May 23 - Charles Vice, commissioner of the Kentucky Department of Financial Institutions and newly appointed chairman of the Conference of State Bank Supervisors, outlined the priorities for his chairmanship during the CSBS State-Federal Supervisory Forum.
In his address before state and federal financial regulators, Vice stressed the importance of establishing and fostering relationships in order to be an effective regulator. “People and communities are what matter in life,” he said. “The relationships we regulators have with one another, with the institutions we supervise and with the industry trade associations we interact with, are vital to financial supervision and the banking system. Relationships enable us to put trust in people, not just regulatory processes or supervisory ratios.”
Vice spoke specifically of the relationship between state and federal regulators. “We need each other, period,” he said. “Through this relationship, we provide checks and balances, we leverage our strengths and we minimize our weaknesses.”
Vice also outlined his objective to preserve the diversity of the financial services industry, ranging from the largest multi-national institution to the smallest community bank. “Each category of institutions is critical to our economy and must exist,” Vice said. There is a tremendous strength in this diversity and we must ensure that it survives. We must ensure that community banks flourish. It is critical to the success of our economy.”
Vice was appointed chairman on May 20, 2013, and will serve a one-year term.