Myklebust named new Colorado bank commissioner

Chris Myklebust has been named state bank commissioner for Colorado by Joe Neguse, executive director of the Colorado Department of Regulatory Agencies, effective July 8..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..Prior to his employment with DORA, he served as a consultant specializing in serving clients in the information technology and securities industries. He has a bachelor's degree in business administration from Regis University, Denver..Myklebust replaces Ken Boldt, who has served as acting state bank commissioner since former commissioner Fred Joseph retired at the end of 2013. He will resume his previous position as deputy commissioner in the division of banking.. "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. "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.".DORA will initiate a search for the new commissioner of financial services next month.