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Department of Financial Institutions flags revenue gap after large bank’s charter conversion
Summary
DFI Commissioner Sean Barrett told lawmakers a planned conversion of a large industrial bank to a national charter will remove about 23% of the agency’s revenue and that the department will use restricted reserves while proposing fee formula adjustments next session.
The Utah Department of Financial Institutions (DFI) told the General Government Appropriations Subcommittee it expects a substantial near‑term revenue shortfall after a large industrial bank received conditional approval to convert to a national charter and leave state supervision.
Commissioner Sean Barrett said the conversion, expected to complete in spring, will remove an institution…
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