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Bank commissioner's budget cleared after discussion of TEFI risk and higher exam costs
Summary
The committee heard the Office of the State Bank Commissioner's FY2025–FY2027 budget request, questioned increases in contractual services driven by anticipated legal costs tied to a troubled technology-enabled financial institution (TEFI) and expanded IT exam work, and voted to forward the budget to Appropriations.
The House Agriculture and Natural Resources Budget Committee on Wednesday heard and approved the Office of the State Bank Commissioner's budget for fiscal years 2025–2027 after agency officials detailed spending increases tied to contractual legal expenses and expanded information-technology examinations.
Ariana Waddell, the committee fiscal analyst, summarized the State Bank Commissioner's FY2025 revised request at $13.8 million, funded from the bank commissioner fee fund and a consumer education settlement fund, and the agency's request for 114 full-time equivalent positions. Waddell said the FY2025 revised estimate is $4 below the amount approved by the Legislature; the paper changes include a $112,000 decrease in salaries and wages…
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