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Senate committee advances bill to give Department of Financial Institutions continuing appropriations
Summary
The Senate Industry and Business Committee voted unanimously to advance SB 2028, a bill that would make the Department of Financial Institutions a continuing-appropriations agency with budgets approved by the state banking and credit union boards; proponents say it would free funds for IT, cybersecurity and staffing.
The Senate Industry and Business Committee voted unanimously to recommend SB 2028 for passage after a hearing in which the Department of Financial Institutions and industry representatives urged the change as a way to speed IT upgrades and staffing decisions.
Commissioner Lisa Cruz, the Department of Financial Institutions, told the committee the agency is entirely special-funded — paid by bank, credit-union and nondepository assessments — and often cannot spend accumulated funds because its budget must be processed through the regular appropriation cycle. "We asked for seven more FTEs for this session; the governor's initial approval cut that to three," she said, and described a…
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