Skip Ribbon Commands
Skip to main content An Official Website of the Commonwealth of Kentucky

Public Protection Cabinet

About the Board

By statute it is recommended that the Financial Institutions Board consist of representatives from all segments of Kentucky’s financial industry and the public at large, as follows:
  • One representative from the Department of Financial Institutions (DFI)
  • Five representatives from the banking industry 
  • One consumer finance representative
  • Three public at large representatives
  • One representative from the securities industry
  • One credit union representative
The board is chaired by the commissioner, who is the DFI representative.
Financial Institutions Board Duties 
Kentucky Revised Statutes (KRS) 286.1-013 outlines the duties of the Financial Institutions Board, which include the following:
  • Prepare and submit, at the governor’s request, a list of candidates qualified to serve as commissioner and recommend to the governor a proposed salary for each nomination for commissioner.
  • Recommend to the governor a proposed salary structure for other office staff in order to provide competitive salaries for recruitment and retention of staff.
  • Receive and comment on various reports relating to the agency and its activities as submitted to the board by the commissioner or the governor.
  • Review, consider and make recommendations to the commissioner on any matters referred to the board by the commissioner or the governor. 
  • In no event shall the board or its members interfere with the statutory duties of the commissioner, whose decisions shall be governed by law.