FDIC

The confirmation of Martin Gruenberg to chair the Federal Deposit Insurance Corp. is the final chapter of the political fracas surrounding former chair Jelena McWilliams' departure. But it also means he could be outvoted if a Republican takes the presidency in 2024.

In a joint review published Friday, the Federal Reserve and Federal Deposit Insurance Corp. found problems with two foreign banks' bankruptcy resolution plans.

The Federal Deposit Insurance Corp. has proposed a rule to modernize representations of insured deposits and finalized guidelines for appeals of material supervisory determinations.

The agency is needlessly raising banks' costs at a time of severe economic uncertainty.

Federal law requires one Federal Deposit Insurance Corp. board member to have state bank supervisory experience, but if no one takes that requirement seriously it should be scrapped.

FTX's previously unknown ties to the banking system have raised questions about crypto's reach in traditional finance.

The Federal Deposit Insurance Corp. acting Chairman Martin Gruenberg suggested that could decrease in future quarters as market pressures push up the interest that banks need to pay for consumer deposits.

Acting Federal Deposit Insurance Corp. Chairman Martin Gruenberg was described even by Republicans as well qualified and experienced, but took heat for a year-old drama that led to the departure of the agency's former chairman.

The Federal Deposit Insurance Corp. lacks a board member with state banking regulatory experience as required by law, the Conference of State Bank Supervisors says. None of President Biden's picks — including acting Chair Martin Gruenberg — meets that criterion.

Citi was the only bank cited in the agencies' biennial review of living wills for the eight largest U.S. banks.