Investigations of Senior Officials

At the FDIC’s August Board meeting, FDIC staff told the Board that outsourcing investigations of senior officials to another government agency could be stood up at least as fast as directly contracting an outside firm, which was expected to take around three weeks.¹ Three months later, and more than six months after publication of the Cleary report, no agreement is in place to conduct these investigations.  I have said before that “holding those who commit misconduct accountable is perhaps the most important part of transforming the culture at the FDIC.”² I appreciate that we have been able to reach consensus on a path forward today, but the months of unnecessary delay is another example of the lack of leadership and accountability at the agency.