According to The Wall Street Journal, Jelena McWilliams is the nominee to head up the Federal Deposit Insurance Corporation, and she has big plans for relief on small banks. Her main focus will be developing a faster process for reviewing deposit insurance applications and a plan to speed up the FDIC as an effort to replace the banks that have already closed down.
Additionally, McWilliams plans to review the capital and liquidity standards that are imposed upon community banks. These regulations are targeting larger banks, which results in stifling the smaller community banks.
Other goals include reviving the 2016 cybersecurity rule for large banks. “I believe that the regulator’s job is to provide a blueprint, how banks are supposed to handle cybersecurity breaches in terms of notifications,” McWilliams states.
So what is holding her back? All that stands in the way is the Senate panel to vote on her nomination so that she can start the progress.
To view the complete The Wall Street Journal article and learn more about her efforts to ease small bank requirements, click here.