DORA appoints Chris Myklebust as State Bank Commissioner

 

DENVER - (June 24, 2015) - Colorado Department of Regulatory Agencies (DORA) Executive Director Joe Neguse announced today that he has appointed Chris Myklebust as Colorado’s State Bank Commissioner, effective July 8, 2015.

Myklebust currently serves as the State Commissioner of Financial Services, a position he was appointed to in 2006. In his new role, Myklebust will oversee the Division of Banking at DORA, which regulates the business of state chartered and/or licensed financial institutions, including state commercial banks, money transmitters and trust companies.

“Colorado’s banking industry serves a vital role in our state’s economy, from the community banks that provide services to rural communities to licensed financial institutions that serve a broad array of consumer needs throughout the state,” said Neguse. “The State Bank Commissioner is a critically important position, which is why we chose a leader like Chris who will bring a clear vision for the Division of Banking and work tirelessly to reduce unnecessary regulatory burdens and implement meaningful changes that meet the needs of this evolving industry. Chris understands the industry’s benefits to our state economy, and he has demonstrated the value he brings to the table through his fair, common-sense approach as Commissioner of Financial Services,” noted Neguse.

As Commissioner of Financial Services, Myklebust has executive authority to ensure the safety of over $9.7 billion in deposits by 1.5 million consumers in Colorado’s credit unions, savings and loan associations and life care institutions. He regularly negotiates solutions on complex policy and financial issues, as well as administers the enforcement of federal and Colorado laws, rules and regulations and compliance examinations. He also manages relationships with a variety of stakeholders such as boards of directors, legislators, attorneys, federal regulatory agencies, consumers and industry associations. Prior to his employment with DORA, he served as a consultant specializing in serving clients in the information technology and securities industries. He holds a bachelor’s degree in business administration from Regis University.

“I thank Executive Director Neguse for this opportunity, and I look forward to working with the State Banking Board and the statewide banking industry,” said Myklebust. “As Commissioner of Financial Services, I have worked to build public trust through a sensible approach to regulation and by consistently pursuing excellence in our delivery of services to our stakeholders. I plan to continue this approach as State Bank Commissioner.”

Neguse thanks Ken Boldt who has served as Acting State Bank Commissioner and will resume his previous position as Deputy Commissioner in the Division of Banking. DORA will initiate a search for the new Commissioner of Financial Services next month.

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About DORA
The Department of Regulatory Agencies (DORA) is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado. Consumer protection is our mission. Visit www.dora.colorado.gov for more information or call 303-894-7855 / toll free 1-800-886-7675

Media Contact:
Rebecca Laurie
Department of Regulatory Agencies
p: 303-894-2338 | c: 720-724-0612