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Joint committee report: TEFI pilot BFF remains sole charter, recommends statutory updates
Summary
Nicole Fielder of the Legislative Research Department told the Committee on Financial Institutions and Pensions that Beneficent Financial (BFF) remains the only TEFI chartered in Kansas and summarized committee recommendations to update the TEFI statute.
Nicole Fielder, a research analyst with the Legislative Research Department, briefed the Committee on Financial Institutions and Pensions on the joint committee report about the Technology‑Enabled Fiduciary Financial Institutions (TEFI) pilot program and the lone TEFI charter, Beneficent Financial (BFF).
Fielder said the TEFI Act was enacted in 2021 through Senate Substitute for House Bill 2074 and established a pilot chartering framework and an economic growth zone centered in Harvey County. “BFF is believed to be the only TEFI in the United States,” Fielder said.
The report summarized testimony from BFF, the Office of the State Bank Commissioner (OSBC) and the Department of Commerce. It described TEFIs as managers of professionally managed, non‑publicly traded alternative assets and explained that 2.5% of…
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