June 14, 2022 — Following up on his announcement in late April, Gov. Andy Beshear today announced the members of the Team Kentucky Medical Cannabis Advisory Committee that will help advise him on providing access to medical cannabis for Kentuckians suffering from chronic pain and other medical conditions.
Through an executive order, the Governor named 17 initial members, who have relevant experience in health care, treatment of opioid use disorder and other diseases of addiction, law enforcement, criminal justice and advocacy for medical cannabis. The committee will soon travel the state and listen to Kentuckians’ views on medical cannabis and provide that feedback to the Governor.
“Polling suggests 90% of Kentucky adults support legalizing medical cannabis, while at the same time, far too many in our state who could benefit from it are suffering. It is simply time that something more is done,” said Gov. Beshear. “I want to make sure every voice is heard as I am weighing executive action that could provide access to medical cannabis in the commonwealth.”
Medical cannabis is often utilized as an alternative to highly addictive opioids, many of which are still prescribed to deal with patients’ pain. And, while lawmakers in Frankfort have failed to act, a total of 38 states – including neighboring Illinois, Missouri, Ohio, Virginia and West Virginia – allow cannabis for medical use when prescribed by qualified individuals to help provide treatment for such medical conditions as: cancer; ALS or Lou Gehrig’s disease; epilepsy and seizures; Parkinson’s disease; Crohn’s disease; multiple sclerosis; severe and chronic pain and post-traumatic stress disorder.
Secretary of the Justice and Public Safety Cabinet Kerry Harvey and Secretary of the Public Protection Cabinet Ray Perry will serve as co-chairs of the Team Kentucky Medical Cannabis Advisory Committee. Other members are:
- Dr. Amber Cann of La Grange, pharmacy coach and adjunct professor at Spalding University;
- Julie Cantwell of Rineyville, advocate with Kentuckians for Medical Marijuana;
- Jennifer Cave of Louisville, member, Stites and Harbison;
- Eric Crawford of Maysville, advocate;
- Cookie Crews of Frankfort, commissioner of the Department of Corrections;
- Dr. John Farmer of Louisville, OB/GYN, medical director of Solid Ground Counseling and Recovery, addiction treatment provider in Louisville, Morehead and Hazard;
- Dr. Jonathan Hatton of Whitesburg, family medicine, Mountain Comprehensive Health;
- Brian Jointer of Jeffersonville, Indiana, certified public health worker in Louisville;
- Dr. Nick Kouns of Lexington, internal medicine, Clark Regional Medical Center;
- Alex Kreit of Cincinnati, Ohio, director of the Chase Center on Addiction Law and Policy at Northern Kentucky University;
- Dr. Linda McClain of Louisville, OB/GYN, Commonwealth Counseling Center;
- Andrew Sparks of Lexington, former assistant U.S. Attorney;
- Dee Dee Taylor of Louisville, chief executive officer, 502 Hemp Wellness Center;
- Julie Wallace of Morganfield, Union County Attorney; and
- Kristin Wilcox of Beaver Dam, co-founder of Kentucky Moms for Medical Cannabis.
The committee will come together for the first time in the near future to schedule town hall meetings that will be held throughout the commonwealth. Townhall meetings will be open to the public for discussion and feedback from residents, local leaders, health care providers and advocacy groups. Meeting details will be released in advance.
The Governor also announced the launch of a new website where Kentuckians can learn more about the upcoming work of the advisory committee and submit their own feedback. The website is medicalcannabis.ky.gov.
Abound Credit Union received national recognition as an award recipient of the 2021 Credit Union National Association’s (CUNA) Alphonse Desjardins Youth Financial Education Award. The Credit Union received second place in the more than $1 billion asset category.
Specifically, the award recognized Abound Credit Union’s significant expansion of its financial literacy programs for elementary, middle, high school and college students. These programs empower students to be smart financial decision-makers and reached over 6,000 local students during the last school year. In addition to school-based programs, the Credit Union also works with the Kentucky Department for Community Based services to help foster children learn the skills they need to be self-sufficient. Credit Union leaders also worked directly with Fort Knox to launch an after-care financial education program in partnership with their youth center.
“At Abound Credit Union, we are committed to providing the financial education and resources Kentuckians need to improve their lives. By teaching children to be smarter financial decision-makers early on, we’re making a long-term impact that will help their families and entire communities thrive,” said Ray Springsteen, President & CEO of Abound Credit Union.
December 27, 2021 – Last week, the Credit Union National Association (CUNA) announced the results of its board elections, including the election of Kentucky Credit Union League President, Debbie Painter.
Painter was nominated as a candidate for CUNA’s Class D, representing leagues. Painter joins the Board for the first time.
“It is such an honor and privilege to be elected by my peers to serve on the CUNA Board,” said Painter. “I look forward to not only serving alongside my fellow League Presidents and Credit Union Executives but also learning from this group of dedicated professionals. I am excited to be a part of the team helping advise and guide CUNA on how we can work together for the continued success of our industry.”
Kentucky Department of Financial Institutions Reaccredited
Department recognized for oversight of banks, credit unions, mortgages and money services businesses
November 16, 2021 – The Department of Financial Institutions (DFI) announced today that it has been reaccredited as the state regulator of banks, credit unions and mortgages. In addition, the department is now the fifth state to achieve an accreditation for money services businesses.
“The Kentucky Department of Financial Institutions’ mission is to protect Kentucky residents as they obtain important services from the financial services industry,” said DFI Commissioner Charles A. Vice. “The accreditation process reviews, tests and verifies that the department is operating in an effective and efficient manner to achieve its stated mission. As commissioner, I am proud of the department maintaining high operational standards.”
The accreditation process involved an in-depth review of the department’s policies, procedures and operations to determine if they meet the standards set forth by the Conference of State Bank Supervisors (CSBS) and the National Association of State Credit Union Supervisors (NASCUS).
October 1, 2021 – The Federal Deposit Insurance Corporation (FDIC) today announced that Charles Vice, Commissioner of the Commonwealth of Kentucky’s Department of Financial Institutions, is the newest member of the FDIC’s Advisory Committee of State Regulators (ACSR). Commissioner Vice joins 14 others who currently serve on the ACSR.
On behalf of the state system, NASCUS President and CEO Lucy Ito congratulates Mr. Vice on this accomplishment, “It has been my privilege to work side-by-side with Charles, as a member of the NASCUS Regulator Board of Directors. His dedication and depth of his knowledge of the consumer financial services market will be a wonderful asset to the FDIC.”
Vice was appointed commissioner of the Department of Financial Institutions (DFI) in August 2008. As the commissioner of DFI, Vice has responsibility for the regulatory oversight of all Kentucky state-chartered financial institutions, which includes examinations, licensing of financial professionals, registration of securities and enforcement.
He continues to serve in a national leadership role through the Conference of State Bank Supervisors (CSBS), the nationwide organization representing state bank regulators. As a former chairman, he maintains the status of Director Emeritus of CSBS. He is only the second commissioner from Kentucky to have led this national group.
In addition to formerly serving as treasurer, chairman-elect, and chairman of the CSBS board, he also was past treasurer on the State Regulatory Registry LLC (SRR) Board of Managers and the Education Foundation of State Bank Supervisors (EFSBS). The SRR operates the Nationwide Mortgage Licensing System and Registry on behalf of state financial regulators. The EFSBS sponsors professional training programs for state banking department examiners and senior staff. He also previously served on the Federal Financial Institution Examination Council (FFIEC) Taskforce on Supervision, which oversees guidance regarding safety and soundness issues relating to bank examinations, and the FFIEC State Liaison Committee, which develops principles, standards and report forms for the examination of financial institutions.
Prior to joining DFI, Vice was an employee of the Federal Deposit Insurance Corporation (FDIC) for 18 years, serving in the Lexington, Ky., field office. During his tenure with the FDIC, Vice served as the office’s expert on subprime lending and capital markets. His awards have included the 2007 FDIC Chicago Region employee of the year. He earned a bachelor’s degree in finance from the University of Southern Mississippi in 1990 and graduated from Biloxi High School in 1985. He resides in Winchester, Ky.
Created in November of 2019, the ACSR is a forum where state banking regulators and the FDIC can discuss a variety of current and emerging issues that have potential implications regarding the regulation and supervision of state-chartered financial institutions. Information about the Committee’s work, including a list of its members, is available on the Committee’s website.
Jacob Named Non-Depository Division Director
Industry Veteran Joins Department of Financial Institutions’ Leadership Team
Aug. 6, 2021 – Jeff Jacob has been named Non-Depository Division Director for the Kentucky Department of Financial Institutions (DFI). Jacob has been with the department’s Division of Securities since 2019, most recently serving as acting Securities Enforcement Branch Manager.
“Jeff has extensive experience as a senior manager and has served as a successful leader in the financial services industry for almost 30 years,” said Commissioner Charles A. Vice. “I look forward to working with Jeff as he joins the department’s senior management team.”
Jacob earned a Bachelor of Science degree from Eastern Kentucky University. Before joining the DFI, he worked at Central Bank in Lexington for 28 years and served as a senior vice president. He was a Fayette County deputy constable from 1992-2014 and was elected constable from 2015-2019.
Internet, Social Media Scams Top Threats to Kentucky Investors
Department of Financial Institutions Announces Top Threats For 2021
March 8, 2021 – The Department of Financial Institutions (DFI) today reminded investors to be on the lookout for investment schemes pitched through the internet and social media.
“Kentuckians deserve for their hard-earned dollars to stay safe,” said Gov. Andy Beshear. “Investing can help our families build wealth and achieve their goals, but it’s important to be careful through this process so your money works for you, not a criminal who would steal from our people.”
“Investors should be particularly careful about investment opportunities they learn about online that involve precious metals, cryptocurrencies, promissory notes and foreign exchange markets,” said Marni R. Gibson, DFI’s Director of Securities.
The North American Securities Administrators Association (NASAA), of which DFI is a member, identified schemes related to these products as the top threats facing investors this year by surveying state and provincial securities regulators throughout the United States, Canada and Mexico. The survey found the following top threats to investors in 2021:
- Internet- or social media-based frauds.
- Investments related to cryptocurrencies and precious metals, especially those purchased through self-directed individual retirement accounts (SDIRAs). SDIRAs lack the services and protection of traditional IRAs and can be fertile soil for scammers.
- Foreign exchange schemes. In particular, enforcement officials expect to see a resurgence of high-yield foreign exchange and cryptocurrency-related schemes, disguised as membership or investment programs.
KY credit union regulator earns reaccreditation
Feb. 6, 2017 –– Reaccreditation for the state credit union regulatory agency in Kentucky has been approved by NASCUS, following the agency’s recent five-year reviews.
Gibson named to supervise credit unions, banks
Aug. 18, 2016 — Marni Rock Gibson will be overseeing the supervision of Kentucky state-chartered and credit unions and banks as the depository division director of the state’s Department of Financial Institutions (DFI).
Local Credit Union Ranked Among Nation’s Healthiest Financial Institutions
October 29, 2014 – Louisville, Ky. – A Louisville-based credit union was ranked among the nation’s healthiest, according to DepositAccounts.com, an online aggregator of banking data from federally insured institutions across the country.
Maguire Named Kentucky Department of Financial Institutions Depository Institutions Division’s Credit Union Branch Manager
June 27, 2014 – Frankfort, Ky. – Kevin Maguire was recently named Credit Union Branch Manager in the Depository Institutions Division of the Kentucky Department of Financial Institutions (KDFI). Maguire is an old friend of NASCUS with 20 years of experience in the credit union industry as an examiner, administrator and executive. He came back to KDFI in 2011 after living and working 15 years in Alabama.
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