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Senate panel hears bill to let Bank Commissioner create nonprofit for consumer financial education
Summary
The Office of the State Bank Commissioner asked for authority to form a 501(c)(3) foundation to invest and disburse consumer financial education grants from a large settlement balance; senators asked about scholarship scope, political-activity limits, and State General Fund investment impacts.
The committee opened and heard testimony on Senate Bill 316, which would authorize the State Bank Commissioner to incorporate a nonprofit foundation to support charitable consumer financial education initiatives in Kansas.
Brock Raler, general counsel for the Office of the State Bank Commissioner (OSBC), told senators the agency’s consumer education settlement fund (KSA 75-3036) has an atypically large balance after a recent multistate settlement involving Block Inc. and that a foundation structure would allow the office to invest assets (subject to a…
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