Department of Financial Institutions
Entity: 398
Entity Type: State Government
Abstract
The Office of Bank Examiner was created in 1907 and was renamed the Office of Bank Commissioner in 1911. The agency name was changed in 1913 to the State Banking Department and in 1967, the agency became the Department of Financial Institutions. The mission of the Department of Financial Institutions is to provide quality supervision and regulation of persons, firms, corporations, associations and other business entities furnishing financial services to the people of the state of Utah.
Biography/History Notes
The Department of Financial Institutions is responsible for chartering, regulating, supervising and examining state-chartered financial institutions. The Department also has jurisdiction over residential mortgage and consumer lending.
The Commissioner of Financial Institutions is the head of the agency and is appointed by the governor. The Commissioner supervises staff and examiners who regulate the banking industry throughout the state. The Financial Institutions Board, which consists of five appointed members, is the policy making agency for the department.
Hierarchy
Functions
Financial institutions regulation