Lincoln, Neb. — On Thursday, Governor Pete Ricketts thanked Department of Banking and Finance Director Mark Quandahl for his service to the State of Nebraska. Quandahl has announced his intention to step down next month after five and a half years in the role leading the state’s top financial regulatory agency. He is Nebraska’s 37th Banking Director since 1892.
“Mark has done an outstanding job leading the Department of Banking and Finance over the last several years,” said Governor Ricketts. “Under his leadership, the agency has become more effective, more efficient, and more customer-focused while fulfilling its important oversight role. Thanks to Mark, the agency completed historic overhauls of the Banking Act and critical finance regulations, modernizing and simplifying both of them. I appreciate all his great work and wish him well in his new endeavors.”
“It has been an honor and privilege to serve the citizens of Nebraska for the past five-and-half years alongside my teammates at the Department of Banking and Finance and Nebraska State Government, Governor Ricketts, and my fellow cabinet members,” said Quandahl. “My tenure at the Department of Banking and Finance has been the highlight of my professional career. The Department’s accomplishments are a testament to the collective wisdom and commitment to public service of my teammates at the Department, Governor Ricketts, his cabinet, and fellow state government teammates.”
Under Quandahl’s leadership, the Banking Department made significant strides in improving customer service, streamlining processes, and reducing the regulatory burden for job creators in the banking and finance sectors. His accomplishments include:
- Working with Governor Ricketts and the Legislature to successfully deliver comprehensive updates of the Banking Act of Nebraska and Securities Act of Nebraska for the first time since 1964.
- Reducing the footprint of the Omaha Field Office by 50 percent and realizing cost savings from a reduction in rent.
- Transitioning the Citizenship Verification process from a manual process to an online portal, which is providing better service for over 110,000 Broker-Dealer Agents licensed in Nebraska.
- Moving to a licensing database software with online capabilities.
- Completing a regulator review of the Nebraska Securities Rules which reduced unnecessary regulation by 30 percent.
- Establishing a public/private partnership for the appointment of outside administrator of pooled collateral program for Nebraska banks.
Upon stepping down, Quandahl intends to join Dvorak Law Group as Of Counsel in Omaha.
In light of this departure, Governor Ricketts announced that he will promote Deputy Banking Director Kelly Lammers to lead the Department. Lammers’ first day as Director will be September 8, 2020. His salary will be $138,000.