The top banking regulator in Kansas urged legislators Thursday to embrace bills clearing a path for criminal background checks and fingerprinting of officers, directors and organizers involved in a new type of financial institution catering to wealthy people securing loans with their illiquid assets. State banking commissioner David Herndon asked a joint House and Senate committee to endorse the reforms and he reiterated frustration with state law inhibiting routine scrutiny of Beneficient Company Group, the state’s first authorized TEFFI or Technology Enabled Fiduciary Financial Institution. Beneficient, with offices in Hesston, is an online trust company offering services typically reserved for large institutional investors.
Source: Kansas Reflector
