Full board ahead for FDIC as Senate confirms two-time chairman, vice chairman, member

A full board, for the first time in years, will be featured at the next meeting of the board for the federal deposit insurance agency now that the Senate has confirmed a chairman and two appointed members.

Martin J. Gruenberg was confirmed on a voice vote by the Senate late Monday to a five-year term as chairman of the Federal Deposit Insurance Corp. (FDIC) Board. This is the second time Gruenberg has been confirmed to serve as board chairman, the first time ever a chairman has been confirmed to repeat a full term. He was previously chairman, for a five-year term, from 2012 to 2017. Since 2018, he has served as a member of the agency board, remaining in a holdover status since his term expired in November of that year.

He has been the acting chairman since Feb. 5 when President Joe Biden (D) designated him so following the resignation of former Chairman Jelena McWilliams.

Gruenberg is a Democratic designee. He will be joined on the board by two appointed members, both Republican designees, who were also approved by the Senate on a voice vote late Monday.

Travis Hill was confirmed to a six-year term as a member of the FDIC Board and as vice chairman of the board. He fills a seat that has been empty on the board since the resignation of Thomas Hoenig in 2018.

Jonathan McKernan was confirmed as a board member for a term expiring May 31, 2024, filling out the remaining term of McWilliams.

Rounding out the five-member FDIC Board are two representatives who sit on the panel by way of their status as leaders of two bank regulatory agencies, the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB). Acting Comptroller Michael Hsu and CFPB Director Rohit Chopra were both named to their respective roles by Biden and are both Democratic designees.