State Bank and Financial Services Commissioner, Chris Myklebust, to leave post November 30
DORA Executive Director Marguerite Salazar appoints Interim Commissioners during search process
DENVER - (Oct. 30, 2017) -- Colorado Department of Regulatory Agencies (DORA) Executive Director Marguerite Salazar announced today that State Bank and Financial Services Commissioner, Chris Myklebust, will be leaving his appointment on November 30, 2017.
Myklebust was appointed as Colorado’s State Bank Commissioner in July 2015. Prior, he served as the State Commissioner of Financial Services from 2006—2015. He was reappointed to the position in April 2017, becoming Commissioner for both the Division of Banking and the Division of Financial Services.
“Chris has been an outstanding asset not only for the Department of Regulatory Agencies, but also for the people of Colorado. We will all miss his passion and expertise to engage industry stakeholders while managing a balanced regulatory environment, as well as his commitment to consumer protection and public service,” said Executive Director Marguerite Salazar. “I wish Chris all the best as he pursues new opportunities.”
“It’s truly been an honor serve as Commissioner for both Divisions. As I leave DORA to pursue other passions, I feel positive about the health of our state chartered banks and credit unions,” said Myklebust. “I leave knowing that I accomplished what I set out to do, which was to streamline regulatory processes by removing unnecessary red tape so our licensees remain healthy and competitive, as well as help consumers understand their financial rights and engage them in opportunities to improve their personal financial literacy.”
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.
As State Bank and Financial Services Commissioner, Myklebust negotiated solutions on complex policy and financial issues, as well as administered the enforcement of federal and Colorado laws, rules and regulations and compliance examinations for both divisions. He also managed relationships with a variety of stakeholders, such as boards of directors, legislators, attorneys, federal regulatory agencies, consumers and industry associations.
The role 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.
Executive Director Salazar has appointed DORA Deputy Executive Director Patty Salazar to serve as Interim Financial Services Commissioner, and State Bank Deputy Commissioner Ken Boldt to serve as Interim State Bank Commissioner.