Dwight Young named state’s banking commissioner

Dwight Young has been named the commissioner of financial institutions for the State of Hawai‘i Department of Commerce and Consumer Affairs Division of Financial Institutions, effective Nov. 1.

Young has been serving as acting banking commissioner since Aug. 1, following the retirement of Iris Ikeda. As commissioner of financial institutions, Young serves as the state’s banking commissioner and is responsible for the overall policies and operations of the Division of Financial Institutions.

The role of commissioner is to ensure safety and soundness of state-chartered and state-licensed financial institutions and to ensure regulatory compliance to protect the rights and funds of the public. The division examines financial institutions, escrow depositories, money transmitters and mortgage loan originators, and licenses activities and the off-site monitoring program.

On Maui, the Division of Financial Institutions has assisted at the Disaster Recovery Center to help displaced residents receive housing and mortgage support.

Young joined the Division of Financial Institutions in 2008 as a licensing examiner and became licensing manager in 2015. Prior to joining division, he had a 20-year career in banking as an operations manager and branch manager.

“Experience as a banker in the local community has enriched my perspective as a public servant and regulator,” Young said. “I have experienced both sides of the financial industry and more importantly have assisted consumers from both perspectives.”

“We are excited to have Dwight Young take on this leadership role as the state’s Banking Commissioner,” said Nadine Ando, director of the Department of Commerce and Consumer Affairs. “His background in the financial industry paired with his commitment to the community make him a valuable advocate for Hawai‘i consumers.”

Young is a graduate of St. Louis High School and received his undergraduate degree in business administration from the University of Hawai‘i.