Enacted following the last Wyoming legislative session in April, HB0006 expanded the State Banking Board to include a representative of public trust companies in recognition and furtherance of Wyoming’s growing trust industry. Phil was appointed as the first such member. He brings additional subject matter experience and expertise to the Banking Board derived from his 40 years of professional experience in fiduciary services, financial services regulation, risk management, operations, and corporate governance. Phil’s three-year term is effective immediately and will expire in June 2024.
The Wyoming Division of Banking is responsible for the chartering and regulation of Wyoming state banks, trust companies, mortgage companies, and non-bank financial companies; this includes innovative Wyoming-chartered special purpose depository institutions (SPDIs), which may provide custodial services and undertake authorized transactions for digital assets. The Division of Banking’s mission is to maintain a financial regulatory system for Wyoming that promotes a progressive banking environment, ensures fair and lawful consumer related financial transactions, provides the public with convenient, safe and competitive banking and allows for economic development within the state.
Phil commented: "I’m honored to receive Governor Gordon’s appointment to the State Banking Board. I’m committed to doing my utmost to help ensure the integrity of Wyoming as a banking and trust jurisdiction. A well-regulated and growing banking and trust industry brings broad economic and employment benefits to the state of Wyoming."