On February 10, FDIC Board Member Jonathan McKernan announced on social media he vacated his seat due to his term’s expiration and the appointment of a new Acting Comptroller of the Currency. As previously covered by InfoBytes, Rodney E. Hood became the Acting Comptroller of the Currency, effective February 10. Hood’s addition, absent any departures, would have exceeded the legal limit imposed by the FDI Act on the number of board members who can be from the same political party. McKernan wrote in his farewell address, “I’ve every confidence that under the new FDIC leadership, the FDIC will succeed in its mission while also reversing the regulatory overreaches of the last few years.”
