HR 3446119th CongressIntroduced

FDIC Board Accountability Act

Introduced: May 15, 2025

Financial Services

Standard Summary

Comprehensive overview in 1-2 paragraphs

The FDIC Board Accountability Act would overhaul the Federal Deposit Insurance Corporation (FDIC) Board’s membership and governance. It would create a more prescriptive path for who can serve, limit how long someone can serve, and shape how the FBI Board works with the Bureau of Consumer Financial Protection (CFPB). Specifically, it would require four presidential appointees with Senate confirmation, including one member with state bank supervisory experience and one with primary experience supervising smaller depository institutions (under $10 billion in assets). It would require the CFPB Director to serve as a non-voting observer on the FDIC Board. It also imposes term limits (no more than two terms per member) and a hard cap on total service (no more than 12 years on the Board). The bill also updates some naming conventions within the statute.

Key Points

1Board composition and qualifications
2- Four members appointed by the President with Senate confirmation.
3- Among them, one member must have state bank supervisory experience and one must have demonstrated primary experience supervising smaller depository institutions (total assets under $10 billion).
4CFPB Director as non-voting observer
5- The Director of the Bureau of Consumer Financial Protection would serve on the FDIC Board as a non-voting observer.
6Term limits and tenure cap
7- No individual may be appointed to more than two terms.
8- No person may serve more than 12 years in total on the FDIC Board.
9Naming conventions
10- Certain references to the Consumer Financial Protection Bureau are updated to use the formal name “Bureau of Consumer Financial Protection.”
11Additional governance changes
12- The bill makes other technical amendments to implement these changes and align terminology.

Impact Areas

Primary group/area affected- FDIC Board governance and leadership selection, including the pool of candidates and the balance of experience (state supervision and smaller banks).Secondary group/area affected- The Bureau of Consumer Financial Protection, which would have a non-voting presence on the FDIC Board, potentially affecting interagency dialogue and consumer protection oversight.Additional impacts- Potentially faster turnover and renewed perspectives on the FDIC Board due to the 12-year cap and two-term limit.The bill is introduced and labeled as a measure to increase accountability and ensure specific expertise on the FDIC Board. It would not appear to alter the FDIC’s primary mission of insuring deposits but would change who sits on the Board and how long they can serve.The exact number of total FDIC Board seats beyond the four presidential appointees isn’t explicitly stated in the provided text, but the provision clearly defines a quartet of presidential appointees with particular qualifications and adds an ongoing non-voting CFPB observer role.

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