Kansas bank commissioner to tighten screws on subsidiary of troubled Beneficient company
Kansas bank regulators informed legislators Thursday a corrective action order would be issued to the state-chartered subsidiary of the Beneficient company engaged in illiquid-asset transactions and that the agency would begin continuous monitoring of the subsidiary rather than rely on annual assessments. Controversy associated primarily with Dallas-headquartered Beneficient, the parent company of Beneficient Financial Fiduciary, factored into decisions to revise the state’s approach to oversight of the subsidiary, said David Herndon, who serves as Kansas State Bank commissioner.
