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OSBC tells Kansas committee TEFI rules limit oversight as agency seeks EWA staffing
Summary
The Office of the State Bank Commissioner told the Committee on Financial Institutions and Pensions that statutory limits on the Kansas TEFI reduce the agency’s oversight abilities and requested two FTEs to supervise a surge in earned-wage-access providers after HB2560.
Jesse Becker, director of finance and administration for the Office of the State Bank Commissioner, told the Committee on Financial Institutions and Pensions that the agency oversees roughly 13,900 regulated entities and is asking for a $14,100,000 fee-funded budget in FY27 to sustain operations.
Becker told lawmakers the Kansas TEFI Act prevents the OSBC from conducting safety-and-soundness examinations on the TEFI, bars the agency from reviewing the entity’s earnings, and requires goodwill be included when reporting capital — limitations the agency said create weaker oversight compared with other state-chartered institutions. “This isn’t by choice,” Becker said, describing the three statutory directives that…
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