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Indiana governor appoints credit union CEO as DFI Chairman
January 31, 2007
INDIANAPOLIS / SOUTH BEND, Ind. – Teachers CU President Rick Rice has been
appointed chairman of the Indiana Department of Financial Institutions (DFI) by
Governor Mitch Daniels.
This is an historic development for credit unions nationally because Rice is
the first credit union representative in the country to head a state department
of financial institutions board, where that board has the regulatory scope and
role of the Indiana agency. The DFI not only regulates state-chartered credit
unions, but also oversees state-chartered banks, state-chartered thrifts, payday
lenders, finance companies, pawn brokers and other state-licensed lenders. Many
other states have a separate regulator for credit unions.
In a letter to Rice, Gov. Daniels said, “The active participation of talented
leaders like you represents our best asset as we strive to build a state of
which we can all be proud.” Rice has been a member of the DFI board since 2004,
most recently serving as vice chairman. He also served on the board in the
1990s. He was appointed to the board by Democratic Governor Joe Kernan in 2004
and now has been designated as chairman by Republican Governor Mitch Daniels.
The DFI board is comprised of seven members representing different types of
state-chartered financial services providers as well as consumer, agricultural
and commercial interests in Indiana.
“This is a very important leap forward for credit unions in Indiana and
nationally, as well as a testament to how much respect there is for Rick’s
leadership abilities,” stated League President John McKenzie. “It is quite a
personal achievement on his part and breaks new ground in a way that benefits
the entire credit union system.”
CUNA President and CEO Dan Mica added his congratulations, “This is a
significant milestone for credit unions on a national scale.”
Rice serves on the CUNA Governmental Affairs Committee and on the Indiana
League’s Governmental Affairs Committee. He has been with the credit union for
35 years, serving as president since 1987.
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