New Hampshire Banking Department outlines budget proposal focusing on consumer protection and fintech

In the heart of New Hampshire's legislative chambers, discussions unfolded that could shape the financial landscape of the state. On April 14, 2025, the Senate Finance Committee convened to review budget proposals from various departments, with a particular focus on the Banking Department's plans for the upcoming fiscal year.

Amelia Galderi, the Bank Commissioner, presented a detailed overview of the department's budget, emphasizing its commitment to consumer protection and regulatory oversight of financial entities. The Banking Department operates as a self-funded agency, relying on fees and fines to support its operations rather than general state funds. This unique structure allows it to maintain a lean budget, with a staggering 89% allocated to salaries and benefits for its 53 staff members.

Galderi highlighted the growing complexity of the financial landscape, particularly with the rise of fintech companies like PayPal and Venmo. As these entities evolve, so too does the need for experienced regulators who can navigate their intricate business models. The department is preparing for an increase in examinations due to recent legislative changes, which will require additional resources and training for staff.

The committee also discussed the department's efforts to streamline operations. Galderi noted that the Banking Department has gone paperless, reducing office space and converting administrative roles into examiner positions to maximize efficiency. This shift not only cuts costs but also enhances the department's ability to respond to the growing demands of the financial sector.

As the meeting progressed, the committee members engaged in a dialogue about the implications of the proposed budget. Questions arose regarding the number of family trust companies under the department's supervision, revealing a nuanced understanding of the state's financial ecosystem.

In conclusion, the discussions at the Senate Finance Committee meeting underscored the Banking Department's proactive approach to regulation and consumer protection. With a focus on efficiency and adaptability, the department is poised to meet the challenges of an evolving financial landscape, ensuring that New Hampshire remains a safe and competitive environment for both consumers and financial institutions. As the committee deliberates further, the outcomes of these discussions will undoubtedly resonate throughout the state's economy.