Newly named Acting Chair of the FDIC Martin J. Gruenberg highlighted the agency's priorities for 2022. Mr. Gruenberg previously served as Chair of the FDIC (2012 to 2017) and as Acting Chair from July 2011 to November 2012 and again from November 2005 to June 2006.
The priorities include:
- Strengthening the Community Reinvestment Act ("CRA"). Called a "top priority," the Federal Reserve, the OCC, and the FDIC are working on major revisions to the rule implementing the CRA, which requires banks to meet the credit needs of low- and moderate-income communities.
- Addressing Financial Risks Posed by Climate Change. The FDIC is seeking public comment on guidance designed to help banks prudently manage climate risk.
- Reviewing the Merger Process. The FDIC will undertake an interagency review of the bank merger process to ensure safety, soundness and financial stability. The FDIC stated that the the Bank Merger Act, which established the standards used by the federal banking agencies to consider bank merger applications, has not been reviewed comprehensively in 25 years.
- Evaluating Crypto-Asset Risks. The FDIC is prioritizing the development of "robust guidance" for the banking industry on the management of prudential and consumer protection risks raised by crypto-asset activities.
- Implementing the Basel III Capital Rule. The FDIC will focus on implementing the Basel Committee on Banking Supervision final agreement on "strengthening the capital requirements related to market risk, operational risk, and the risks associated with financial derivatives."
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