Joseph Smith will resign as the North Carolina Commissioner of Banks on Friday in order to focus on his new job as the monitor of the $25 billion settlement between the nation's five largest banks and a coalition of federal and state agencies.
The Charlotte Observer reports that Smith will remain in Raleigh, N.C., rather than relocate to Washington, D.C. His new duties are scheduled for the next three years.
‘I have enjoyed my tenure as commissioner of banks and have done my best to promote the strength and fairness of North Carolina's financial markets,’ Smith said in a statement. ‘I hope my efforts as monitor will contribute to the recovery of the mortgage market and the health of our economy.’
President Obama nominated Smith to become director of the Federal Housing Finance Agency in 2010, but his nomination was stalled in the Senate, and Smith later withdrew himself from consideration.
North Carolina Chief Deputy Commissioner of Banks Ray Grace will serve as acting commissioner until a permanent replacement for Smith is named.