FDIC announces departure of general counsel

The Federal Deposit Insurance Corporation (FDIC) announced on May 14 that general counsel Michael Krimminger will leave the agency on May 25 to join the law firm of Cleary Gottlieb Steen & Hamilton as a partner in its Washington, DC office. Richard Osterman, deputy general counsel, will serve as acting general counsel until a replacement is named.

Krimminger was appointed general counsel by former FDIC chairperson Sheila Bair in February 2011, having served as acting general counsel since November 2010. Before this, he was special adviser for policy and then deputy for policy to Bair and the board of directors from 2006 to 2011.

Prior to that, he served three years as an adviser in the Office of the chairman at the FDIC and more than 10 years in other senior policy and management positions at the agency.

Before joining the FDIC in 1991, Krimminger practised banking law and litigation in Los Angeles and Washington, DC. He is a graduate of the University of North Carolina and received his legal qualification from Duke University School of Law.

"Mike has been instrumental in developing major policy initiatives during the most challenging time in the FDIC's history, including the FDIC's new orderly liquidation authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act," says acting chairman Martin Gruenberg. "His leadership and extensive expertise in banking and financial institution crisis and resolution, mortgage finance, international co-ordination, capital markets, and legal issues have been invaluable to the FDIC during his many years of public service at the agency."