Sept 19 - State banking supervisors have reappointed John P. Ducrest, commissioner of the Louisiana Office of Financial Institutions and immediate past chairman of the Conference of State Bank Supervisors, to serve a second term on the Financial Stability Oversight Council.
"Commissioner Ducrest has played a very valuable role serving on the FSOC, said John W. Ryan, president and CEO of CSBS. As a state financial regulator he brings to the FSOC a local perspective of financial supervision that is necessary as the Council seeks to regulate systemic risks to the nation's economy, said Ryan. I am delighted state banking supervisors have decided to reappoint him, and pleased he has chosen to continue to serve.
Ducrest was first appointed to the FSOC in March 2012 to complete an unexpired term held by former California banking Commissioner William S. Haraf. Ducrest has more than 30 years of experience in bank supervision and has served as commissioner of the OFI since June 2004. He was elected chairman of CSBS in January 2011. As commissioner, Ducrest manages oversight of various entities that provide financial services to individuals and businesses in Louisiana, ranging from depository institutions such as banks and credit unions, to non-depository providers such as mortgage companies and brokers. During hurricane Katrina, Ducrest earned high praise for his tireless leadership in working with other state officials and the federal government to ensure a functional financial system for the citizens of Louisiana.
Established under the Dodd-Frank Wall Street Reform and Consumer Protection Act and chaired by the Secretary of the Treasury, the FSOC provides comprehensive monitoring of the safety and stability of the nation's financial system, identifies risks to the system, and coordinates responses to any threat to the system. The Dodd-Frank Act requires one of the five non-voting members of the FSOC be a state banking supervisor that is selected by the state banking supervisors to serve a two-year term.