The chairman, and new vice chairman and member, of the board were sworn in Wednesday at the federal bank deposit insurance agency, beginning terms running, respectively, five years, six years and about 17 months – and rounding out the membership of the board for the first time in years,
The Federal Deposit Insurance Corp. (FDIC) said those sworn in were Martin J. Gruenberg, as the 22ndchairman of the agency board, Travis Hill as vice chairman and Jonathon McKernan as a board member. McKernan’s relatively short term is because he is filling out the unexpired term of former Chairman Jelena McWilliams, who resigned in February 2022 without serving the full five years.
Gruenberg is also starting a six-year term as a member of the FDIC Board.
Thursday’s action means the FDIC Board will have a full complement of members for the first time in more than seven years; that is, since June 4, 2015. The other two members of the five-member board are the leader of the Office of the Comptroller of the Currency (OCC, currently Acting Comptroller Michael Hsu) and the director of the Consumer Financial Protection Bureau (CFPB, currently Rohit Chopra).
Gruenberg is a Democratic designee; both Hill and McKernan are Republican designees.