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. 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. The state will begin searching for Myklebust's successor as financial services commissioner next month.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.