Posted August 1, 2017NACHA supports Jelena McWilliams as the potential Federal Deposit Insurance Corp (FDIC) Chair. McWilliams, a friend of NACHA and very knowledgeable in payments, is currently an Executive Vice President, Chief Legal Officer and Corporate Secretary at Fifth Third Bank. Prior to her move to Fifth Third, McWilliams served as Chief Counsel to Sen. Mike Crapo (R-Idaho), now the Chairman of the Senate Banking Committee, and as Deputy Staff Director to onetime Senate Banking Chairman Richard Shelby (R-Ala.) She was also previously an attorney for the Federal Reserve Board of Governors.
If nominated, McWilliams would round out President Donald Trump's bank regulatory team. The importance of the FDIC grew after the 2010 Dodd-Frank Act, which gave the agency a key role in determining how banks should plan for the possibility of bankruptcy. In addition, McWilliams would also have a significant voice in discussions on how to revise the Volcker rule, which has drawn much attention in recent confirmation hearings with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board of Governors.