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Statement of FDIC Chairman Jelena McWilliams on Oversight of Regulators: Does Our Financial System Work for Everyone? |
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Before
The Committee on Banking, Housing, and Urban Affairs
U.S. Senate
Chairman Brown, Ranking Member Toomey, and members of the Committee, thank you for the opportunity to testify today about the Federal Deposit Insurance Corporation’s (FDIC’s) efforts, activities, objectives, and plans with respect to consumer protection and the conduct of supervision and regulation of insured depository institutions.
As my testimony will describe in more detail, we have made tremendous strides in these areas under my chairmanship and especially during an unprecedented shock caused by the COVID-19 pandemic and the ensuing economic stress. These efforts include a number of novel initiatives to promote and preserve the nation’s minority depository institutions, provide flexibility to banks to assist their communities during historic economic stress, and encourage responsible use of technology and innovation to reach the “last mile” of unbanked Americans, while maintaining our supervisory activities, regulatory process, and resolution preparedness.
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