The Governor’s Office of Economic Development and Utah Center for Financial Services announced a partnership to expand and grow the financial services industry in Utah.
Under the new partnership UCFS will identify opportunities for existing and new financial services businesses in Utah, strengthen the state’s financial service cluster, develop online resources on the advantage of locating to Utah and collaborate with stakeholders. Stakeholders include financial service trade associations, federal and state banking regulators, Economic Development Corporation of Utah, investors and other industry professionals.
“The Utah Center of Financial Services knowledge and experience will be a great asset to Utah and will strengthen our state’s financial industry,” said Val Hale, GOED executive director. “We welcome this long-term partnership and collaboration to support this key industry cluster that is critical to the state’s economy.”
UCFS is an independent research center which partners with the Lassonde Entrepreneur Institute and the David Eccles School of Business at the University of Utah. The focus of UCFS research is on the dual-banking system and the role of state-chartered banks in the United States. UCFS also develops targeted banking curriculum, provides guidance for financial service related projects, and offers networking opportunities for industry leaders and those interested in the sector.
Financial services cluster is one of the six key industry clusters that GOED supports. The cluster includes commercial and industrial banks, credit unions, fintech businesses, insurance organizations and other financial service enterprises. Most businesses are state and federally regulated adding a level of complexity and restrictiveness to the formation of financial services businesses.
Utah is nationally ranked 8th for state charted bank assets as of March 2018, FIDC Consolidated Reports of Condition and Income report.