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Indiana Department of Financial Institutions

DFI > About Us > Department Overview Department Overview

The Department of Financial Institutions was created by the Indiana Financial Institutions Act of 1933. This act commissioned the Department with the responsibility for supervising commercial banks, trust companies, private banks, savings banks, building and loan associations, credit unions, and finance companies incorporated under the laws of the State of Indiana. The Department’s scope of regulatory responsibilities has since been broadened to include supervision of pawnbrokers, licensees under the Uniform Consumer Credit Code, licensees under the Indiana Small Loan Act, industrial loan and investment companies, money transmitters, check cashers, budget service companies, and rental-purchase agreement companies.

The policy-making power of the Department is vested in a bipartisan board of seven Members who are appointed by the Governor. Indiana law requires that three of the Members must have practical experience at the executive level of a state chartered bank, state chartered savings association, or state chartered savings bank; one Member must have practical experience at the executive level of a lender licensed under I.C. 24-4.5; one member must have practical experience at the executive level of a state chartered credit union; and one Member must be appointed with regard to a fair representation of the consumer, agricultural, industrial, and commercial interests of the state. The Director of the Department also serves as an ex officio, voting Member. Not more than three members can be affiliated with the same political party.

The Director is the chief executive and administrative officer of the Department and is responsible for the administration of the policies established by the Members and all applicable legislative actions or policies. The Director exercises managerial control over the work of the Department, including its staff of deputies, supervisors, examiners and administrative personnel.

The Department works directly with the institutions it regulates, and through examination and supervisory activities endeavors to assure the public of adequate and proper services from such institutions. It seeks to assure the protection of the interests of depositors, borrowers, shareholders, and consumers.

Within the Department there are five divisions, each under the direct control of a deputy or supervisor. These are the Division of Banks and Trust Companies, Division of Consumer Credit, Division of Credit Unions, Division of Administration, and the Legal Division.

The Department is a dedicated-funds agency whose revenue is derived solely from supervision, examination, and license fees that are assessed to those institutions that are under its regulation. Indiana Code 28-11-3-5 grants the Department the authority to adopt a schedule of fees to cover operating costs.