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Financial Services Law Insights and Observations

Biden nominates Gruenberg for FDIC chair

Bank Regulatory Federal Issues CSBS State Issues FDIC Biden

On November 14, President Biden announced his intention to nominate Martin Gruenberg to serve as chair and member of the FDIC Board of Directors. Following the resignation of the FDIC’s former chair, Jelena McWilliams (covered by InfoBytes here), Gruenberg has been acting chairman. Since joining the FDIC Board of Directors in 2005, Gruenberg has served as vice chairman, chairman, and acting chairman. Prior to joining the FDIC, Gruenberg served on the staff of the Senate Banking Housing and Urban Affairs Committee as Senior Counsel of the full Committee, and as staff director of the Subcommittee on International Finance and Monetary Policy.

CSBS President and CEO James M. Cooper issued a statement following the announcement: “Today’s announcement from the White House means that none of the nominees to the FDIC Board will meet the requirement for state bank supervisory experience. This requirement is not only the law but also a great benefit for consumers and the banking sector when the dual-banking system is fully represented on the FDIC Board. We encourage Senators, in their role in the confirmation process, to ask nominees how they will work with state bank regulators to benefit from their experience sitting closer to citizens and local economies.” 

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