State News

N.C. bank regulator is FDIC consumer protection head

Posted October 13, 2010 9:55 a.m. EDT
Updated October 13, 2010 11:12 a.m. EDT

— One of North Carolina’s top banking regulators is taking the reins of a new consumer protection unit created by the Wall Street reform law.

The North Carolina banking commission said Wednesday that chief deputy commissioner Mark Pearce is joining the Federal Deposit Insurance Corp. to head its new consumer protection division.

Pearce is a Raleigh native and Harvard University law school graduate. He was president of the Center for Responsible Lending in Durham before joining the banking commission in 2006.

Pearce headed North Carolina’s regulation of mortgages, consumer finance, and other non-bank lending.

The state commission oversees state-chartered banks, savings and loans, check-cashers, and more than 600 mortgage lenders and brokers.

“North Carolina is a leader in consumer protection and progressive financial policy. Mark carried on this tradition,” State Treasurer Janet Cowell, chairwoman of the State Banking Commission, said in a statement. “While his departure is a loss for the state, we are proud to have him in this prestigious and influential role that will have an impact on consumers across the country.”

Pearce helped establish the State Home Foreclosure Prevention Project, which has helped more than 5,000 homeowners avoid foreclosure. In addition, more than 14,000 homeowners have met with counselors to obtain free foreclosure prevention assistance.