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McWilliams sworn in as FDIC chairman

Jelena McWilliams was sworn in as chairman of the Federal Deposit Insurance Corp. in a closed-door ceremony June 5.

McWilliams succeeds former FDIC head Martin Gruenberg, who will now serve as a board director. McWilliams, who most recently was chief legal officer of Fifth Third Bancorp, was nominated in November 2017 but waited several months before being confirmed by the Senate in a 69-24 vote May 24.

In a statement, McWilliams thanked Gruenberg for his service, although it is unclear whether Gruenberg plans to remain on the board or retire. Senate Minority Leader Chuck Schumer, D-N.Y., could recommend Gruenberg for FDIC vice chair, since it is custom for the opposition party to pick the agency's second-in-command. The vice chair position is the last vacant seat on the FDIC board.