FDIC

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.

The FDIC recently proposed that an ombudsman be added to the Supervision Appeals Review Committee as a nonvoting member.

Martin Gruenberg has been acting chairman of the Federal Deposit Insurance Corp. since February and is the longest-serving member of the FDIC board.

The board of the Federal Deposit Insurance Corp. is required by law to have a member with state bank supervisory experience. That perspective has been absent for too long.

The Federal Deposit Insurance Corp.'s solution to add the ombudsman to an appeals committee as a nonvoting member wouldn't be enough to ensure the independence of the appeals process, banks said.

The rate of unbanked consumers declined to its lowest point since the Federal Deposit Insurance Corp. began its biennial survey in 2009.

The bank regulators have promised new guidelines for large regional bank resolution plans. Some say the move is overdue, but others say it doesn't go far enough.

The Federal Reserve and the Federal Deposit Insurance Corp. are aiming to finalize its guidance by summer 2023.