Ferraro appointment to Financial Services Board confirmed by Colorado Senate

<p>DENVER – The state Senate in its latest session confirmed the appointment of Doug Ferraro, president/CEO, BELLCO CU to the state’s Division of Financial Services. Ferraro was elected vice-chairman of the board. His term began July 1, 2001. The Financial Services Board of Colorado is the policy-making and rule-making authority for the Division of Financial Services. It is made up of five members who are appointed by the governor and are confirmed by the state Senate to serve four-year terms. The board members include three credit union CEOs, one thrift representative and one consumer representative. They oversee regulations of state-chartered CUs and thrifts. Ferraro has been president/CEO of BELLCO CU, the largest state-chartered CU in Colorado, for the past 10 years. He is also active in consumer advocacy as well as legal and regulatory issues. He is a board member of the Colorado Credit Union League. Locally he co-founded a cooperative indirect lending program with Colorado auto dealers. He has also been a leader in various initiatives such as Open Financial Solutions, a consortium of credit unions across the U.S. that address common technology issues, and Member Gateways, a company that allows CUs to offer investments and insurance programs to members. Ferraro was instrumental in the launching of Members Trust Company of Colorado.</p>