Denver, Colo. – Charles G. Cooper, Commissioner of the Texas Department of Banking, and newly elected chairman of CSBS, gave remarks today challenging regulators to collaborate and work together. Commissioner Cooper made these remarks during the 2016 State-Federal Supervisors Forum held in Denver, Colorado. During his remarks Cooper also discussed the importance of right-sized regulation for community banks and understanding the innovations transpiring in financial services.
In his address to state and federal regulators, Cooper described the need for more collaboration and coordination. “We must realize that each organization brings something to the table. Each organization has its own mission, its own mandate, and its own contribution. These qualities make us all equals,” Cooper said.
“State banking departments, the FDIC, and the Fed all have shared the same space for some time. But now, new agencies have come on board, so to speak, in FinCEN and the CFPB. This gives us an opportunity to step back and remember what is important in our relationships with each other.”
In his speech, Cooper underscored the need for right-sized regulation of community banks due to their relatively simple business model, versus the more complex business models of larger banks.
On the non-depository front, Cooper applauded state regulators for their work in coordinated multi-state supervision, and for developing and expanding the Nationwide Multistate Licensing System (NMLS).
In closing, Cooper called on the states to recognize the challenges that exist today, and “work together to strengthen our own system of financial supervision.”
Coopers full remarks are available on the CSBS website here.