State bank regulator: ‘Deeply concerning issues’ about finance institution


The state's top banking regulator is sounding alarm bells about a company operating as a new type of financial institution that allows affluent investors to borrow against alternative assets that can be hard to turn into cash.

In a letter to key lawmakers with footnotes, State Bank Commissioner David Herndon said there are "deeply concerning issues" arising from the institution known in financial parlance as a Technology-Enabled Fiduciary Financial Institution - also known as a TEFFI.

Herndon authored a four-page letter to lawmakers laying out several issues related to Beneficient Fiduciary Financial LLC, which is the first of . . .


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