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
- 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.