State statute recommends that the Financial Institutions Board should represent all segments of Kentucky’s financial industry and the public at large, and that the Governor should appoint members from the following:

"(a) Three (3) members selected from the banking industry regulated by the department with appropriate recognition as to bank size and geographic diversity;
(b) Three (3) members selected from the broker/dealer securities industry regulated by the department;
(c) One (1) member selected from the credit union industry regulated by the department;
(d) One (1) member selected from the consumer finance or industrial loan industry regulated by the department;
(e) Three (3) members selected from the public at large who are knowledgeable concerning financial institutions, the legislative process and consumer interests, two (2) of whom are not employees, officers, or directors of any financial institution; and
(f) The commissioner, who shall also serve as chairman of the board."

Financial Institutions Board Duties

Kentucky Revised Statutes (KRS) 286.1-013 outlines the Financial Institutions Board’s duties, 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.

Board Members

Acting Commissioner Marni Rock Gibson (Department of Financial Institutions)

Jonathan D. King (Edward Jones)

Derek Miles (Turner, Keal & Button PLLC)

John W. Ridley (Ridley and Hall Wealth Management of Stifel)

Terry L. Spears (Community Trust Bank)

Peggy Williams (Retired - Old National Bank)

Michael Douglas Wilson (Citizens Guaranty Bank)

James Thompson (Autotruck Financial Credit Union)

Susan Shaffer Guess (Paducah Bank)