SCC Names Physioc Commissioner of Financial Institutions

Dustin Physioc has been named Commissioner of Financial Institutions for the Virginia State Corporation Commission, effective January 25, 2026. He succeeds E. Joseph Face Jr., who is retiring in January after 46 years of distinguished service to the SCC including 28 years leading the Bureau of Financial Institutions.

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

Physioc brings almost two decades of experience with the SCC's Bureau of Financial Institutions. He joined the SCC in 2006 as a financial analyst in the bureau's licensing division and held increasingly responsible licensing positions before being appointed deputy commissioner for administration and licensing in 2018, responsible for:

• Directing all chartering and licensing functions for financial institutions supervised by the bureau.
• Administering the bureau's accounting, procurement, audit, records management, systems management and business continuity functions.
• Leading the bureau's strategic planning and budget programs.

Physioc has led bureau-wide projects to achieve accreditation through the Conference of State Bank Supervisors and National Association of State Credit Union Administrators. He also developed and executed budget strategies generating more than $40 million in cumulative savings for regulated institutions and led business process improvement initiatives to reduce application processing times during a period of record application volume.

The Bureau of Financial Institutions administers Virginia laws regarding depository and nondepository financial institutions including state-chartered banks, savings institutions, credit unions, trust companies, consumer finance companies, mortgage lenders and brokers, mortgage loan originators, sales-based financing providers, money transmitters, credit counseling agencies, motor vehicle title lenders, industrial loan associations, short-term lenders, check cashers, student loan servicers and debt settlement services providers. The bureau also investigates and responds to consumer complaints regarding these businesses.

"I am extremely pleased the judges at the State Corporation Commission have appointed Dustin to be the next Commissioner of Financial Institutions, and to know that the bureau will be in excellent hands," Face said.      

Physioc holds bachelor's degrees in economics and political science from Virginia Tech. He is a graduate of the Virginia Executive Institute, L. Douglas Wilder School of Government and Public Affairs at Virginia Commonwealth University and the Virginia Bankers School of Bank Management. The Richmond native currently resides in Moseley, Virginia with his wife, Sarah, and two children.

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Contact: Katha Treanor, 804-371-9141