Kansas banking regulators, Beneficient prepare for battle over cease-and-desist order

Kansas bank commissioner wants to spike unique bank charter held by a Texas-based company previously led by a scandal-plagued executive headed to prison.

By: Tim Carpenter

Outlets: Kansas Reflector

Published: September 24, 2026

Words: 992

Last Updated: 3 weeks, 2 days ago

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TOPEKA — Kansas regulators allege a business reeling from fraud convictions of the company founder violated 32 banking provisions and recommend repeal of the related state law designed to transform Kansas into a magnet of alternative-asset dealmaking.

Kansas Bank Commissioner David Herndon said Beneficient Fiduciary Financial, a subsidiary of Dallas-headquartered Beneficient, refused to sign a consent order compelling BFF to abide by certain state bank laws and regulations. The deadlock prompted Herndon to file a …

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