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Researchers urge regulatory changes after TEFI parent troubles; committee to consider SB 300 and SB 301
Summary
KLRD researchers summarized oversight concerns about a technology-enabled fiduciary financial institution (TEFI) whose parent company's CEO resigned and was later federally indicted; the committee recommended that the Office of the State Bank Commissioner draft rules, meet monthly with chartered TEFIs, and pursue legislation (SB 300, SB 301) for charter revocation and a receivership policy.
KLRD researcher Mike Ditch told the committee that recent media reports and testimony showed governance, oversight and solvency problems at a technology-enabled fiduciary financial institution (TEFI) and its parent company, prompting recommendations for strengthened regulatory authority.
Ditch noted media reports that the parent-company CEO and board chair had resigned and later that the former CEO and chair was federally indicted for alleged securities and wire fraud. He said Office of the State Bank…
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