Why Jeff Plagge Can't Quit Banking

The industry vet, who just retired as Iowa Superintendent of Banking and then joined the FHLB board for Des Moines, discusses banks' challenges and 'regulatory stacking.'

Good morning, Bank Slaters!

With 2024 underway, I’m locking down conference travel, including plans to attend my first Acquire or be Acquired (AOBA) conference. Let me know if you’re going (info@thebankslate.com) — it would be great to connect. I also plan to go to CUNA GAC, ICBA Live and American Banker’s Payments Forum in the coming weeks.

My SRM Firmer Ground podcast with Charles Potts, the ICBA’s chief innovation officer, is live and can be viewed here. We had a great conversation about innovation in 2023 and expectations for the year ahead. And I just led a discussion on SRM’s Tech Talk platform about bankers’ tech views, which should be shareable soon.

Let’s talk about the unique career of Jeff Plagge.

I’ve known Jeff for years, interviewing him in 2013 when he began a one-year term as chairman of the American Bankers Association. Over 40+ years in banking, he has led several banks, including Northwest Financial, a $3 billion-asset bank holding company in Arnolds Park, Iowa.

Jeff spent most of the last four years as Iowa Superintendent of Banking — retiring on Dec. 31. He’s a horrible retiree — immediately joining the board of the Federal Home Loan Bank of Des Moines at a time when pressure is mounting for FHLBs to be a more-selective lender to member banks. He also agreed to serve as managing director for the family office of NBA player Harrison Barnes.

Our discussion covered Jeff’s career, including his role in the credit union-bank merger debate, Iowa’s first bank failure in a decade, and the challenges small banks face from a building wave of regulation.