WASHINGTON — Jelena McWilliams officially became chairman of the Federal Deposit Insurance Corp. Tuesday following her Senate confirmation last month.
The former chief legal officer at Fifth Third Bank was sworn in to a five-year term as head of the agency and a six-year term as a member of the FDIC’s board of directors. She succeeds Martin Gruenberg, who served as chairman since November 2012. Gruenberg’s term as an FDIC board member expires at the end of this year.
"I look forward to working closely with my fellow board members and counterparts at other regulatory agencies," McWilliams said in a press release.
Before joining Fifth Third, McWilliams was chief counsel and deputy staff director on the Senate Banking Committee, and was an attorney at the Federal Reserve Board. She was also a private attorney at Morrison & Foerster LLP and Hogan Lovells LLP.
Her appointment rounds out the Trump administration’s picks to run the prudential banking agencies, following the earlier confirmations of Fed Chairman Jerome Powell and Comptroller of the Currency Joseph Otting. However, the administration has yet to nominate a permanent director of the Consumer Financial Protection Bureau.
Meanwhile, Gruenberg has reportedly been recommended by Senate Democrats as a potential choice to remain at the FDIC as vice chairman. He formerly held the role of the agency’s No. 2 before having been appointed as the head of the FDIC.
"I would like to thank Martin Gruenberg for his service, dedication, and leadership during his nearly 13 years at the FDIC," McWilliams said.