Washington, D.C. – State banking supervisors have appointed John P. Ducrest, Commissioner of the Louisiana Office of Financial Institutions (OFI) and Chairman of the Conference of State Bank Supervisors (CSBS), to serve on the Financial Stability Oversight Council (FSOC).
"Commissioner Ducrest has a tremendous understanding of the operations of the nation's financial system, and also brings the local perspective unique to state financial regulators," said John W. Ryan, President and CEO of CSBS. "This expertise will make John a valuable contributor to the important work of the FSOC."
Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act created the FSOC to monitor the safety and stability of the nation's financial system, identify risks to the system, and coordinate responses to any threat. The Dodd- Frank Act requires one of the five non-voting members of the FSOC be a state banking supervisor, to be selected by the state banking supervisors. William S. Haraf, the former Commissioner of the California Department of Financial Institutions, previously represented state banking supervisors on the FSOC.
Ducrest has served as commissioner of the OFI since June 2004 and 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. Ducrest first joined OFI in 1985 as a financial examiner before rising to the post of deputy chief examiner and eventually commissioner. 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. Ducrest is a 1984 graduate of the University of Louisiana at Lafayette, where he earned a Bachelor of Science degree in Business Administration. He is also a 1994 graduate of the Graduate School of Banking at Louisiana State University. He is a Certified Public Accountant, a Certified Fraud Examiner, and a Certified Examinations Manager.