Commissioner Of Banking

Every major sport has a commissioner to run the league.

Well, the banking industry has a different version. Each state has its own commissioner to oversee the banks in that territory. The commissioner of banking oversees the regulation of state chartered banks, credit unions, and other lending institutions within the state’s borders.

You’ve probably never heard the name of your state’s commissioner of banking, but his job is usually the result of gubernatorial elections, since it is typically an executive-appointed position. The Commissioner of Banking is a state’s eye in the sky and oversees the liquidation of failed banks, handles the bulk of administrative duties, and receives and addresses banking customer complaints.

Sometimes, that eye is blind to things, unfortunately, and requires a poke...in the form of votes for a new governor.

Find other enlightening terms in Shmoop Finance Genius Bar(f)