McWilliams Confirmed by Senate as FDIC Chair
McWilliams Confirmed by Senate as FDIC Chair

Jelena McWilliams, former Chief Legal Officer at Fifth Third Bancorp, was confirmed by the Senate on May 28 to be the next chair of the Federal Deposit Insurance Corporation (FDIC). McWilliams’ nomination was passed through the Senate Banking Committee with relative ease back in February, being approved with a vote of 24 to 1, and after months of standstill, she was officially approved by the full Senate by a vote of 69 to 24.

As Chair, McWilliams will be confronted with significant challenges. She will have to deliberate on the direction the FDIC will take as a regulator, dealing with pertinent issues such as what stance to take on granting charters to fintechs with the purpose of entering the banking system and how to reanalyze the Volcker Rule.

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