FDIC announces new finance chief

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WASHINGTON — The Federal Deposit Insurance Corp.'s longtime finance chief will retire at the end of May, the agency announced Thursday.

Chief Financial Officer Steve App will be succeeded by Bret Edwards, who is now head of the FDIC's division of resolutions and receiverships.

"I would like to sincerely thank Steve for his outstanding public service and professionalism, and I wish him all the best in his retirement. He will be deeply missed,” FDIC Chairman Jelena McWilliams said in a press release. “We are very fortunate to have a cadre of talented and dedicated people at the FDIC to step in when needed.”

Edwards was a bank liquidation specialist during the savings and loan crisis at the former Federal Savings and Loan Insurance Corp. A year later, he joined the FDIC as adviser in the division of liquidation and then served as senior adviser before being named director of the FDIC's division of finance in 2007. He has been in his current role since 2011.

Maureen Sweeney, deputy director for strategic planning and resource management in the FDIC’s division of risk management supervision, will succeed Edwards as head of the failed-bank resolution unit. Sweeney is also a veteran FDIC official, having worked at the agency since 1986, including in its division of resolutions for five years.

“Bret and Maureen embody the true spirit of the FDIC, and I look forward to working with both of them more closely,” McWilliams said.

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Career moves Failures Policymaking Jelena McWilliams FDIC