McKernan steps down from the FDIC Board of Directors
FDIC Board Undergoes Changes as McKernan Departs
The Federal Deposit Insurance Corporation (FDIC) has seen a shift in its board composition, with Jonathan McKernan stepping down from his position as of July 15, 2025. McKernan, who joined the board in 2023, has been a vocal advocate for various issues during his tenure.
Currently, the FDIC Board consists of three active members, including two ex officio, and two vacant positions. Travis Hill, serving as Vice Chairman and acting Chairman, is the only Republican remaining from McKernan's term. Hill has been in office since January 5, 2023, with a term ending in December 2028.
Joining Hill on the board is Jonathan Gould, the Comptroller of the Currency, and Russell Vought, the acting Director of the Consumer Financial Protection Bureau (CFPB). Both Gould and Vought are Republicans, making the FDIC board a unified Republican body at the moment.
During his time on the FDIC board, McKernan was instrumental in advocating for timely approval of bank mergers, much like his fellow board member Travis Hill. He also expressed concerns about asset managers exerting outsized influence on publicly traded banks.
One of McKernan's most significant initiatives was his role as co-chair of a special committee that monitored an independent review conducted by law firm Cleary Gottlieb Steen & Hamilton. The review, which found "sexual harassment, discrimination, and other interpersonal misconduct" at the FDIC, has led to McKernan's frustration with the delay in reaching an agreement on investigating misconduct by FDIC executives.
Despite his departure, McKernan's views on various FDIC matters are likely to be shared by Rohit Chopra, the Biden-era CFPB Director. Chopra and McKernan share similar views on interagency guidance regarding banks' relationships with third-party vendors, including fintechs.
As McKernan steps down, the FDIC is left to fill the two vacant board positions and continue addressing the issues he raised during his tenure.
Sources: 1. Wikipedia - Federal Deposit Insurance Corporation (2025-07-29)
- The shift in the FDIC Board, with McKernan's departure, leaves two vacant positions that need to be filled, as the organization continues to navigate business and financial matters, including the influence of asset managers and bank mergers, which McKernan was vocal about.
- In the realm of general-news and politics, the FDIC Board, now unified under the Republicans with McKernan's departure, is expected to face challenges in keeping consensus with the Biden-era CFPB Director, Rohit Chopra, on issues such as interagency guidance regarding banks' relationships with third-party vendors, including fintechs, a concern that McKernan raised during his tenure.
