Kevin Murphy, Minnesota Deputy Commissioner of Commerce in the Financial Institutions Department, is retiring at 13 years in the job. His last day at the office will be Dec. 6.
The State of Minnesota has listed the job opening and is taking resumes through Nov. 9. Here is the listing.
I find it amusing that the listing says the job is from 8 a.m to 4:30 p.m. Monday through Friday. It’s really a 24/7 job and, furthermore, the indicated salary doesn’t sufficiently reflect the responsibility of this job. I’ll miss Murphy, whose calm and steady demeanor is perfect for the chief regulator of state banks and credit unions.
Murphy began the job on June 1, 1998, after Jim Miller had resigned six months earlier after 30 years on the job. Murphy is a former assistant regional director for the FDIC. He also had been a consultant for a bank compensation firm and for an accounting firm.
When Murphy was hired, more than 300 people applied for the job. It will be interesting to see how many apply this time. Murphy worked under four governors — two Republicans, an Independent and a Democrat. The state’s chief bank regulator is a tricky job, where you have to balance the interests of the consumers with the bankers. There is also important interaction with the FDIC regarding bank closings. My observation is that Murphy struck a good balance.