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House passes HB430 to adjust pay policy for Department of Financial Institutions, funded by industry fees
Summary
The House approved HB430 to allow the Department of Financial Institutions to use competitive pay surveys tied to federal examiners and to fund pay adjustments from industry fees; the bill passed 71‑1 after debate over pay ranges and potential conflicts of interest.
The Utah House voted to pass House Bill 430, a pay‑plan change for the Department of Financial Institutions intended to help the state retain examiners and other staff by using competitive pay surveys and industry‑funded salary adjustments.
Representative Jeff Alexander, sponsor of the bill, told the floor the department is funded by fees paid by banks, state‑chartered banks, credit unions and industrial banks and argued the state needs to be competitive to keep trained examiners. ‘‘This bill would allow DHRM to use competitive pay surveys and . . . have to use…
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