Colorado names Chris Myklebust state banking commissioner

DENVER — Chris Myklebust has been appointed Colorado’s state bank commissioner, effective July 8.

Myklebust, the state’s commissioner of financial services, replaces Ken Boldt, who has been serving as interim commissioner since December 2013, when former bank commissioner Fred Joseph retired.

Joe Neguse, executive director of the Colorado Department of Regulatory Agencies, made the announcement Wednesday.

Myklebust has been serving as commissioner of financial services since 2006. In the past year, he has been a vocal proponent for developing a financial infrastructure for the state’s marijuana industry. He helped Fourth Corner Credit Union, which wants to serve legal marijuana businesses in Colorado, receive a state charter in November. The credit union has yet to open, waiting for approval from the federal government.

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.

“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,” Neguse said in a prepared statement.

Prior to his employment with DORA, Myklebust 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.

“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,” Myklebust said in a prepared statement. “I plan to continue this approach as state bank commissioner.”

DORA will initiate a search for the new commissioner of financial services next month.

on Facebook on LinkedIn