PA Senate Banking and Insurance Committee Recommends PA Secretary of Banking and Securities 

Yesterday, the PA Senate Banking and Insurance Committee recommended Wendy S. Spicher as the PA Secretary of Banking and Securities (DOBS). Spicher served in the DOBS as interim acting secretary and deputy secretary for depository institutions since 2008. Spicher’s nomination awaits the Senate Rules and Executive Nomination Committee. 

Spicher explained that the department regulates more than 160 state-chartered banks, credit unions, and trust companies to ensure that “Pennsylvania’s hard-earned deposits are safe and available when needed.” She added that DOBS also enforces compliance with federal and state laws, licenses and regulates investment firms, and provides free help to Pennsylvanians. Spicher noted the department is nationally accredited by the Conference of State Bank Supervisors, the National Association of State Credit Union Supervisors and the American Association of Residential Mortgage Regulators Accreditation, which “provides important assurances that the work we do meets the highest standards among state regulations.” 

CrossState and state-chartered credit unions recently had the opportunity to meet with Acting Secretary Spicher. Discussion focused on emerging industry trends, parity concerns, and keeping the state-chartered credit unions competitive with federally chartered credit unions. Time was also allotted to Spicher’s vision and priorities for the department.