Credit union regulator’s board members laud FDIC’s McWilliams as she heads for the door

Outgoing Federal Deposit Insurance Corp. (FDIC) Board Chairman Jelena McWilliams received a note of acknowledgement Wednesday from her colleagues at the credit union regulator’s board with a joint statement signed by all three.

NCUA Chairman Todd M. Harper, Vice Chairman Kyle S. Hauptman, and Board Member Rodney E. Hood lauded McWilliams’ oft-repeated “inspirational personal story” of coming to the United States as an immigrant with scant resources.

Harper said he had “seen firsthand the expert knowledge, considerable skill, and strategic insights she provides debating issues and making decisions.” Hauptman said McWilliams is “an inspiring example of the American dream, an immigrant from a statist regime who then achieved here at the highest levels.” Hood said she “played a pivotal role in creating an effective regulatory environment for the U.S. banking system.”

The White House has not yet indicated who it will nominate to replace McWilliams or designated an “acting” chairman of the board once she has left. The only member of the agency’s board who was appointed (and confirmed by the Senate) specifically to serve on the panel is Board Member (and former chairman) Martin Gruenberg, a Democratic appointee. He is serving in a “holdover” capacity since his term expired in December 2018. Unless he resigns, he may remain on the board until a successor is confirmed by the Senate.

In another development related to McWilliams’ Friday exit from the FDIC leadership, the FDIC chairman issued a statement late Tuesday saying her deputy for policy, Travis Hill, is resigning from the agency as of Monday (Feb. 7). “His intellectual curiosity and thoughtful approach have earned the trust of his peers and the respect of leaders at partner agencies, in the private sector, and among our international counterparts,” McWilliams said.

NCUA’s Harper, Hauptman, and Hood Commend Chairman McWilliams for Her Service to the FDIC

Statement from FDIC Chairman Jelena McWilliams