Plaid hires former FDIC chair Jelena McWilliams

• Key insight: Plaid's new hire signals strategic regulatory engagement with banks and policymakers.
• Expert quote: McWilliams argues that technology strengthens the financial system and broadens consumer choice.
• Forward look: Expect intensified regulatory engagement and policy advocacy from Plaid in coming years.
  Source: Bullets generated by AI with editorial review

Plaid, a fintech that facilitates data sharing between banks and finance apps, has hired former FDIC chairperson Jelena McWilliams as its new president of corporate and external affairs.

McWilliams, who was appointed chair of the Federal Deposit Insurance Corporation by President Donald Trump in 2018, served in the role until early 2022.

She then joined the law firm Cravath, Swaine & Moore as the managing partner of its Washington, D.C. office.

"Jelena helped launch and grow Cravath's office in Washington, D.C., and she has been an exceptional advisor, colleague and mentor during her tenure at the firm," said Faiza J. Saeed, presiding partner at Cravath, in a statement from the firm. "We look forward to continuing to work with Jelena in this new role at Plaid."

In her new role, McWilliams will lead Plaid's policy and external affairs, according to a statement sent to American Banker from Plaid, with a focus on working with policymakers, regulators and industry partners such as banks. Before her time at the FDIC, McWilliams also worked as the chief legal officer for Fifth Third Bank.

"In my work across government, banking and law, I have seen firsthand how technology can strengthen the financial system and improve outcomes for consumers while ensuring that the U.S. has the most dynamic and competitive financial system," McWilliams said in a statement provided by Plaid. "As the industry continues to evolve, I look forward to helping advance financial innovation, consumer choice, and America's entrepreneurship."

Plaid CEO Zachary Perret said in a LinkedIn post announcing the hiring that McWilliams "brings a rare combination of policy depth, legal experience and a deep understanding of how financial systems work, and how to make them better… At a time when the pace of innovation in financial services has never been faster and consumers are demanding more control, transparency and trust, Jelena's leadership will be a huge accelerant for our work."

Plaid raised a $575 million funding round in the spring of 2025 with a $6.1 billion valuation, but stated that it was not planning to file for an IPO that year. A company spokesperson told American Banker at the time that "an IPO remains a milestone we're tracking toward" but did not give a specific timeline.

In a 2022 American Banker podcast episode recorded during her last days as FDIC chair, McWilliams described her position of "fighting for innovation" for underbanked consumers.

"We have to allow innovation to prosper because a lot of customers depend on it," she said in the episode. "It's an opportunity for us to ensure that more consumers can get good quality products and services and responsible credit while making sure that the United States remains the preeminent financial marketplace in the world. That's something that is both a matter of our national security and economic growth, so I will continue advocating for responsible innovation in any which way I can."

McWilliams' new role will take on and expand much of the work previously led by John Pitts, according to a Plaid representative, after his departure last year to the buy now pay later (BNPL) fintech Affirm.

McWilliams was also the bankruptcy trustee for Synapse, a banking-as-a-service startup that went bankrupt in April 2024. The Chapter 11 bankruptcy case against Synapse was dismissed in November 2025 in response to a motion from McWilliams, which requested either a dismissal or a conversion from Chapter 11 to Chapter 7.