Bank Watch

Legislature confirms Ray Grace to another banking commissioner term

Ray Grace, North Carolina’s commissioner of banks
Ray Grace, North Carolina’s commissioner of banks None

North Carolina’s banking commissioner has been confirmed to another term, positioning Ray Grace to remain in place until March 2019.

Last week, the General Assembly voted in favor of Grace’s reappointment by Republican Gov. Pat McCrory, who first nominated Grace in 2013 to serve the remaining two years of Joseph Smith’s term. Smith stepped down the year before to become monitor of a national mortgage settlement.

In his role, Grace oversees the chartering and regulation of North Carolina’s state banks as well as some other financial services firms. The office also regulates certain financial sector professionals operating in the state, such as mortgage brokers.

“I will continue to communicate with the industries we regulate and with North Carolinians who use these financial services, to ensure businesses thrive without harming consumers,” Grace said in a statement.

Former Gov. Bev Perdue, a Democrat, appointed Grace to serve as interim commissioner after Smith’s resignation in 2012, her final full year in office. McCrory, a Republican, named Grace official commissioner.

Grace, a Vietnam veteran and former Marine, joined the commissioner’s office in 1974 as an examiner trainee. Prior to his appointment by Perdue, he was chief deputy commissioner of banks for the office.

Deon Roberts: 704-358-5248, @DeonERoberts