Feb 2, 2022
As Jelena McWilliams prepares
to leave office after an eventful three and a half years
as FDIC chairman, she sat down with the ABA Banking Journal for a
conversation on her tenure at the agency. While 2018 wasn’t that
long ago, it feels worlds away—in terms of the
time-is-a-flat-circle nature of the pandemic, but also in the
landscape of bank innovation and racial justice.
In the final part of this two-part interview, McWilliams
discusses several policy aspects of her tenure, including:
- Why she abstained from
the FSOC vote to issue its report on climate change — and why
financial regulators should factor the impact of climate risk
supervision on employment into their frameworks.
- How climate risk supervision might affect the safety and
soundness of community banks in energy-intensive regions.
- Why she chose not
to finalize the OCC’s Community Reinvestment Act rule and
why it’s important for regulators to work together on a consensus
- Her hopes for the future of the FDIC’s new Mission-Driven Bank
Fund, a project two years in the making to support minority
depository institutions and community development financial
- How the FDIC’s small-dollar
loan statement helps address financial inclusion