Press Release

FDIC Announces Charles Yi as General Counsel

FOR IMMEDIATE RELEASE January 15, 2015

Media Contact: Barbara Hagenbaugh (202) 898-7192 bhagenbaugh@fdic.gov

The Federal Deposit Insurance Corporation (FDIC) announced the appointment of Charles Yi as the agency's new general counsel. The FDIC general counsel is in charge of the agency's Legal Division.

Most recently, Mr. Yi served as staff director and chief counsel on the Senate Committee on Banking, Housing, and Urban Affairs where he was responsible for all issues under the committee's jurisdiction. He previously served as deputy assistant secretary for banking and finance at the U.S. Treasury Department and as counsel for the Committee on Financial Services of the U.S. House of Representatives. Prior to his public sector experience, Mr. Yi practiced banking, corporate, and securities law at Wilmer Cutler Pickering Hale and Dorr LLP in Washington, D.C., and Wachtell, Lipton, Rosen & Katz in New York, N.Y. He also previously served in the U.S. Army as captain and lieutenant in the Armored Cavalry.

Mr. Yi received a Juris Doctor degree from Columbia University School of Law; a Master of Public Affairs from Princeton University, Woodrow Wilson School; a Master of Arts, Business Administration, from Bowie State University; and a Bachelor of Science, Electrical Engineering and Nuclear Engineering, from the University of California, Berkeley.

Richard Osterman, who has served as acting general counsel, will return to his previous position as deputy general counsel of the Legal Division.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations--6,589 as of September 30, 2014. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its operations.

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