The state's top banking regulator on Tuesday renewed concerns over how the state oversees a new type of financial institution that allows affluent investors to borrow against alternative assets that can be hard to turn into cash.
David Herndon, the state's banking commissioner, said he still had reservations about the regulatory elements of a state law that fostered the startup of a company called Beneficient Fiduciary Financial LLC, which is the first of its kind in Kansas.
Beneficient is what is known as a Technology-Enabled Fiduciary Financial Institution – also known as a TEFFI. Kansas is believed to . . .
SSJ
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