Hoosier Banker 13 8LI IRXVERGI[E] SJ XLI -RHMERE (*- JIEXYVIW ƥEKW SJ XLI 9RMXIH 7XEXIW ERH -RHMERE The mission of the Indiana Department of Financial Institutions is to regulate ERH WYTIVZMWI ƤRERGMEP WIVZMGIW providers in a manner that: • Assures the residents of Indiana EHIUYEXI ERH TVSTIV ƤRERGMEP services; • Protects the interest of depositors, borrowers, shareholders and consumers; • Promotes safety and soundness in -RHMERE ƤRERGMEP MRWXMXYXMSRW ERH • Advocates and enforces compliance with applicable state and federal laws. Indiana DFI Mission creating an educated workforce and fighting the drug epidemic – don’t apply to the DFI in a direct sense. However, we do have influence in the areas of the other two pillars: creating business opportunity and providing valuable government service. “Through the IBA and the banks of Indiana, the DFI can be of assistance in making sure our regulations are right-sized and sensible, allowing the banks longterm sustainable opportunities to lend and facilitate economic growth. The result is that small businesses emerge, which means job creation, which means increased spending, which then generates even more economic growth. It’s the banking circle of life. “For the other pillar, providing valuable government service, everything I have talked about here today feeds into good government service. Our obligation to provide quality service fits right in line with that goal, and I think we already exceed expectations when it comes to providing good government services at a reasonable cost.” What are the different responsibility areas of the DFI? “Legal counsel is one area. We’ve just hired a second counsel, Lyndsay Miller, who has a strong depository background, plus she was a banking lawyer in Bloomington and has taught banking law. She’s a good addition for us. “We have three primary divisions. The first is underneath the deputy of administration, Gina Williams, who’s been here for more than 30 years. Gina is responsible for everything support-driven with our agency, including hiring, policy, benefits, procurement, and billing coordination. Gina is essentially our CFO, as she is responsible for all financial reporting, budgeting and accounting. Gina and her staff really keep the DFI’s blood flowing. “Ryan Black is our deputy on the consumer credit side. The consumer lending part of banks and credit unions falls under him, as do all the check cashiers, money transmitters, paydays, pawnshops, rent-toowns, debt management companies, rental entities, etc. Mortgage also falls underneath Ryan, which is a huge responsibility. The number of entities and the range of business types in which Ryan is responsible is expansive. “Safety and soundness is the third piece. Chris Dietz is our deputy of the depository division, which was my prior role before becoming director. This area looks at business practices of banks, credit unions, trust companies and corporate fiduciaries to make sure they’re not taking on undue risks, and that they’re complying with safety and soundness statutory regulations. “Though these divisions have their own functions, we’re intentionally blurring the distinctions somewhat, so that we are a cohesive agency, with one mission and one direction. We’ve taken a lesson from how banks run their businesses, with a strategic plan and mission, goals and values, and committees that tackle those goals. This is very much still in process, but it has worked out really well so far.” How does the DFI strive to improve efficiencies and promote early recognition of risks? “Ironically we were forced into it by the most recent financial crisis. Just as for-profit entities like banks had to do, we nonprofits also had to tighten our belts significantly. So for 10 years or so, we have endured budget reversions and numerous cuts. “For us, since we don’t have factories or buildings or equipment, cutting dollars means cutting people or travel. We’ve endured 24 retirements since 2008, and for everyone who retired that we didn’t replace,
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