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DIGEST OF INTRODUCED BILL
Department of financial institutions. Provides that three of the members appointed to the department of financial institutions (department) by the governor must have experience at the executive level of a state chartered: (1) bank; (2) savings association; or (3) savings bank. (Current law provides that: (1) two members must have experience at a bank; and (2) one member must have experience at a savings association or a savings bank.) Allows members of the department to establish policies and procedures for licensing and regulation of: (1) financial institutions; and (2) consumer finance institutions making supervised or regulated loans. Provides that if the governor declares a state of emergency in all or part of Indiana, the director of the department may take necessary and appropriate action to: (1) establish or preserve safe and sound banking methods; and (2) safeguard the interests of depositors and creditors. Provides that salaries and benefits for the department's employees shall be: (1) established by members of the department upon recommendation of the director; and (2) paid from the financial institutions fund. Provides that the director may recommend salaries and benefits substantially equivalent to those paid by the Federal Deposit Insurance Corporation or other federal agencies that supervise financial institutions.