California's top financial regulator, William S. Haraf, head of the Department of Financial Institutions and an appointee of former Gov. Arnold Schwarzenegger, announced Monday he is leaving the agency effective March 16.
A successor being selected by Gov. Jerry Brown is to be named "very soon," said a spokeswoman.
Haraf has been with the DFI since April 2008 after a career in commercial and investment banking, federal agencies and academia. As commissioner of financial institutions, Haraf serves as the sole state bank regulatory representative on the Financial Stability Oversight Council established by the Dodd-Frank Act.
He also has been chairman-elect of the Conference of State Bank Supervisors. A department statement said, "Transition arrangements for these assignments are under preparation."
"It has been an honor to serve two governors," said Haraf, whose future plans were not immediately made known.
Haraf previously was senior vice president for strategic policy/development and planning at Bank of America. Prior to that he had been a consultant with the Promontory Financial Group and a visiting professor of management at the graduate school at the University of California at Davis. He had served as managing director and chief of staff at Banc of America Securities and before that was director of policy analysis at Citicorp in Washington, D.C.
In a separate statement, the National Association of State Credit Union Supervisors lauded Haraf's work at DFI, calling him an important advocate for the state system with many contributions to the state regulatory system.
"His informed perspective and active involvement in state regulatory issues will be greatly missed and we wish him well in his future endeavors," said Mary Martha Fortney, NASCUS president/CEO.
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