The Minnesota Department of Commerce recently established a Bank Advisory Group to help it improve supervision of state-chartered financial institutions. Initial priorities for the group are to increase the value and efficiency of the examination process, identify areas of mutual interest (such as legislative changes or industry threats), and enhance communication and transparency.
The 10-person advisory group “reflects our partnership with banks … to ensure fair regulation and professional services,” said Max Zappia, deputy commissioner. The Bank Advisory Group is comprised of six bankers: two appointed by the Commerce Department, two appointed by the Independent Community Bankers of Minnesota and two appointed by the Minnesota Bankers Association. Additionally, one representative each from ICBM and MBA participate, as do two Commerce Department employees.
Members of the Bank Advisory Group are: Anita Drentlaw, New Market Bank, Elko New Market; Corey Heimer, Premier Bank Group, Maplewood; Gail Mikolich, Northeast Bank, Minneapolis; Bryan Bruns, Lake Central Bank, Annandale; Shelly Steere, Grand Rapids State Bank, Grand Rapids; John Gill, Citizens Alliance Bank, Clara City; Jim Amundson, president/CEO of ICBM; Tess Rice, general counsel and director of government relations for MBA; and Michael Crow and Max Zappia, both from the Commerce Department.
Jim Amundson, president and CEO of the Independent Community Bankers of Minnesota, said he supports the department’s efforts to maintain a strong state banking system. “I appreciate the opportunity to support productive dialogue between Minnesota community banks and their regulator,” Amundson said.
The group is set to meet quarterly and held its first meeting in August. “If a group needs to make a decision it will be made by consensus whenever possible,” Zappia said.
The Commerce Department formed a similar advisory group for credit unions.