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 . . .