Individual State Agency Fiscal Note - 5602 SB, Department of Financial Institutions

Summary

An Individual State Agency Fiscal Note for 5602 SB, titled Relating to service providers working with state-regulated financial institutions, prepared by the Department of Financial Institutions (DFI). Part I marks No Fiscal Impact, with estimated cash receipts, operating expenditures and capital budget impact all listed as NONE. The narrative says the legislation gives DFI authority to examine service providers that provide specific services to state-chartered commercial banks, savings banks and savings associations, and makes a technical amendment on examination of credit union service providers. It says that because DFI plans to partner with federal bank regulatory agencies, the costs will be minimal and absorbed within existing resources.

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Full text

Individual State Agency Fiscal Note

Bill Number: 5602 SB Title: Relating to service providers working with Agency: 102-Department of
state-regulated financial institutions Financial Institutions

Part I: Estimates
X No Fiscal Impact

Estimated Cash Receipts to:

NONE

Estimated Operating Expenditures from:
NONE

Estimated Capital Budget Impact:

NONE

The cash receipts and expenditure estimates on this page represent the most likely fiscal impact . Factors impacting the precision of these estimates ,
and alternate ranges (if appropriate ), are explained in Part II.

Check applicable boxes and follow corresponding instructions:
If fiscal impact is greater than $50 ,000 per fiscal year in the current biennium or in subsequent biennia , complete entire fiscal note
form Parts I-V.
If fiscal impact is less than $50,000 per fiscal year in the current biennium or in subsequent biennia , complete this page only (Part I).

Capital budget impact, complete Part IV.

Requires new rule making, complete Part V.

Legislative Contact: Clinton McCarthy Phone: 360-786-7319 Date: 01/04/2022
Agency Preparation: Emily Fitzgerald Phone: (360) 902-8780 Date: 01/07/2022
Agency Approval: Levi Clemmens Phone: (360) 902-8818 Date: 01/07/2022
OFM Review: Cheri Keller Phone: (360) 584-2207 Date: 01/10/2022

Form FN (Rev 1/00) 170,499.00 Request # 22-005-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5602 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Briefly describe by section number , the significant provisions of the bill , and any related workload or policy assumptions , that have revenue or
expenditure impact on the responding agency .

This legislation provides authority for the Department of Financial Institutions (DFI) to examine service providers that
provide specific services to state-chartered commercial banks, savings banks, and savings associations. This authority is
similar to the authority that the Federal bank regulatory agencies currently possess. This legislation also makes a
technical amendment to the provisions related to the examination of credit union service providers. Because DFI plans to
partner with Federal bank regulatory agencies for these examinations, the costs will be minimal and absorbed within
existing resources.
II. B - Cash receipts Impact
Briefly describe and quantify the cash receipts impact of the legislation on the responding agency , identifying the cash receipts provisions by section number
and when appropriate the detail of the revenue sources . Briefly describe the factual basis of the assumptions and the method by which the cash receipts
impact is derived. Explain how workload assumptions translate into estimates . Distinguish between one time and ongoing functions .

II. C - Expenditures
Briefly describe the agency expenditures necessary to implement this legislation (or savings resulting from this legislation ), identifying by section number the
provisions of the legislation that result in the expenditures (or savings ). Briefly describe the factual basis of the assumptions and the method by which the
expenditure impact is derived . Explain how workload assumptions translate into cost estimates . Distinguish between one time and ongoing functions .

Part III: Expenditure Detail
III. A - Operating Budget Expenditures
NONE
III. B - Expenditures by Object Or Purpose
NONE

III. C - Operating FTE Detail: List FTEs by classification and corresponding annual compensation . Totals need to agree with total FTEs in
Part I and Part IIIA
NONE

III. D - Expenditures By Program (optional)
NONE

Part IV: Capital Budget Impact
IV. A - Capital Budget Expenditures
NONE

IV. B - Expenditures by Object Or Purpose
NONE

IV. C - Capital Budget Breakout
Identify acquisition and construction costs not reflected elsewhere on the fiscal note and describe potential financing methods
NONE

Relating to service providers working with state-regulated financial institutions 102-Department of Financial Institutions
Form FN (Rev 1/00) 170,499.00 Request # 22-005-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5602 SB
IV. D - Capital FTE Detail: List FTEs by classification and corresponding annual compensation . Totals need to agree with total FTEs in
Part IVB

NONE

Part V: New Rule Making Required

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