Nominations to important posts for financial agencies have gone unnoticed as the confirmation process for the director of the Consumer Financial Protection Bureau has stolen the show.
The recent nominations of Marty Gruenberg to serve as the Federal Deposit Insurance Corporation and Thomas Curry to serve as the Comptroller of the Currency were positively received during their confirmation hearings in front of the Senate Banking Committee.
Both nominees, along with Roy Woodall, Jr., who was tapped to be a member of the Financial Stability Oversight Council, were advanced from the committee for full Senate approval.
“We need strong leadership at all our financial regulators, and I am glad the President has sent us three well qualified individuals to fill openings at the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and on the Financial Stability Oversight Council,” Chairman of the Senate Banking Committee Tim Johnson (D-S.D.) said.
Gruenberg has served as vice chairman and as a board member of the FDIC since 2005 and has been serving as the agency’s acting chairman following the departure of former Chairman Sheila Bair.
During his testimony, Gruenberg said there are positive signs ahead of the FDIC’s challenging period.
“Although over 880 insured institutions remain on the FDIC’s problem bank list, we believe that number may have peaked and may start heading down in the near future,” Gruenberg said. “Similarly, although the FDIC closed 157 failed banks last year, we are projecting a substantially smaller number of bank failures this year.”
Curry has served as a board member for the FDIC for several years. Prior to that, he served five successive Massachusetts governors as the commonwealth’s commissioner of banks.
“My 25 years of experience as a federal and state bank supervisor, has underscored the fundamental importance of a safe and sound banking industry to our economy particularly in times of stress,” Curry said in his testimony.
Woodall worked in the Treasury Department for nearly a decade as a senior insurance policy analyst.