INDIANAPOLIS, Ind. -- Governor Mitch Daniels has named Teachers Credit Union President Rick Rice chairman of the Indiana Department of Financial Institutions.
"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," Daniels wrote in a letter to Rice, who has served on the board since 2004 and previously in the 1990s.
According to the Indiana Credit Union League, Rice is the first credit union official 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, which oversees state-chartered credit unions, state-chartered banks, state-chartered thrifts, payday lenders, finance companies, pawn brokers and other state-licensed lenders. 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.
Rice has been with the credit union for 35 years, serving as president since 1987. He serves on the CUNA Governmental Affairs Committee and on the Indiana league's Governmental Affairs Committee.
"It is quite a personal achievement on his part and breaks new ground in a way that benefits the entire credit union system," league President John McKenzie said.
"This is a significant milestone for credit unions on a national scale," CUNA President/CEO Dan Mica agreed.