The House Financial Services Committee has announced that it is investigating the Federal Deposit Insurance Corporation (FDIC) in regard to allegations of “misconduct.” The Committee does not outline exactly what types of misconduct may be occurring but references reports of widespread malfeasance.
🚨 CALLING ALL FDIC WHISTLEBLOWERS 🚨
Our Committee is conducting an investigation into reports of widespread workplace misconduct at the FDIC. If you would like to share your story, contact us.
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— Financial Services GOP (@FinancialCmte) February 28, 2024
The Committee is asking whistleblowers to come forward with any reports while stating they will safeguard individuals’ confidentiality.
In November of 2023, Committee Republicans sent a letter to FDIC Chairman Martin Gruenberg, stating:
“In addition to workplace culture and misconduct, the Committee will further investigate your personal conduct and whether it conformed to the standards expected of our banking regulators. We are troubled that when initially asked on November 15, 2023, about whether you had been investigated for inappropriate conduct during your time at the FDIC, you testified, ‘No, Mr. Chairman.’ Only after consulting with FDIC’s General Counsel, did you change your testimony to explain that you had in fact been investigated in 2008.”
Additionally, the letter pointed to possible shortcomings by the FDIC pertaining to the failure of Signature Bank, claiming “longstanding toxic FDIC culture,” which may have inhibited the effectiveness of examinations of the Bank.
The Committee stated that it will use its “full arsenal of oversight and investigative tools, including compulsory mechanisms, to ensure that our banking system remains safe and sound.”