STATEMENT OF
JELENA MCWILLIAMS
CHAIRMAN
FEDERAL DEPOSIT INSURANCE CORPORATION
on
OVERSIGHT OF PRUDENTIAL REGULATORS:
ENSURING THE SAFETY, SOUNDNESS, AND ACCOUNTABILITY OF MEGABANKS
AND OTHER DEPOSITORY INSTITUTIONS
before the
COMMITTEE ON FINANCIAL SERVICES
U.S. HOUSE OF REPRESENTATIVES
May 16, 2019
2128 Rayburn House Office Building
JELENA MCWILLIAMS
CHAIRMAN
FEDERAL DEPOSIT INSURANCE CORPORATION
on
OVERSIGHT OF PRUDENTIAL REGULATORS:
ENSURING THE SAFETY, SOUNDNESS, AND ACCOUNTABILITY OF MEGABANKS
AND OTHER DEPOSITORY INSTITUTIONS
before the
COMMITTEE ON FINANCIAL SERVICES
U.S. HOUSE OF REPRESENTATIVES
May 16, 2019
2128 Rayburn House Office Building
Chairwoman Waters, Ranking Member McHenry, and members of the Committee, thank
you for the opportunity to testify today before the House Committee on Financial Services. As
we quickly approach my first anniversary as Chairman, I appreciate the opportunity to share with
the Committee how the Federal Deposit Insurance Corporation (FDIC) is working to ensure our
regulated institutions are serving their communities and how our regulatory and supervisory
efforts are strengthening the agency’s oversight of depository institutions of all sizes.
The Financial Needs of Communities
Our nation’s banks are the center of economic activity in their communities. The ability
of these banks to provide safe and secure financial products and services to their customers
forms the backbone of a strong national economy. The FDIC’s oversight of these banks is
critical to financial stability and consumer protection. It is incumbent that we exercise this
oversight in a manner that recognizes an institution’s business model and does not impose
unnecessary costs or burdens on legitimate activities.
For these reasons, I have focused much of my efforts at the FDIC on understanding the
needs of our communities and the banks that serve them. Our Community Bank Advisory
Committee (CBAC), composed of bankers from across the nation, has been a valuable resource
in this regard. By the end of the summer, I will also be nearly halfway through my 50-state
listening tour. These meetings with local bankers, state supervisors, consumer groups, and our
FDIC employees have been incredibly informative, and have underscored how important it is to
get perspectives on our regulatory efforts outside the D.C. “beltway.”
you for the opportunity to testify today before the House Committee on Financial Services. As
we quickly approach my first anniversary as Chairman, I appreciate the opportunity to share with
the Committee how the Federal Deposit Insurance Corporation (FDIC) is working to ensure our
regulated institutions are serving their communities and how our regulatory and supervisory
efforts are strengthening the agency’s oversight of depository institutions of all sizes.
The Financial Needs of Communities
Our nation’s banks are the center of economic activity in their communities. The ability
of these banks to provide safe and secure financial products and services to their customers
forms the backbone of a strong national economy. The FDIC’s oversight of these banks is
critical to financial stability and consumer protection. It is incumbent that we exercise this
oversight in a manner that recognizes an institution’s business model and does not impose
unnecessary costs or burdens on legitimate activities.
For these reasons, I have focused much of my efforts at the FDIC on understanding the
needs of our communities and the banks that serve them. Our Community Bank Advisory
Committee (CBAC), composed of bankers from across the nation, has been a valuable resource
in this regard. By the end of the summer, I will also be nearly halfway through my 50-state
listening tour. These meetings with local bankers, state supervisors, consumer groups, and our
FDIC employees have been incredibly informative, and have underscored how important it is to
get perspectives on our regulatory efforts outside the D.C. “beltway.”