July 08, 2020

State Banking Board conducts first meeting

The State Banking and Savings and Loan Board convened on June 25th, bringing this Board together for the first time since the separate state banking and savings and loan boards were combined. Governor Parson appointed three new members earlier this year.

The three members of the State Banking and Savings and Loan Board are Thane Kifer of Bolivar, Jay Knudtson of Cape Girardeau, and Harold Miles of Advance.

The State Banking and Savings and Loan Board considers appeals pertaining to certain decisions made by the Commissioner of Finance with respect to the chartering of new banks, the approval or disapproval of bank branches, or the relocation of banks or branches. The Board must also approve all regulations pertaining to banks promulgated by the Commissioner of Finance. In addition, the Board also advises the Commissioner of Finance as to the proper administration of his office and the banking laws of Missouri, and makes recommendations to the General Assembly regarding changes in those laws.

“I am excited about the added dimension that the Board will offer, particularly from the community banking perspective,” said Robert Barrett, Missouri Commissioner of Finance. “I am really looking forward to working closely with the new Board and understanding the perspective each board member brings from their banking industry background.”

At the Board’s first meeting, which included representatives from the Missouri Division of Finance, Harold Miles was selected to serve as Chair and Thane Kifer was selected to serve as Secretary.

Chairman Miles, speaking on behalf of the Board, said, “The board welcomes the opportunity to serve the banking industry and citizens of the State of Missouri. During our initial meeting, it was apparent the board, along with Commissioner Barrett and the Division of Finance, is well equipped to carry out its statutory duties and ensure proper oversight of our industry.”

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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