FDIC Announces Director of New Division of Depositor and Consumer Protection
The FDIC announced the appointment of Mark Pearce as director of the newly-established Division of Depositor and Consumer Protection, or DCP. The FDIC Board of Directors approved the creation of the DCP last August to help carry out its responsibilities under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The establishment of the DCP is dedicated to depositor and consumer protection is intended by the FDIC to provide increased visibility to the FDIC’s compliance examination and enforcement program. That program is meant to ensure that banks comply with a myriad of consumer protection and fair lending statutes and regulations. While Congress established the Consumer Financial Protection Bureau to promulgate consumer protection rules, the FDIC maintains the responsibility to enforce those rules for banks with $10 billion or less in assets and to perform its traditional depositor protection function. The new Division will also house FDIC staff and resources devoted to answering questions and promoting public understanding of deposit insurance and use of FDIC-insured bank accounts.
Mr. Pearce has been the Chief Deputy Commissioner of Banks for North Carolina since 2009 where he manages the supervision of non-depository financial institutions operating in the state, including mortgage, consumer finance, check-cashing, and money service businesses. He also developed and managed the North Carolina Foreclosure Prevention Project. Prior to joining state government, Mr. Pearce spent more than ten years with the Center for Responsible Lending in Durham, North Carolina, one of the nation’s leading sources of expertise in consumer protection in financial services, holding an number of progressively responsible positions, including President and Chief Operating Officer.
Contact Steve Quinlivan for more information.