SAVANNAH, Ga. – John P. Ducrest, Louisiana Commissioner of Financial Institutions and Immediate Past Chairman of the Conference of State Bank Supervisors (CSBS), gave outgoing remarks today during a question and answer session at the annual CSBS State-Federal Supervisory Forum in Savannah, Georgia.
In his discussion with CSBS President and CEO John W. Ryan, Ducrest stated community banks are vital to the economic health and stability of the nation, echoing the sentiments of other regulators expressed during the forum. He went on to say that because of the valuable role small banks play in the economy, and their significance to local communities, ensuring the viability of the community banking system was his priority as CSBS Chairman.
“I saw first-hand the impact these banks can have in getting a community back on its feet after a disaster,” Ducrest said. “When Hurricanes Katrina and Rita tore through my home state of Louisiana, the financial services industry, led by community banks, reacted quickly and aggressively to assist their fellow citizens and restore stability.”
Under Ducrest’s leadership as chairman, state regulators have accomplished several milestones over the last year, including implementing a comprehensive memorandum of understanding with the Consumer Financial Protection Bureau (CFPB), approving strategic goals and principles to guide CSBS in its mission to support state banking supervisors, and joining the landmark state-federal mortgage servicer settlement, which was a culmination of years of work by state mortgage regulators and state attorneys general.
Ducrest was appointed commissioner of the Louisiana Office of Financial Institutions in 2004. He became CSBS Chairman in January 2011, and was recently appointed to serve on the Financial Stability Oversight Council.
Ducrest is succeeded as Chairman by Tennessee Commissioner Greg Gonzales.