HRS §412:2-100
Who runs the state's financial institution regulator
This section explains who leads the state office that watches over financial institutions in Hawaii. The governor and the director of commerce and consumer affairs choose the commissioner, and the commissioner's main job is to keep banks and similar groups safe and sound. The director can remove the commissioner, and the director steps in if the job is empty.
financial institutions
The statute, as written — Commissioner of financial institutions; division of financial institutions
(a) The director of commerce and consumer affairs, with the approval of the governor, shall appoint the commissioner of financial institutions. The commissioner shall be in charge of the division of financial institutions within the department of commerce and consumer affairs. The commissioner shall be the primary regulator of Hawaii financial institutions, and shall have the authority expressly conferred by or reasonably implied from the provisions of this chapter. The commissioner may be removed by the director of commerce and consumer affairs with the approval of the governor; provided that while there is any vacancy in the office of the commissioner, the director of commerce and consumer affairs shall serve as ex officio commissioner. The commissioner shall not be subject to chapter 76. (b) The salary of the commissioner shall be set by the director of commerce and consumer affairs but shall not be more than the maximum salary of first deputy to the director of commerce and consumer affairs. (c) It shall be the primary purpose of the division of financial institutions to ensure the safety and soundness of Hawaii financial institutions and to maintain public confidence in such institutions through the process of chartering and licensing, regulatory approval, examinations and supervision.
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