DORA Executive Director Appoints State Bank Commissioner to dual role as Colorado Financial Services Commissioner
State Bank Commissioner and Acting Financial Services Commissioner, Chris Myklebust, officially appointed as the state’s Bank and Financial Services Commissioner
DENVER - (April 28, 2017) -- Colorado Department of Regulatory Agencies (DORA) Executive Director Joe Neguse announced today that he has appointed State Bank Commissioner and Acting Financial Services Commissioner, Chris Myklebust, to officially serve as both the State Bank and Financial Services Commissioner.
In this dual role, Commissioner Myklebust will oversee two separate financial divisions at DORA — the Division of Banking and the Division of Financial Services.
The Division of Banking regulates the business of state chartered and/or licensed financial institutions, including state commercial banks, money transmitters and trust companies. The Division of Financial Services regulates state-chartered credit unions and savings and loan associations, the administration and enforcement of the Savings and Loan Public Deposit Protection Act, and certain financial activities of state life care institutions.
“Chris understands the benefits that state-chartered banks and state-chartered credit unions bring to Colorado communities and our state’s economy. He also brings exceptional vision, experience and commitment to his role as a Commissioner for these two financial divisions at DORA,” said Neguse. “While these divisions will continue to be separate, the move to maximize Chris’s experience by appointing him to the dual role creates more efficient oversight mechanisms for the needs of both divisions, eliminates administrative redundancies, and will save the state government and businesses significant costs as well.”
Myklebust was appointed as Colorado’s State Bank Commissioner in July 2015 after serving as the State Commissioner of Financial Services for nearly 10 years. He was re-appointed as Acting Commissioner of Financial Services in November 2016 after the current Commissioner, Patty Salazar, was appointed as DORA’s Deputy Executive Director.
In this dual role, 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, and $50 billion in deposits in Colorado’s commercial banks and trust companies.
As State Bank and Financial Services Commissioner, Myklebust 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 for both divisions. He also manages relationships with a variety of stakeholders such as boards of directors, legislators, attorneys, federal regulatory agencies, consumers and industry associations.
“As both State Bank Commissioner and as the Acting Financial Services Commissioner, 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,” noted Myklebust. “These two different divisions fulfill an important financial role in our state’s economy, and as their director, I’m very honored to serve the people of Colorado by maintaining this approach.”