In her first major management shake-up, Federal Deposit Insurance Corp. Chairman Donna A. Tanoue appointed a new chief financial officer and four other senior executives Tuesday.
Filling the CFO slot is Myrta "Chris" Sale, director of management initiatives at the Office of Management and Budget. From September 1997 to July 1998, Ms. Sale was the Small Business Administration's chief operating officer.
Stephen M. Cross is leaving the Office of the Comptroller of the Currency to direct the FDIC's division of compliance and consumer affairs.
Mr. Cross, as deputy comptroller for community and consumer policy, was involved in the 1995 rewrite of the Community Reinvestment Act rules and has worked since then on implementing them. (He will be succeeded at the OCC by Ralph E. Sharpe, adviser to the senior deputy comptroller for bank supervision policy.) The Cross appointment means FDIC-regulated banks should expect more-thorough CRA reviews, said Jo Ann S. Barefoot, a partner at KPMG Barefoot Marrinan.
"Steve is without doubt one of the most thoughtful and aggressive of the regulators in this field," she said. "He would bring a new focus on compliance at the FDIC."
The other appointments are:
Arelas Upton Kea as the director of the division of management. Ms. Kea has served as ombudsman and acting deputy general counsel at the FDIC.
Frederick S. Selby as director of the division of finance. Mr. Selby was the acting director of the division.
D. Michael Collins as director of the office of diversity and economic opportunity. He served the Air Force in a similar job.
No one was fired in the shake-up. The posts had been vacated by four officials who retired in the past year and one who participated in an agencywide buyout program in September. The departments had been led by acting directors as Ms. Tanoue searched for successors.
"We are creating a new management team that will lead us into the new millennium," Ms. Tanoue said. "The talent, knowledge, and experience of our five appointees ... combined with the strong senior management we now enjoy give us the leadership we must have to meet the challenges of a changing financial services industry."