The Federal Deposit Insurance Corp. Friday named Michael Krimminger, a close aide to Chairman Sheila Bair, as the agency's new general counsel.

Krimminger's appointment was effective immediately. He had been serving as the FDIC's acting general counsel. Krimminger succeeds Michael Bradfield, who stepped down as general counsel in August.

Krimminger has been Bair's chief policy deputy since 2009, which has put him at the forefront of many key policy initiatives undertaken during the crisis. Among other issues, he has had a role in the FDIC's support of loan modifications to prevent foreclosure, as well as in the agency's implementation of new resolution authority for large firms mandated by the Dodd-Frank Act.

"His depth and breadth of knowledge of domestic and international banking issues and extensive expertise in resolutions and deposit insurance systems have made him exceptionally well positioned to serve as general counsel in the current regulatory environment," Bair said in a statement.

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