April 17, 2009

State Senate confirms Weaver as Missouri's top bank regulator

Jefferson City, Mo. - The Missouri Senate on Thursday unanimously confirmed Richard J. Weaver as Commissioner of the Missouri Division of Finance. Gov. Jay Nixon nominated Weaver as his choice for Commissioner in late March. Weaver will serve as Missouri's top regulator for many of the state's financial industries, including banks, payday lenders, car title lenders and others.

"With the struggling economy it is more important than ever that we put the protection of investors and the stability of our financial institutions at the top of our priority list. I'm confident that Rich Weaver will ably protect Missouri consumers and businesses as commissioner," said Gov. Nixon.

Weaver is a 24-year veteran of the Division of Finance, he has served as the division's deputy commissioner since 2004 and has served as acting commissioner since January of this year. The Division of Finance is a part of the Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP).

"n my time as department director, it has quickly become apparent to me that few people know Missouri's banking system better than Rich Weaver," said DIFP Director John M. Huff. "Rich is a seasoned veteran respected by the banking community and committed to consumer protection and a healthy and competitive banking industry in our state"

"Having served in the Division of Finance since 1985, I have seen remarkable changes in Missouri's financial industries," said Weaver. "I'm honored to be part of Gov. Nixon's commitment to transforming Missouri's economy, and a critical piece of that process is making sure consumers and businesses have access to credit and a robust banking system"

Weaver is a Jefferson City native. He has a bachelor's degree in business administration and accounting from Lincoln University in Jefferson City and a graduate degree from the Graduate School of Banking in Boulder, Colo. Weaver lives in Jefferson City with his wife and daughter.

About the Missouri Department of Insurance, Financial Institutions & Professional Registration

The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.

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