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Washington
FDIC announces July 8 as Bairs departure
WASHINGTON (5/10/11)—Federal Deposit Insurance Corporation (FDIC) Chairman Sheila Bair will officially step down as head of that agency on July 8. The FDIC said that the announcement is consistent with previous statements in which Bair said that she would leave the regulator at the end of her current term. The agency’s July board meeting will be Bair’s final in charge. She took on the role of the FDIC’s 19th chairman in 2006, and saw the agency and the broader banking sector through the recent financial market troubles. Bair previously served as the U.S. Treasury’s assistant secretary for financial institutions and briefly led the Commodity Futures Trading Commission as acting director. The FDIC leader recently publicly questioned whether a proposed exemption that would shield issuers with $10 billion or less in assets from the terms of an interchange fee rate cap. Bair has also chaired the Federal Financial Institutions Examination Council (FFIEC), which earlier this year named National Credit Union Administration (NCUA) Chairman Debbie Matz as its new leader.


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