Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Banking Board Nomination topic
No spam. Unsubscribe anytime.
Kirk Callwood favorably recommended for Banking Board amid focus on cybersecurity and access to capital
Summary
The Rules and Judiciary Committee voted to forward Kirk Callwood's nomination to the U.S. Virgin Islands Banking Board after a lengthy hearing on financial oversight, fintech, cybersecurity, consumer protection and access to capital for local communities.
The Committee on Rules and Judiciary on May 8 favorably recommended Kirk Callwood, governor's nominee for the Banking Board of the United States Virgin Islands, and will forward his nomination to the full legislature for final action.
Callwood, a banking and public-finance professional and former commissioner of finance, described his experience in treasury operations, banking modernization and public finance. He told senators he supports strengthening examination practices, enhancing interagency coordination and expanding consumer-protection outreach. “If confirmed, I will bring to the banking board not only technical expertise in finance and regulation, but also deep respect for transparency, fairness, and accountability,” Callwood said.
Questioning touched on emerging financial technology, cryptocurrencies, cybersecurity and practical barriers residents face in accessing modern payment platforms. Senators asked how the board should respond to fintech, protect consumers from cyber threats and support small-business lending. Callwood said regulation must balance innovation and safety, recommended expanded public education on cyber risks and suggested leveraging Community Reinvestment Act frameworks and data analysis to increase access to capital for underserved communities.
The committee recorded a motion to favorably report the nomination; the clerk announced a unanimous favorable committee vote. The nomination will now be considered by the full legislature.
