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Search resuls for: "Jelena McWilliams"


7 mentions found


☆ FDIC Chair takes heat over stunning allegations of sexual harassment and discrimination at agency
  + stars: | 2023-11-14 | by ( Elisabeth Buchwald | ) edition.cnn.com   time to read: +3 min
New York CNN —Federal Deposit Insurance Corporation Chair Martin Gruenberg testified Tuesday that he was unaware of the allegations of widespread sexual harassment and discrimination at the agency detailed in a Wall Street Journal investigation. “I did not know about the individual cases,” Gruenberg told him. Martin Gruenberg, chair of the Federal Deposit Insurance Corporation, told senators on Tuesday he was troubled by the allegations detailed in a Wall Street Journal investigation. The report also referenced a 2019 survey conducted by the inspector general that found 8% of the 2,376 respondents experienced sexual harassment between January 2015 to April 2019. The 2020 inspector general report made 15 recommendations to prevent and address sexual harassment at the agency, which Gruenberg said in his testimony on Tuesday had been implemented but acknowledged “didn’t change the culture” at the FDIC.
Persons: Martin Gruenberg, Gruenberg, “, we’ve, ”, Mike Rounds, Thom Tillis, ” Gruenberg, Michael Barr, Michael Hsu, Urban Affairs Gruenberg, Jelena McWilliams Organizations: New, New York CNN, Federal Deposit Insurance, Street, Senate, Street Journal, FDIC, Federal Reserve, Federal Deposit Insurance Corporation, Banking, Housing, Urban Affairs, Financial Locations: New York, South Dakota, North Carolina, “, U.S
☆ The top commentators in markets say the bank crisis isn't anywhere close to over.
  + stars: | 2023-05-05 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +5 min
Today we're looking at what some of Wall Street's top investors and commentators say has to happen to curb the banking tumult. The shuttered bank had disclosed in its first-quarter earnings report that customers pulled over $100 billion of deposits in three-months. But even if the regulator did insure more money, former FDIC chair Jelena McWilliams said Thursday a move like that would only cost banks' customers more. A stock market portfolio created by ChatGPT is outperforming the top UK investment funds. Stock market investors should keep an eye out for five key indicators with volatility set to ramp up through the end of the year.
☆ Lifting the limit on deposit insurance is a moral hazard, says Fmr. FDIC Chair Jelena McWilliams
  + stars: | 2023-05-04 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLifting the limit on deposit insurance is a moral hazard, says Fmr. FDIC Chair Jelena McWilliamsFormer FDIC Chair Jelena McWilliams joins 'Squawk on the Street' to discuss fed policy, the regulatory need for real-time data, proposals about lifting the cap on insured deposits, and more.
☆ Big name investors like Bill Ackman are calling on the FDIC to insure all deposits, but that would only cost banks' customers more, former FDIC chair says
  + stars: | 2023-05-04 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
Big name investors have called for the FDIC to extend coverage to all bank deposits. But that would only cost banks' customers more, the former FDIC chair said. But extending deposit coverage won't be cheap, McWilliams said, as complicated and complex banks will incur a larger cost to insure deposits. It will be the bank, and inevitably that cost will be borne by its customers," she said. Billionaire investor Bill Ackman warned in a tweet on Wednesday that more lenders could soon fail if the FDIC didn't back all bank deposits.
☆ How FDIC dropped the ball and picked up the tab
  + stars: | 2023-04-04 | by ( John Foley | ) www.reuters.com   time to read: +7 min
NEW YORK, April 4 (Reuters Breakingviews) - Bank watchdogs don’t have a crystal ball when it comes to spotting bank runs. The FDIC is one of several agencies that watches over American banks, but it’s the one that picks up the tab when a lender fails. Gruenberg, on the FDIC board since 2005, did not support the rapid phased prototyping data project, fretting that it amounted to outsourcing supervision, according to people familiar with the situation. For all but the biggest banks, the FDIC continues to rely on quarterly snapshots known as “call reports,” and the findings of its on-the-ground inspectors. Reuters GraphicsThe death of the 2020 project – and the fact it didn’t start years sooner – reflect deeper challenges at the FDIC.
☆ In praise of American finance’s regulatory mess
  + stars: | 2023-03-09 | by ( John Foley | ) www.reuters.com   time to read: +8 min
NEW YORK, March 9 (Reuters Breakingviews) - There are many issues on which China and the United States are far apart. The People’s Republic this week proposed combining financial regulatory functions into a new super watchdog to govern its financial sector more effectively. China’s proposed new National Financial Regulatory Administration is roughly in this mold. Since 2008, officials in Beijing have criticized the United States’ financial excesses and its “warped conception” of financial discipline. The new National Financial Regulatory Administration would sit directly under the State Council, which serves as China’s cabinet.
☆ Senate Confirms Martin Gruenberg to New Term Atop FDIC
  + stars: | 2022-12-19 | by ( Andrew Ackerman | ) www.wsj.com   time to read: 1 min
Martin Gruenberg, chair of the Federal Deposit Insurance Corporation, first joined the FDIC board in 2005, during the George W. Bush administration. WASHINGTON—The Senate confirmed Martin Gruenberg for a second term as the head of the Federal Deposit Insurance Corp., capping a turbulent period for the agency and cementing Democratic leadership on the bank regulator’s board. The Senate move officially wraps up an episode from a year ago in which the board’s Democratic majority put pressure on its Republican chairwoman at the time, Jelena McWilliams , prompting her to resign more than a year before her term ended. The chamber on Monday also added two Republicans, Travis Hill and Jonathan McKernan, to the banking regulator’s board, in a deal that provided the five-member agency with a full complement of board members for the first time since 2015.
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