A publication of the Kentucky Center for Public Service Journalism

Kentucky Department of Financial Institutions releases annual report on health of state’s banks

The Department of Financial Institutions (DFI) on Tuesday released its 2017 annual report summarizing the status of state-chartered banks, credit unions, lenders, investment firms and professionals operating in Kentucky. The Reports highlights DFI’s work to promote reasonable regulation and consumer protection industry-wide. The report also notes industry trends and changes across the state. “As...

Citizens Commerce Bank Converts to state charter; DFI assumes regulatory authority

The Department of Financial Institutions (DFI) welcomed Citizens Commerce Bank as Kentucky’s 125th state-chartered bank effective June 1. Department of Financial Institutions’ Commissioner Charles Vice, center, delivers a new state charter to officials of Citizens Commerce. From left to right are: Jeff Ball, Executive Vice President and Senior Lender; DFI Division Director Marni Gibson; Eli Barber,...

EKU students win national case study competition, earn $1,000 academic scholarships

The Department of Financial Institutions congratulates the student team from Eastern Kentucky University for taking top honors in the 2018 Community Bank Case Study Competition. The 2018 competition focused on how bank management utilizes technology to streamline processes and better serve their customers. EKU seniors Lorelei Nguyen, Dalton Stanley and Aaron Schmidgall will each receive a $1,000 academic...

EKU Banking and Finance Meetup April 5 to feature Kentucky Banking Commissioner Charles A. Vice

The second annual Banking and Finance Meetup at Eastern Kentucky University has been planned for Thursday, April 5 in EKU’s Business and Technology Center. Representatives from area banks and financial service providers will be on hand for the sector-focused event for an evening of networking that will showcase business majors with a special keynote address from Kentucky Banking Commissioner...

Louisville investment adviser ordered to pay more than $830,000 is restitution for fraudulent activity

The Department of Financial Institutions (DFI) announced Tuesday that it has entered a Final Order to stop fraudulent activity by an investment adviser representative and his firm. The respondents have been ordered to pay more than $830,000 in restitution and $575,000 in fines. DFI stated that Louisville investment adviser representative Derek Burcham and his firm, Cornerstone Benefit Advisors LLC,...

Cyber Con artists will do anything to earn your trust; you need to be suspicious and here are some tips

In financial fraud, the con artists may not be obvious – they may look like just about anyone, and they will do anything they can to gain your trust. But in the online world, the cyber con artists have the ability to look like whoever they want – even masquerading as someone you know to trick you into falling for their attacks.   October is National Cyber Security Awareness Month. The Financial...

Gibson appointed to oversee state chartered banks, credit unions for Financial Institutions Department

The Department of Financial Institutions (DFI) announced the appointment of Marni Rock Gibson as Depository Division Director, overseeing supervision of Kentucky state-chartered banks and credit unions. Gibson brings banking and securities experience, as well as management skills, to the role. Marni Rock Gibson “Marni has a very successful record working in Securities Enforcement during the past...

Louisville-area seniors participate in Financial Institution Department’s Scam Jam

More than 170 seniors from at least five Kentucky counties learned how to recognize and avoid financial fraud at a Senior Scam Jam seminar Tuesday, an event sponsored by the state Department of Financial Institutions. The Senior Scam Jam is designed to raise awareness about the techniques con artists use, so seniors can recognize the tactics and protect themselves from fraud. Topics included cybercrime,...

Financial fraud victims should use caution if third party promises to help recover funds

The Department of Financial Institutions (DFI) joined with the Attorney General’s Office Thursday to alert financial fraud victims to use caution when approached by companies promising – for a fee – to help them recover their money or bring the perpetrator to justice. Typically, the targeted investors have already lost thousands of dollars, perhaps their entire life’s savings, to fraudulent...