Trump Nominates Acting Chairman Travis Hill to Lead FDIC
Travis Hill has been nominated to serve as chairman of the board of directors of the Federal Deposit Insurance Corp. after serving as acting chairman since Jan. 20.
Hill’s nomination by President Donald Trump was received by the Senate on Tuesday (Sept. 30) and referred to the Senate Banking Committee, according to Congress.gov.
Before becoming acting chairman of the FDIC, Hill was sworn in as vice chairman of the regulator on Jan. 5, 2023, and worked at the FDIC from 2018 to 2022 as senior advisor to the chairman and then deputy to the chairman for policy, according to his biography on the FDIC website.
On Jan. 21, a day after becoming acting chairman of the FDIC, Hill released a statement outlining matters he expected the regulator to focus on in the following months.
These included reviewing regulations, guidance and manuals to “ensure our rules and approach promote a vibrant, growing economy”; implementing a “more open-minded approach” to innovation and technology adoption, including FinTech partnerships, digital assets and tokenization; and improving the bank merger process.
Hill detailed the FDIC’s progress on these and other issues in a statement released Sept. 10 in conjunction with a meeting of the Financial Stability Oversight Council.
“Over the past eight months, the FDIC has been working to improve its regulatory and supervisory approach across a number of different areas,” Hill said in the statement. “We are working to reform supervision so it is less process-driven and more focused on core financial risks.”
In August, the FDIC published a supervisory letter in which it clarified that pre-populating onboarding forms with data pulled from existing customer files, affiliates or trusted vendors can satisfy Customer Identification Program requirements under Section 326 of the USA PATRIOT Act.
In June, the FDIC joined other federal banking agencies in requesting comment by Aug. 26 on a proposal to modify the enhanced supplementary leverage ratio capital standards for banks, saying they aimed to reduce the current standards’ disincentives to engage in low-risk activities, such as participating in the Treasury markets.
In April, the FDIC and the Federal Reserve withdrew earlier warnings that cast a chill over banks’ involvement with cryptocurrencies, saying they wanted to signal a new regulatory openness to banks engaging in digital asset activities, provided they do so prudently and within the bounds of existing law.
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