SALT LAKE CITY (Feb. 28, 2025) — Gov. Cox has appointed Shaun Berrett as commissioner of the Utah Department of Financial Institutions (DFI) pending approval by the Utah State Senate. Dedicating more than two decades to bank supervision and regulatory oversight, Berrett brings extensive experience to the role. He will succeed Darryle Rude as commissioner.
“Shaun’s decades of experience within DFI and his deep expertise in financial regulation make him the ideal choice,” Gov. Cox said. “His institutional knowledge and long-standing commitment to ensuring Utah residents have access to safe and sound financial services will be invaluable as we continue to build a strong and resilient banking industry.”
Berrett joined DFI in 1998 as an examiner and has since built a 26-year career in bank supervision, including time at the Federal Reserve Bank of San Francisco. He has played a critical role in safety and soundness examinations, IT and service provider oversight, large bank supervision and de novo bank application processing.
Most recently, Berrett served as DFI’s chief examiner, where he advised the commissioner, managed day-to-day operations and led Utah’s depository institution examination program. Prior to that, he served as supervisor of industrial banks, overseeing the nation’s most significant industrial banking sector.
“I am honored to serve as commissioner and grateful for the opportunity to continue working with Utah’s financial institutions as we ensure our state’s banking system is robust,” Berrett said. “Utah has a vibrant and dynamic banking sector, and I look forward to collaborating with industry leaders and regulators to support its continued safety and growth.”
Berrett has represented Utah and the state dual banking system at the national level, previously serving on the Board of Directors for the Conference of State Bank Supervisors (CSBS). He is a graduate of the University of Utah and enjoys traveling with his wife, Bonnie, and three adult children.
Shaun Berrett’s headshot can be found here.