WV HB3269

Transfers the Board of Banking and Financial Institutions, Division of Financial Institutions, and Lending and Credit Rate Board out of the Department of Revenue to become independent agencies within the executive branch, effective January 1, 2026

Establishes the Board of Banking and Financial Institutions as the chief executive body with oversight authority to approve policy decisions, proposed budgets, and personnel-related decisions for the Division of Financial Institutions and Lending and Credit Rate Board

Exempts Division of Financial Institutions employees from the state classified service system and authorizes the commissioner to establish a merit-based personnel system with flexible pay scales that may vary by region

Increases qualifications for the commissioner position to require 10 years' experience as a bank president/managing officer or 5 years as a state/federal bank regulator, and raises the minimum age to 35 years old

Requires 10% of all annual revenue collected by the commissioner to be deposited into the General Revenue Fund beginning January 1, 2026, and mandates the commissioner establish minimum standards and practices for officers and directors of financial institutions