HARAHAN, La. (3/22/12)--John P. Ducrest, commissioner of the Louisiana Office of Financial Institutions (OFI) and chairman of the Conference of State Bank Supervisors (CSBS), has been appointed to the national Financial Stability Oversight Council (FSOC), according to the Louisiana Credit Union League.
The FSOC was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act to monitor the safety and stability of the nation's financial system, identify risks to the system and coordinate responses to any threat. The act requires one of the five non-voting members of the FSOC to be a state banking supervisor selected by other state banking supervisors, said the league (eNews March 21).
William S. Haraf, former commissioner of the California Department of Financial Institutions, previously was state banking supervisors' representative on the FSOC.
Ducrest, commissioner of Louisiana's OFI since June 2004, was elected CSBS chairman in January 2011. As commissioner of OFI, he oversees financial services providers in the state, including credit unions. He first joined OFI in 1985 as a financial examiner before becoming deputy chief examiner and commissioner.
During Hurricane Katrina, he earned praise for his leadership in working with other state officials and the federal government to ensure a functional financial system for the citizens of Louisiana, the league said.