Lawmakers restore money for banking commissioner


Lawmakers have restored the budget for the state banking commissioner after he settled a dispute with a new type of financial institution created by the Legislature.

The House and Senate budget-writing committees agreed to put the $13 million back into the agency now that the disagreement appears resolved.

The money for the bank commissioner’s office was deleted as the bank commissioner was engaged in a fight with Beneficient Fiduciary Financial LLC over whether it could be considered a trust under state law.

Beneficent is a financial institution known as Technology-Enabled Fiduciary Financial Institution, which is referred to . . .


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