Banking commissioner briefs House Business and Labor committee on oversight, cyber and multi‑state exams

Melanie Hall, administrator of the Montana Division of Banking and Financial Institutions, told the House Business and Labor Committee Wednesday that the office oversees state‑chartered banks, credit unions and mortgage companies and focuses on examinations, consumer protections and adapting to new products.

“Those banks and credit unions combined have around $80,000,000,000 in assets,” Hall said, summarizing the scope of institutions the division examines. She described the division’s duties as licensing and chartering state‑chartered banks and (for most mortgage activity) regulating mortgage servicers, mortgage brokers and loan originators. She said most Montana credit unions are federally chartered but that the nine or 10 state‑chartered credit unions hold a majority of credit‑union assets in the state.

Hall told members the division is fully self‑funded through licensing and examination fees and receives no general fund appropriation. She said the office annually or biennially examines institutions to ensure compliance with lending rules, conflict‑of‑interest limits and consumer protections.

On priorities, Hall said the division continues to participate in multi‑state examination teams for large companies, named Rocket Mortgage as an example of a large national firm subject to multi‑state scrutiny, and identified cybersecurity as “the number 1 threat” to financial services. She also told members the agency monitors new products such as crypto and said staff can help legislators understand proposed bills that touch financial services.

Hall, who said she has served roughly 14 years in the role, encouraged members to contact her for technical help on legislation affecting financial institutions.