The New Hampshire House Finance Division convened on February 24, 2025, to discuss the budget proposal for the state's Banking Department for the fiscal years 2026 and 2027. The meeting, led by Bank Commissioner Amelia Galdieri, highlighted the department's focus on consumer protection and its regulatory responsibilities over various financial institutions.

The Banking Department operates as a self-funded agency, relying on fees and fines collected from licensed entities rather than general state funds. Galdieri detailed that approximately 86% of the department's budget is allocated to salaries and benefits for its 53 staff members, all of whom are expected to be filled by March 21, 2025. The department has seen significant growth in the trust industry, with projections indicating an increase in chartered trust companies, which currently manage nearly $2 trillion in assets.

A notable point of discussion was the rise of financial technology (fintech) companies, which has necessitated enhanced regulatory oversight. Galdieri emphasized the need for highly trained staff to conduct examinations of these tech-driven businesses, including major players like Apple Pay and Venmo. The department is also set to increase its examination workload by 300 additional exams over the next two fiscal years, a 50% increase compared to the previous year.

The budget proposal aims to maintain flat funding while allowing for increased travel and training expenses. Galdieri explained that while the department has sought internal efficiencies—such as reducing office space and transitioning to a paperless system—external costs have also been reviewed to ensure fiscal responsibility. The meeting underscored the department's commitment to adapting to the evolving financial landscape while ensuring consumer protection.

In conclusion, the Banking Department's budget proposal reflects a proactive approach to managing increased regulatory demands and maintaining consumer safety in a rapidly changing financial environment. The committee's acceptance of the proposal indicates a shared recognition of the importance of these efforts in safeguarding New Hampshire's financial integrity.