2150 Department of Financial Institutions
Major Program Changes
  • The Governor's Budget proposes $736,000 and five positions to examine subprime loans, and other non-traditional mortgage product offerings, at credit unions. The positions will help ensure credit unions are underwriting these loans in a responsible manner, and also will ensure credit unions have adequate policies and procedures to mitigate any losses that could result from these loans.

  • The Governor's Budget proposes $1.2 million and 10 positions to expand regular examinations of credit unions to include a review of their electronic banking operations.

  • The Governor's Budget proposes $256,000 and two positions to conduct examinations of member business loans at credit unions. The positions will help ensure credit unions are not engaging in business lending practices that could jeopardize investor resources.