North Dakota Department of Financial Institutions Commissioner Lise Kruse was appointed by the Conference of State Bank Supervisors to serve on the Financial Stability Oversight Council (FSOC).
Kruse will serve as the state banking representative on the FSOC, effective Jan. 1, 2025, succeeding Adrienne Harris in that role. Harris, the New York State Department of Financial Services Superintendent, will conclude her two-year term on Dec. 31, 2024.
“Commissioner Kruse’s extensive experience in bank and nonbank oversight will be a great asset to the Council as it monitors risk across an evolving financial system,” Brandon Milhorn, president and CEO of the CSBS, said. “We deeply appreciate Superintendent Harris’ service, especially during a challenging period for the banking sector. Through her leadership, she demonstrated the value of state-federal coordination in a financial market that is increasingly complex and interconnected.”
Kruse joined the North Dakota Department of Financial Institutions (DFI) in 2004 and was appointed commissioner in December 2017. She received a Bachelor of Arts with majors in business and organizational communication from Concordia College in Moorhead, Minn. Kruse earned her MBA with an emphasis in information technology from the University of Colorado. In 2020, Kruse was elected to serve on the CSBS Board of Directors, rising to chair in 2023.
“State regulators oversee 79 percent of U.S. banks and numerous nonbank entities, providing a unique perspective that strengthens the Council’s efforts to safeguard financial stability,” Kruse said. “I am deeply honored by the trust my fellow state bank regulators have placed in me to represent their views on the Financial Stability Oversight Council.”
Harris began her term as FSOC state banking representative in January 2023, working closely with state and federal regulators to protect consumers and small businesses during the 2023 regional banking crisis. Additionally, Harris engages regularly with federal regulators and Congress on digital assets regulation, including ways for future regulatory frameworks to build upon states’ digital asset regimes.
The FSOC was created by Dodd-Frank to monitor the safety and stability of the nation’s financial system, identify risks to the system, and coordinate responses to any threat. The Dodd-Frank Act requires one of the five non-voting members of the FSOC to be a state banking supervisor.