Found: A New Banking Boss

On May 7 I reported on the rigorus process by which Dee Dennis, Superintendent  of the state's Department of Regulation and Licensing ("RLD") was following in filling the vacancy for the Director of Financial  Institutions Division ("FID")  Director.On July 11 Dee Dennis announced that the Governor had appointed Cynthia Richards of Albuquerque as the new director.  Since Ms. Richards was not widely known in banking circles the immediate response from those who do not know her was that this was a "political" appointment--that Richards was a  contributor to the Governor's campaign or otherwise in some circle close to the Governor. Sorry,  Ms. Richards is essentially non-political and a person with a long history in banking. (althught from a brief interview with her it is obvious that she understands that everything iin  New Mexico can be and frequetly is "political".)  


Dee Dennis, Superintendent of RLD described the process of choosing Ms. Richards  in an interview.  There were approximately 17 persons who applied or were asked about their interest in the job.   Six of the 17 were  interviewed, some multiple times. The  process involved Dennis, the executive directors of the two banking associations, the Deputy Superintendt of RLD and others.  The list was winnowed down to two and the Governer's office was brought in to the "vet" the fianalists under the Martinez administration's thorough pre-appoinment process..  The Governor chose Ms. Richards  With the unique challenges facing comunity banks and small banks in general, Ms. Richards will have her work cut out for her. Incidentally,  she did not seek the job.  Her name was put to Dennis as an ideal candidate

 Ms. Richards does not fit the mold:of most of our former FID directors, she is not an ex-bank examinare, ex- bank operations management  type.etc.   However, she may be what is needed in this era of Dodd-Frank, fderal regulatory pressure and wholesale changes to the environment in which small banks work.

She started in banking 30 years ago and has been with several New Mexico banks.  Her last employment was with First American Bank and before that, First Community Bank, doing a broad spectrum of workouts, foreclosures, and contacts with federal regulatory examiners. She is a native of Hobbs and her speech still bears the easy slow cadence of Southeastern New Mexico.

Although she is  unfailingly courteous, she is candid  and when the circumstances demand, blunt.   She will stand up for community banks when appropriate and "regulate" when that is appropriate.  She doubtless does not yet realize that although some people refer to her new job as Banking Director, she has a broad jurisdictional reach.   FID  not only looks over traditional financial services such as banking and credit unions, but trust companies, certain types of loans and a host of related areas.  One close observer of the division also has commented that the director must respond to legislative pressure and be in frequent attendance at the legislature  when it is in session.

Ms. Richards will have her work cut out for her.  Those who have worked with her are confident that she meet the challenge.

Marshall G. Martin

Comeau, Maldegen, Templeman and Indall

505 982 4611

mmartin@cmtisantafe.com