Department of Financial Institutions seeks staffing as industry grows; bankers back continuing-appropriation bill

The Senate Appropriations Committee heard testimony on Senate Bill 2008 on Tuesday as the Department of Financial Institutions outlined staffing and funding pressures tied to rapid growth in state-chartered banks and nonbank licensees.

Commissioner Lisa Cruz, Department of Financial Institutions, told lawmakers the agency “receives no general fund dollars” and is funded by assessments and fees on the institutions it regulates. Cruz said asset growth among state-chartered banks and credit unions, and the complexity of examinations — particularly for large banks and for cybersecurity and technology-related activities — require more examiners and specialist staff.

The department supervises state-chartered banks, credit unions, trust companies and a wide range of nondepository licensees, Cruz said, and noted trends she called relevant to the committee: banks have…