WASHINGTON — Nearly a year after Sheila Bair stepped down as head of the Federal Deposit Insurance Corp., another of her top deputies at the agency has found work elsewhere.
Michael Krimminger, the FDIC's general counsel and a former special advisor for policy to Bair, will leave the agency on May 25 to join the law firm Cleary Gottlieb Steen & Hamilton, the FDIC said Monday.
Krimminger has been at the FDIC since 1991, and has served in a variety of senior policy and management positions. As one of Bair's most senior aides, he became significantly involved in a range of issues stemming from the crisis. Among others, they include the FDIC's advocacy for loan modifications, new standards for private-equity firms buying failed banks, new restrictions on securitization, the FDIC's authority in the Dodd-Frank Act to seize failing firms and a regulation requiring systemically important firms to craft resolution plans.
"His leadership and extensive expertise in banking and financial institution crisis and resolution, mortgage finance, international coordination, capital markets, and legal issues have been invaluable to the FDIC during his many years of public service at the agency," Martin Gruenberg, the FDIC's acting chairman, said in a press release.
The FDIC said Richard Osterman, the agency's deputy general counsel, will serve as acting general counsel.
The announcement of Krimminger's departure came just a week after the Office of the Comptroller of the Currency said Paul Nash, who had been hired as Bair's top congressional liaison before passage of Dodd-Frank, would join the OCC as chief of staff for new Comptroller Thomas Curry.