Longtime SCC banking commissioner to retire

After nearly three decades under the same leadership, the Virginia State Corporation Commission‘s Bureau of Financial Institutions will soon have a new commissioner.

The SCC announced Tuesday that Joseph Face Jr. will retire in January 2026 after serving since 1997 as the state’s commissioner of the Bureau of Financial Institutions, with regulatory authority over state-chartered banks and credit unions in Virginia.

Dustin Physioc, who has almost two decades of experience with the SCC’s Bureau of Financial Institutions, will succeed Face, effective Jan. 25.

The bureau administers state laws applicable to depository and nondepository financial institutions, including state-chartered banks, saving institutions and credit unions. It also handles consumer complaints related to those entities.

Face’s career with the SCC dates back to 1979, when he began work as an examiner. He later became deputy commissioner of financial institutions in 1993. During his time with the SCC, he has also represented state regulators in numerous groups, committees and coalitions

“Joe Face’s steady leadership over the last three decades has been of incalculable value to both consumers and the regulated community,” Commission Chair Samuel T. Towell said in a statement. “Virginia is fortunate to have in Dustin Physioc someone with the experience and demeanor to build on that strong foundation.”

Physioc joined the SCC in 2006 as a financial analyst in the bureau’s licensing division and later held various licensing positions before being appointed deputy commissioner for administration and licensing in 2018. He also led the bureau’s strategic planning and budget programs.

Physioc has bachelor’s degrees in economics and political science from Virginia Tech. He is also a graduate of the Virginia Executive Institute, the L. Douglas Wilder School of Government and Public Affairs at Virginia Commonwealth University and the Virginia Bankers School of Bank Management.

According to the SCC, the bureau regulates more than 26,000 financial institutions, licensees and registrants controlling some $150 billion in assets.