What does the Board of Financial Institutions primarily regulate?

The Board of Financial Institutions primarily regulates all state-chartered banks. This regulatory oversight is essential for ensuring the safety and soundness of the banking industry within the state. The Board is responsible for monitoring these institutions, promoting public confidence in the financial system, enforcing compliance with state laws, and protecting consumers' interests. By overseeing state-chartered banks, the Board works to maintain a stable and effective banking environment, which includes setting regulations related to capital requirements, lending practices, and risk management.

In contrast, mortgage brokers primarily deal with home financing and are regulated by different entities, not exclusively the Board of Financial Institutions. Similarly, tall buildings and housing authorities pertain to specific areas of urban planning and development that do not fall under the financial regulation scope handled by the Board. Thus, the role of the Board is focused specifically on the regulation of financial institutions, particularly state-chartered banks.