A Legacy of Consistency and Cooperation: The Retirement of Joe Face
Joe Face, the long-standing commissioner of Virginia’s Bureau of Financial Institutions, has announced his plans to retire at the end of January. With a remarkable tenure of 28 years, Face holds the record for the longest-serving commissioner in the history of the Bureau. In his nearly half-century career with the Bureau, Face has been known for his commitment to strengthening the dual bank regulatory system and has played a notable role in the establishment of consistency and coordination among state-level financial supervision.
A Challenging Start and a Notable Career
Face’s illustrious career began with a rough start. On his first day, he was assigned to join an audit team at a savings and loan in Suffolk. However, a tropical storm turned the usually two-hour drive into a daunting journey that left him both soaked and late. He recalls thinking he might be fired on his first day and decided to give the job six months. Little did he know, he would end up staying for 46 years, building a legacy of effective financial regulation.
Over the course of his career, Face has spent more than a decade examining banks, thrifts, and credit unions across Virginia. His early years were marked by the use of state-issued adding machines and manual typewriters. In 1993, he was promoted to deputy commissioner, and by 1997, he took on the role of commissioner, succeeding his mentor Sidney Bailey.
A Legacy of Stability and Integrity
Under Face’s leadership, Virginia experienced only five bank failures in almost three decades. While Face modestly credits the strong record to the boards and executives at Virginia banks, his peers, such as Bruce Whitehurst, CEO of the Mid-Atlantic Bankers Association and the Virginia Bankers Association, emphasize the crucial role of the state’s regulatory work in this achievement.
Face’s influence extends beyond state borders. He served as chairman of the Conference of State Banking Supervisors from 2006 to 2007 and helped found the American Association of Residential Mortgage Regulators. His efforts have been instrumental in fostering cooperation among state banking agencies nationwide. Charles Cooper, Texas’ banking commissioner, describes Face as a consensus-builder who has consistently advocated for national cooperation among state regulators.
The Dual Banking System: A Hallmark of Face’s Tenure
One of the defining aspects of Face’s tenure has been his commitment to maintaining a robust dual banking system, where state regulatory agencies work alongside their federal counterparts. He played a pivotal role in the creation of the Nationwide Multi-State Licensing System for mortgage originators, which began operating in 2008.
Believing in the value of the dual banking system, Face echoes the words of his predecessor, Sid Bailey, asserting that this system keeps regulators honest and serves the public interest.
Looking Forward: Retirement and Succession
Ending his tenure as Virginia’s longest-serving banking commissioner, Face plans to spend his retirement with his granddaughters, golfing, and attending Crimson Tide football games. He leaves the Bureau in the capable hands of his successor, Dustin Physioc, who has been with the Bureau of Financial Institutions since 2006.
Face’s retirement marks a significant change for Virginia, but his legacy of consistent and cooperative financial supervision will continue to guide the Bureau’s path in the years to come.
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