Ray Grace has been appointed Commissioner of Banks by Governor Pat McCrory, according to the News & Observer.
Commissioner Grace was appointed by former Governor Beverly Purdue to serve when then-Commissioner Joe Smith left the position to become the nationwide mortgage settlement czar. Commissioner Smith's term would have otherwise expired on March 31, 2015. Despite widespread industry support following Grace's appointment by Governor Purdue, he was not confirmed by the General Assembly, and has therefore been serving as Acting Commissioner since February 2012.
Commissioner Grace served in the Marine Corps during the Vietnam War, after which he went to college and promptly joined the Office of the Commissioner of Banks as a trainee examiner in 1974. I have previously expressed support for Ray Grace here on the NC Business and Banking Law Blog.
Grace's appointment remains subject to confirmation by each house of the N.C. General Assembly pursuant to the newly-enacted banking statute (N.C.G.S § 53C‑2‑2(a)). If confirmed, he will serve a four-year term beginning on April 1, 2013.
Commissioner Ray Grace addresses bank directors at the NC Bankers Association Directors Assembly in February 2013. Photo by Matt Cordell