Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Department of Financial Institutions urges continuing appropriation for industry‑funded regulator
Summary
Department of Financial Institutions Commissioner Lisa Cruz told the Industry, Business and Labor Committee that moving the department to a continuing appropriation model would let the agency hire staff and respond faster to emerging supervision needs; banks and the state banking board supported the change during the hearing.
The House Industry, Business and Labor Committee heard extensive testimony on Senate Bill 2028, which would move the Department of Financial Institutions (DFI) to a continuing appropriation model in which industry assessments would fund DFI spending and the banking and credit union boards would set the department’s appropriation. Commissioner Lisa Cruz and industry witnesses said the change would give the department flexibility to hire specialist examiners and respond more quickly to supervision needs without using general fund dollars.
Cruz told the committee DFI is fully funded by assessments on banks, credit unions and licensed non‑depository businesses and that the department collects fees and maintains a cash balance the agency cannot currently spend without line‑by‑line appropriation authority. “We have the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
