DENVER — Colorado has named a new state banking commissioner, after an interim commissioner has held the job for almost 18 months.
Chris Myklebust will become commissioner of the Division of Banking, effective July 8. Kenneth Boldt has been serving as acting state bank commissioner since January 2014, when Fred Joseph retired.
Myklebust has been Colorado's commissioner for financial services since 2006, with oversight of the state's credit unions, savings and loan associations and life-care institutions.
The state said it will begin looking for a new financial services commissioner next month.
During his tenure as financial services commissioner, Myklebust approved the first new CU in Colorado in more than a decade —Fourth Corner, which plans to serve the legal marijuana industry in the state
"We've been looking for solutions to the licensed marijuana business banking for years now, and my feeling is that they're legitimately licensed, legal businesses under Colorado law, and they deserve nothing less than the full faith and credit of the United States government to back their deposits,"
However, Fourth Corner ran into problems with deposit insurance and
Before becoming a state regulator, Myklebust worked as a consultant in the information-technology and securities industries.
Myklebust "will bring a clear vision for the Division of Banking and work tirelessly to reduce unnecessary regulatory burdens," Joe Neguse, executive director of the Colorado Department of Regulatory Agencies, said in a news release.
After Myklebust assumes the banking commissioner's position, Boldt will return to his previous job as deputy commissioner in the banking division.
-Marian Raab contributed to this article.
