The five-member FDIC board called off a scheduled meeting to complete a plan to reimburse a federal deposit insurance fund for billions in losses tied to the collapse of two large banks in March. An agency spokesman said the FDIC board would finalize the plan without a public vote. In congressional testimony this week, Gruenberg, who has been at the agency since 2005 and is in his second stint as FDIC chairman, said he was "deeply troubled" by the accounts. Chair Gruenberg clearly bears responsibility as these allegations occurred during his tenure as either a board member or chairman." The two Republicans on the FDIC board on Wednesday called for the board to oversee the investigation.

Source: Wall Street Journal November 16, 2023 19:17 UTC