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The Latest Breaking News from Martin Gruenberg

Biden To Nominate Goldsmith Romero As FDIC Head

Christy Goldsmith Romero nominated to lead FDIC after workplace abuse allegations against Gruenberg.

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Biden chooses CFTC's Romero to replace Gruenberg as FDIC head - Roll Call

President Joe Biden will nominate CFTC member Christy Goldsmith Romero to lead the Federal Deposit Insurance Corporation.

Roll Call

FDIC Chairman To Step Down Amid Workplace Culture Concerns

FDIC Chairman Martin Gruenberg to step down amid workplace culture concerns. White House seeks successor to address agency's challenges.

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Prominent leader of financial services watchdog resigns after report found it was riddled with a 'misogynistic’ and ‘good ole boys club’ culture

New leadership is needed to fix the “toxic culture” at the FDIC, said Sen. Sherrod Brown on Monday.

Fortune

Top US Banking Regulator Offers Resignation After Toxic Workplace Report

A top US banking regulator offered his resignation Monday after an independent report found evidence of widespread sexual misconduct and a "patriarchal" culture at the agency he leads.

International Business Times

Top Democrat calls for Biden to replace FDIC chairman to fix agency's 'toxic culture'

The most powerful Democrat in Congress on banking and financial issues called for President Joe Biden to replace the chairman of the Federal Deposit Insurance Corp_ on Monday, saying the agency is broken and there must be “fundamental changes at the FDIC.”

The Independent UK

FDIC Chairman Faces Criticism Over Toxic Workplace Culture

FDIC Chairman faces calls for resignation over workplace culture issues. Urgent need for reform and trust rebuilding.

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US Bank Regulator Grilled Over 'Toxic Culture' At Agency

US lawmakers attacked the head of a top financial regulator for a second consecutive day on Thursday over his agency's failure to deal with workplace misconduct, including discrimination and sexual harassment.

International Business Times

FDIC chair is grilled on Capitol Hill after report outlines agency's toxic workplace culture

Federal Deposit Insurance Corp. Chairman Martin Gruenberg is sitting for a second day of grilling on Capitol Hill, this time at the Senate Banking Committee, after a damning report about the agency’s toxic workplace culture was released last week

The Independent UK

House Republicans demand FDIC chairman resign after toxic workplace report

"Mr. Gruenberg, you have become the Michael Cohen and Harvey Weinstein of the FDIC. You need to go."

Axios

FDIC Chair Faces Calls To Resign Amid Workplace Controversy

FDIC chair Martin Gruenberg faces scrutiny over workplace issues. Potential resignation could impact banking sector.

Top News

Toxic culture is the norm at the FDIC, outside review cites 500 employee complaints

A law firm investigation of the FDIC documents a toxic workplace culture where hundreds of employees complained of sexual harassment, discrimination and other misconduct.

WEKU

Bank Stocks Tumble As FDIC Warns Of 'Downside Risks.' Full Fallout From March Panic Unclear.

Bank stocks fell Wednesday after the FDIC chairman said in a quarterly report that "downside risks" remain for the banking industry.

Investors Business Daily

FDIC recommends raising deposit insurance cap for businesses - Roll Call

The FDIC recommends that Congress raise the cap on deposit insurance for business payment accounts to avoid disruption in bank failures.

Roll Call

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Los Angeles Times

Michael Hiltzik: Love it or hate it, the Silicon Valley Bank bailout won't cost taxpayers a cent

What's the dirtiest word in financial policy?

WEKU

It cost $22 billion to rescue two failed banks. Now the question is who will pay

Regulators need to decide how to recover the cost of rescuing Silicon Valley Bank and Signature Bank — and community banks across the country are warning they should not be on the hook.

Fortune

FDIC chair Gruenberg gets heat from lawmakers over bargain basement SVB deal

Shares in regional lender First Citizens skyrocketed this week after scooping up SVB on the cheap, prompting questions from Congress whether the FDIC negotiated a poor deal that will now cost banks $20 billion.

Zenger

Biden Eyes New Regulations As Congress Dives Into Silicon Valley, Signature Bank Failures

President Joe Biden is expected to tighten regulations on banks, prompted by the biggest banking collapse since the 2008 crisis

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Fortune

Key takeaways from the Senate’s bank failure hearing

Amid all the finger-pointing, Senators and speakers said more monitoring was needed in the banking sector.

Chicago Sun-Times

Fed official says banking rules are under review in the wake of SVB failure

Michael Barr, the nation’s top banking regulator, said Silicon Valley Bank was warned in the fall of 2021 that its interest rate model was not ‘aligned with reality.’

AFP

US senators slam regulators for SVB oversight failures

Washington (AFP) - US lawmakers accused regulators Tuesday of failing to do enough to prevent the collapse of Silicon Valley Bank earlier this month, despite knowing it was over-exposed to the risk of rising interest rates.

Salon

FDIC reveals SVB "billionaire bailout"

"The core reason SVB's depositors got bailed out had little to do with morals or even financial risk," critic says

Zenger

Banking System Is Sound, Regulators Say In The Face Of Flurry Of Questions From Senate Banking Committee

Regulators faced the U.S. Senate Committee in the collapse of Silicon Valley Bank and Signature Bank as the banks to address risk

Tribune News Service

US officials signal new rules for banks after SVB, Signature failures

Top U.S. financial officials on Tuesday outlined what’s likely to be the biggest regulatory overhaul of the banking sector in years, in an initiative aimed at addressing underlying issues that contributed to the collapse of Silicon Valley Bank and other U.S. regional lenders.

Investors Business Daily

SVB Failure Due To Mismanagement, Regulators Say; First Republic No Longer For Sale

Lawmakers grilled U.S. financial regulators Tuesday on the Silicon Valley Bank and Signature Bank failures during a Senate hearing.

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