FDIC

During his second day of congressional testimony this week, the Federal Reserve chair said the central bank does not have supremacy over other agencies on their joint rulemaking.

Federal Deposit Insurance Corp. Board Members Jonathan McKernan and Rohit Chopra agreed on the value of clearer bank-fintech guidance to enhance regulatory clarity, foster innovation and ensure fair competition in the financial services sector.

The Federal Reserve chair said there is a consensus within the central bank's board of governors for reproposing its capital rules, but notes that other agencies have not yet signed off on this approach.

The fate of Capital One's acquisition of Discover should be determined based on its own merits and not be maligned for the foibles of other failed banks.

The Federal Deposit Insurance Corp.'s framework for resolving a large bank failure is inadequate and leaves the door open to future taxpayer-subsidized bailouts.

Eugene Scalia, former Secretary of Labor and the banking lobby's lawyer on retainer for a potential challenge to Washington's capital reform effort, discusses the state of administrative law after the overturning of a key legal precedent.

The company says the FDIC's "pause letters" to banks and denial of Freedom of Information Act requests are illegal.

Four large banks were dinged in their resolution plan reviews for shortcomings in their plans to unwind their derivatives positions in times of stress. But whether the problem is with the banks' plans or the regulators' expectations for a legally ambiguous product is a matter of debate.

The two divisions — one focused on employee conduct, the other aimed at improving hiring practices — were created in response to last month's explosive report on widespread harassment and discrimination at the Federal Deposit Insurance Corp.

The Senate Banking Committee will consider the nomination of Christy Goldsmith Romero — the administration's pick to take over the Federal Deposit Insurance Corp. — on July 11.

The FDIC board Thursday approved stricter resolution plans for larger banks and introduced a new bipartisan procedure to expedite merger application reviews.

President Joe Biden also nominated fellow Commodity Futures Trade Commission board member Kristin Johnson to a top bank regulatory post at the Treasury Department.

A House Financial Services Committee's hearing on workplace misconduct at the Federal Deposit Insurance Corp. Wednesday offered Republicans an opportunity to call for FDIC Chair Martin Gruenberg's immediate resignation, but Democrats pushed back against the implication that Gruenberg alone is to blame.

The White House is preparing to pick Christy Goldsmith Romero, a top US derivatives regulator, to lead a revamp at the Federal Deposit Insurance Corp., according to a person familiar with the matter.

All eyes are on the FDIC's toxic workplace scandal and the resultant resignation of its longtime director. However, another problem not being discussed is the agency's "problem bank list."

A Minnesota trade group and its co-plaintiff, Lake Central Bank, signaled that they plan to appeal a district court's dismissal of their lawsuit against the FDIC. The case involves the agency's guidance on nonsufficient funds fees.

The Federal Deposit Insurance Corp.'s Quarterly Banking Profile for Q1 showed that banks' net income margins got a boost, but FDIC Chair Martin Gruenberg said concerns around inflation, interest rate volatility and geopolitical uncertainty could mean tougher quarters ahead.

House Financial Services Committee Chair Rep. Patrick McHenry, R-N.C., told Federal Deposit Insurance Corp. Chairman Martin Gruenberg to make himself available for a June 12 hearing on the agency's workplace culture.

Getting appointees confirmed by the Senate can be a time-consuming and painstaking process in ideal circumstances, and doing it in an election year amid a scandal is far from ideal. Even so, the White House and Senate Democrats should be motivated to move fast.

Martin Gruenberg's ouster from the Federal Deposit Insurance Corp. leaves the White House with the difficult task of finding a regulator willing to serve a roughly six month term atop the beleaguered agency.