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JFAC approves four new financial examiner positions for Department of Finance
Summary
The committee approved four full-time positions and $642,800 from dedicated funds for the Department of Finance to add examiners with IT, cybersecurity and forensic-accounting specialties and to purchase recommended IT hardware.
The Joint Finance-Appropriations Committee on March 20 approved adding four full-time equivalent positions and $642,800 from dedicated funds to the Department of Finance to expand exam capacity across its three bureaus.
Why it matters: The department supervises state financial institutions, consumer finance businesses and securities activity; members said added examiner capacity, particularly in IT and forensic accounting, is intended to address growing cyber and fraud risks.
Request details: Noah Peterson, a Legislative Services budget and policy analyst, explained the Department of Finance requested positions focused on IT examination, general financial examinations, cybersecurity specialists for the Securities Bureau and a forensic accounting specialist for financial investigations. The motion approved in committee added four FTP (rather than the six originally requested across bureaus) and $52,600 for recommended IT hardware from the Office of Information Technology Services.
Committee discussion: Supporters cited rising cyberfraud losses in Idaho, referencing FBI figures cited in committee that described large losses in prior years and noted older populations were specifically affected. Representative Furness noted two FTP were removed in the working group to reduce cost and the committee approved a reduced package.
Action and next steps: The motion passed with a combined committee vote of 15 ayes, 5 nays and will carry a due-pass recommendation. The Department of Finance will onboard positions and purchase recommended hardware.
