FDIC names Pearce director of new consumer protection division
The Federal Deposit Insurance Corporation named Mark Pearce director of the new Division of Depositor and Consumer Protection. In August, the FDIC announced the formation of the division, as well as an office of complex financial institutions, to comply with new regulations under Dodd-Frank. Pearce will join the FDIC in a few weeks and assist in getting the new division up and running by January, Vice Chairman Martin Gruenberg said in a release. The depositor and consumer protection division will create rules for banks with total assets of $10 billion or less. Pearce had been chief deputy commissioner of banks for North Carolina since 2009, keeping tabs on mortgages, consumer finance, and the check-cashing and money-service businesses. Prior to that, he held numerous posts, including president and chief operating officer, with the Center for Responsible Lending in Durham, N.C. Write to Jason Philyaw.