Colorado bill loosens meeting requirements for community bank boards
DENVER — Gov. John Hickenlooper on Wednesday signed a bill that reduces how often boards of directors of community banks in Colorado are required to meet.
Bank boards are now required to meet quarterly instead of monthly, as they were under the old regulation.
The change makes Colorado law, which had stricter requirements, more closely match federal law concerning how often a community bank’s board of directors must meet.
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“This bill solves a simple but fundamental issue by closing the gap between state and federal requirements,” Chris Myklebust, the state’s banking commissioner, said in a prepared statement. “Bank boards of directors are highly involved in the management of their institutions and will now have more flexibility and authority involving how — and how often — their boards meet.”
The law still provides the State Banking Board the authority to require a particular bank to meet monthly for regulatory reasons, if it is deemed necessary.
The bill, SB16-126, had 22 sponsors in the state Senate and House of Representatives including
Sens. Rollie Health, D-Boulder; Kevin Lundberg, R-Berthoud; John Cooke, R-Greeley; Vicki Marble, R- Fort Collins; and Rep. Jeni Ardnt, D-Fort Collins.
