State Representation on the FDIC Board
Position Summary
Sometimes legislative history tells a fuller story of a bill’s provisions. In 1996, Congress amended the Federal Deposit Insurance Act (FDI Act) to require that at least one of the FDIC’s three independent directors have state bank supervisory experience. I want to make clear why this requirement can only be met with an individual who has served as a state official responsible for supervising state banks.

Section 2 of the FDI Act requires that the FDIC Board be made up of the following:

  • The Comptroller of the Currency
  • The director of the Consumer Financial Protection Bureau
  • Three other directors (including the chairman and vice chairman), one of whom “shall have state bank supervisory experience.”

The plain language of the law and its legislative history clearly contemplate that one of the directors (not including the Comptroller or the CFPB director) have experience as a state official responsible for supervising state-chartered banks. 

State Representation on the FDIC Board News

Press Room

CSBS Statement on FDIC Board Appointees

CSBS President and CEO Jim Cooper Statement on New FDIC Board Appointees: “On behalf of state bank regulators, I congratulate Martin Gruenberg, Travis Hill and Jonathan McKernan on their appointment to the FDIC Board. Now that the board is complete, I invite all five members to meet with state regulators
December 20, 2022
Policy

Letter to Senate on FDIC Board Seat Nominations

The Honorable Sherrod Brown Chairman Banking, Housing, and Urban Affairs Committee United States Senate Washington, DC 20510 The Honorable Pat Toomey Ranking Member Banking, Housing, and Urban Affairs Committee United States Senate Washington, DC 20510 Dear Chairman Brown and Ranking Member Toomey: On behalf of the Conference of State Bank Supervisors (CSBS)1, I write to express my disappointment with the
November 29, 2022
Press Room

Statement on FDIC Board Chair Nomination

CSBS President and CEO James M. Cooper Statement on FDIC Board Chair Nomination Washington, D.C. – “Today’s announcement from the White House means that none of the nominees to the FDIC Board will meet the requirement for state bank supervisory experience. This requirement is not only the law but also
November 15, 2022
Press Room

CSBS Urges Administration to Follow Law; Nominate State Regulator to FDIC Board

By James M. Cooper, president and CEO of the Conference of State Bank Supervisors “On behalf of state regulators, I urge the Biden Administration to put forth an FDIC Board candidate who has state bank supervisory experience as required by federal law. It is important for the FDIC Board to
September 21, 2022
Policy

FDIC Board Seat Letter to the White House

The letter and the spirit of the law all indicate that this FDIC Board Seat requirement is only met by a person who has worked in state government as a supervisor of state-chartered banks
January 31, 2022
Policy

FDIC Board Seat Letter to Senate Leadership

In 1996, with overwhelming support, Congress amended the Federal Deposit Insurance Act to require that one of the positions on the FDIC Board be held by someone with “State bank supervisory experience.”
January 31, 2022
Featured Issue

Money Services Businesses

The Money Transmission Modernization Act is a single set of nationwide standards and requirements to modernize the supervision and regulation of money transmitters.
Money Services Businesses Details

All Issues