The Conference of State Bank Supervisors announced on Feb. 6 that General Counsel John “Buz” Gorman had died following an eight-month battle with glioblastoma.
Gorman started his career at CSBS in 1996, and served as general counsel for the last 15 years. Early in his career, Gorman was cited as a major factor in the successful drafting and implementation of the CSBS Nationwide Cooperative Agreement, which included a framework for federal and state regulatory agencies to coordinate the supervision of state-chartered banks operating in multiple states.
“Gorman’s steady demeanor and positive attitude are credited with helping states resolve disagreements and adopt this new, important agreement,” according to CSBS.
Gorman also worked with Congress to form the blueprint that led to the passage of the Financial Services Regulatory Relief Amendments Act of 2006, which gave state regulators a say on the Federal Financial Institutions Examination Council. The bill was credited with improving supervision of multi-state, state-chartered banks.
In early 2007, Gorman established the course to change the mortgage and housing markets through new federal and state supervision requirements. The subsequent bill, the Secure and Fair Enforcement for Mortgage Licensing Act, introduced new mortgage market efficiencies and consumer protections.
“Gorman also played a key role in advancing provisions of the Dodd Frank Act that advanced the state system by resetting the state-federal balance in banking law and consumer protection and ensuring that the Federal Reserve System maintained its supervisory role over smaller institutions,” according to CSBS.
Gorman previously worked on Capitol Hill, where he covered work and environmental issues over a decade for former Florida Sen. Connie Mack.
“The state regulatory system and the broader financial system will forever be in debt to Buz Gorman,” said President and CEO Brandon Milhorn. “He was a critical contributor to every major piece of financial services legislation over the past 30 years. Buz will be remembered for his unrivaled knowledge of financial services policy and regulation, but more importantly for his mentorship, friendship, and leadership. He will be greatly missed by his friends and colleagues at CSBS and throughout the state system.”