RMBS

Bair Leaves FDIC Today and Joins Pew Charitable Trusts

Published July 8, 2011 2:02 PM EDT Updated July 8, 2011 2:53 PM EDT 1 Min Read

Sheila Bair today officially stepped down as the Federal Deposit Insurance Corp.‘s (FDIC) Chairman.

According to an FDIC press release, Bair will be joining Pew Charitable Trusts as a senior advisor on Sept. 7 after spending the summer with her family.

She has served as Chairman since June 26, 2006. Vice Chairman Martin Gruenberg will be acting chairman effective as of the close of business today. He has been vice chairman of the FDIC Board of Directors since August 22, 2005 and was also previously acting chairman from November 15, 2005 to June 26, 2006.

“It is with great pride that I leave the FDIC after the completion of my five year term. It has been a remarkable journey.” Bair said in a statement. “I feel honored to have served two Presidents and privileged to have led this great agency that worked so effectively to preserve confidence and stability in the banking system at a critical time. While I will truly miss the organization, I have the utmost confidence in Marty’s stewardship of the FDIC and its unparalleled professional staff.”

For reprint and licensing requests for this article, click here.

More From Asset Securitization Report

Regulation and compliance

FDIC’s Gruenberg: ‘I want to acknowledge my own failures as chairman’

Federal Deposit Insurance Corp. Chairman Martin Gruenberg apologized for his management and temper at a House Financial Services Committee hearing that focused on his handling of the agency in the immediate aftermath of a workplace behavior report outlining serious misconduct that prevailed for years.

By Claire Williams

Reporter

American Banker

May 15

Payday lending

Pressure mounts on FDIC, Fed to follow OCC’s small-dollar lead

The Office of the Comptroller of the Currency’s bulletin is seen as just one piece of the regulatory puzzle to coax banks into installment lending.

By Rachel Witkowski

Tech reporter

Financial Planning

July 2

Comptroller of the Currency Joseph Otting and FDIC Chairman Jelena McWilliams

Institutional Investors Need Finance Refresher: Sheila Bair

Former Federal Deposit Insurance Corp. Chairman Sheila Bair took private investors to task last week, arguing that their failure to understand and manage mortgage-market risk helped bring about the financial crisis.

April 21

RMBS

New OCC Regulatory Boss Taylor Seen as a Moderate

In November of 2009, Charles Taylor, director of the Pew Financial Reform Project, wrote a letter to the editor of Financial Times advocating higher capital requirements for banks. Even as some in Washington warned that raising reserves would hamper lending, Taylor argued that his group’s research indicated raising capital requirements from 6% to 10% would […]

August 25

Consumer ABS

An Exit Interview with Sheila Bair

American Banker sat down for an extensive exit interview with FDIC Chairman Sheila Bair, who will leave office on July 8. Following is an edited transcript. AMERICAN BANKER: What is your plan for your first Monday out of office? SHEILA BAIR: Probably having a leisurely breakfast and finishing the crossword and taking the dogs for […]

July 6