Recent events, specifically the failures of Silicon Valley Bank and Signature Bank, have raised some important questions about the condition of financial institutions across the nation, including in Colorado.
The Colorado Division of Banking supervises state chartered commercial banks, and the Colorado Division of Financial Services supervises state chartered credit unions and savings and loans associations under the Colorado Department of Regulatory Agencies (DORA). As the primary regulators of Colorado state-chartered banks and credit unions, we understand why depositors, both large and small, would have such questions.
Our two divisions examine these institutions, in conjunction with federal regulators, such as the FDIC, Federal Reserve, or NCUA, to assess overall financial and operational conditions to help ensure the institutions’ safety and soundness. Both Divisions routinely monitor Colorado state-chartered institutions as well. Our examinations show that our Colorado state chartered banks and credit unions are financially strong and well managed, are in sound financial condition, and are ready to meet the needs of Coloradans.
Colorado state-chartered banks are in sound condition. They have diversified deposits, loans and investments. No Colorado state-chartered bank has significant concentrations in a single
industry or economic sector. State-chartered bank management and board of directors are held to a high standard by the Division of Banking and the federal regulators to properly
manage and mitigate risk. Also, all Colorado state-chartered banks are Federal Deposit Insurance Corporation (FDIC) insured up to $250,000 per customer, and to date, no customer
in Colorado has lost a single penny of insured deposits since the FDIC was created in 1933.
Colorado state-chartered credit unions are well-capitalized and hold diverse deposit, loan and investment portfolios with concentrations not heavily held in any one particular industry or sector. Credit union management and board of directors are held to a high standard by the Division of Financial Services and the National Credit Union Administration (NCUA - the credit union industry’s Federal Deposit Insurer) to properly manage and mitigate risk. Colorado state chartered credit unions continue to operate conservatively and are highly diversified. All Colorado state-chartered credit unions are NCUA insured up to $250,000 per customer, and to date, no Colorado credit union member has lost a single penny of insured share deposits within the credit union system.
We should note the Banking and the Financial Services division do not supervise federally chartered financial institutions, which also operate in Colorado. For those that hold a state-charter, we work collaboratively with federal banking and credit union regulators to
help ensure the safety and soundness of our banking industry in Colorado.
Should Colorado consumers have more questions about their financial institutions, whether or not deposit insurance applies to their accounts, or need more information, we encourage
1. Contact their financial institution directly to verify that their deposits are in an insured account, or with other questions or concerns.
2. If you hold an account with an FDIC insured bank, visit the FDIC’s insurance coverage calculator. You can also contact the FDIC’s Information and Support Center, or call
them at 1-877-275-3342 (1-877-ASKFDIC).
3. If you hold an account with a credit union, the NCUA provides information about deposit insurance, also has an insurance coverage calculator and consumer assistance