On January 20, the FDIC appointed Travis Hill as Acting Chairman. In a prepared statement the next day, Hill outlined his agenda to address changes at the Corporation. Among other efforts, he announced a wholesale review of regulations, guidance and manuals to ensure the FDIC’s rules promote economic growth. Hill called for a more open-minded approach to innovation and technology, including a more transparent approach to fintech partnerships and digital assets and engagement to address technology costs for community banks.
He highlighted the need to improve the bank merger approval process by replacing the 2024 Statement of Policy to ensure timely approval of mergers. Additionally, he proposed withdrawing “problematic” proposals from the past three years, including those concerning brokered deposits (covered by InfoBytes here) and corporate governance; he also seeks to modernize implementation of the Bank Secrecy Act.
