The chair of the Federal Deposit Insurance Corporation will resign more than a year before her term ends, following a public spat with some FDIC board members over bank merger rules.
The Senate Banking, Housing and Urban Affairs Committee is holding a confirmation hearing.
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The chair of the agency will step down on February 4.
The attorney and former bank executive was confirmed by the Senate in June of last year and is leaving her post less than four years later.
She didn't offer a reason for her resignation, but she said her time at the FDIC's helm was the highlight of her professional life.
Martin Gruenberg will serve as acting chair until a successor is nominated by President Joe Biden and confirmed by the Senate. The board of directors of the FDIC has been chaired by Gruenberg since 2012 and he has been on the board for more than 15 years.
The key background.
The three Democrats on the FDIC board were stopped from recording a vote to seek public comment on the agency's bank merger regulations by McWilliams. This seemingly minor procedural issue led to a larger dispute between McWilliams and her colleagues. The director of the Consumer Financial Protection Bureau called the move "unsafe and unsound" and argued that a review of bank merger policies is needed. The Wall Street Journal op-ed was written by McWilliams, who accused the board of the Democratic members of interfering with the political independence of the agency.
The chair of the U.S. Federal Deposit Insurance Corp. blocks an effort to get public feedback on bank merger rules.
The Wall Street Journal reported on a Hostile takeover of the FDIC.
