Colorado's top banking regulator the only state supervisor to get overruled by the Federal Reserve Board on a failure is retiring.
Fred Joseph, banking and securities commissioner for the state's Department of Regulatory Agencies, will step down at the end of the year, the agency said Thursday.
The Department of Regulatory Agencies said it will name a new commissioner for each of the banking and securities divisions in the coming months. Ken Boldt will serve as acting commissioner for the banking division and Gerald Rome will become acting commissioner for the securities division.
Joseph has served as securities commissioner since 1999 and has been acting banking commissioner since 2011. He is a former president of the North American Securities Administration Association.
Joseph "is known across Colorado for his commitment to his profession," said Barbara Kelley, executive director of the Department of Regulatory Agencies, in the news release. "I want to thank [Joseph] for his many years of service to the state and his amazing career here. His tenure has been exemplary public service."
Joseph made headlines in October 2011 when he opposed the failure of the $1.4 billion-asset Community Banks of Colorado. He called the failure - the first ever for the Fed premature and ill-advised, adding in an American Banker interview that he preferred a plan to have the bank sell branches to buy it time to solve its problems. The Fed overruled Colorado's decision.