President Biden will nominate Christy Goldsmith Romero, a Democratic member of the Commodity Futures Trading Commission, to replace Martin Gruenberg as chair of the Federal Deposit Insurance Corporation, the White House said Thursday. The intended nomination from the White House comes after Gruenberg, a Democrat, said in May he would step down once a successor … Read more
Federal Deposit Insurance Corp Chair Martin Gruenberg announced his resignation on Monday, finally succumbing to a months-long scandal over sexual harassment and other misconduct at the top bank regulator. Gruenberg said he would step down from his responsibilities once a successor is confirmed. The White House will nominate a replacement for Gruenberg, White House deputy … Read more
The most powerful Democrat in Congress on banking and financial issues called for President Joe Biden to replace the chairman of the Federal Deposit Insurance Corp. (FDIC) on Monday, saying the agency is broken and there must be “fundamental changes at the FDIC.” This follows a damning report about the agency’s toxic workplace culture released … Read more
An independent review of the Federal Deposit Insurance Corp. ‘s workplace culture describes an environment that fostered “hostile, abusive, unprofessional, or inappropriate conduct,” and questions whether the agency’s chairman is credible to lead the agency through a cultural transformation. The report released Tuesday by law firm Cleary Gottlieb Steen & Hamilton outlines incidents of stalking, … Read more
US regulators have seized Republic First Bancorp and agreed to sell it to Fulton Bank, the Federal Deposit Insurance Corp. said Friday, underscoring the challenges facing regional banks a year after the collapse of three peers. The Philadelphia-based bank, which had abandoned funding talks with a group of investors, was seized by the Pennsylvania Department … Read more
