty and admitted to submitting false claims for payment to private insurance companies. The 47-year-old woman, who lives in Virginia, pleaded guilty on Nov. 14 in the U.S. District Court for the District of Columbia to the charge of health care fraud. In addition, she agreed to forfeit up to $148,000 seized at the time she was indicted, which will be paid as restitution. She faces up to 10 years of incarceration when she is sentenced on Feb. 9, 2007. According to the statement of the offense, which the defendant signed at the time of the plea, the woman is the owner, president, vice president, secretary and treasurer of the dental clinic. Between 2000 and 2004, the owner submitted or caused to be submitted false claims for payment to private insurance companies for dental work performed or allegedly performed by dentists on patients at her clinic. DISB joined the Attorney for the District of Columbia, the Federal Bureau of Investigation’s Washington Field Office and the DC Department of Health (DOH) in the joint investigation.
Hampton presents $200,000 check for the Opportunity Accounts Program—Commissioner Thomas E. Hampton and Banking Bureau director Howard Amer presented Colleen Dailey, executive director of the Capital Asset Building Corporation (CAAB), with a check for $200,000 to fund the Opportunity Accounts Program in the District of Columbia. Now going into its third year, the program provides low- and moderate-income District residents the opportunity to open Individual Development Accounts (IDAs) and receive matching funds from the District, federal and private sources. These accounts encourage savings and can ultimately be used to help purchase a home, pay educational expenses or start a business. The Banking Bureau was assigned the responsibility for administering the program in 2004. Since then, DISB has monitored CAAB’s performance through a collection of reports, interviews and on-site visits. In 2005, CAAB funded 95 new IDA accounts for DC residents. Funds for the 2006 program were secured through the DC Department of Human Services and will provide IDA accounts for needy families looking for the opportunity to save for the future. DISB encourages qualified DC residents to make effective use of the benefits the program has to offer. For more information, contact Evelyn Carmen in the Banking Bureau at evelyn.carmen@dc.gov.