Reorganizing the Board of Banking and Financial Institutions, the Division of Financial Institutions, and the Lending and Credit Rate Board

HB 3269 reorganizes West Virginia's banking and financial regulatory structure by moving the Board of Banking and Financial Institutions, Division of Financial Institutions, and Lending and Credit Rate Board into independent entities under the executive branch, effective January 1, 2026. The bill designates the Board as the chief executive body, requiring it to approve the Division's budget, policies, and personnel decisions while shifting the Division to a merit-based hiring system (exempt from classified service). It mandates that 10% of the Division's revenue be deposited into the state's General Revenue Fund and establishes new standards requiring financial institutions to submit compliance plans to both the Division and the Board. The bill also modifies commissioner qualifications, removes references to the former Department of Banking, and updates administrative procedures for financial oversight.