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Department of Financial Institutions details revenue, $2M buildout request and recent settlements
Summary
Department of Financial Institutions officials briefed the subcommittee on agency revenues, personnel, a $2 million office build-out request, an ongoing $1.6M settlement from Block Inc., and proposed consumer awareness funding.
Daryl Rudy, deputy commissioner of the Utah Department of Financial Institutions, told the General Government Appropriation Subcommittee on Feb. 3 that DFI remains a largely fee-funded regulator overseeing depository and nondepository institutions, and described a series of current funding requests and one-time receipts.
The nut graf: DFI said its operating budget is paid by restricted fees and asset‑based assessments, the agency holds roughly $15–17 million in reserves, and it is seeking a $2 million nonlapsing appropriation to finance a planned office build-out and move; DFI also reported two recent regulatory settlements that generate funds proposed for consumer-awareness grants.
Rudy said the department enforces Title 7 of the Utah Code and supervises both depository institutions (banks, credit unions and industrial banks) and nondepositories (consumer lenders, money service businesses, mortgage servicers and trust companies). The…
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