McKernan Resigns from FDIC Board Amid Political Changes

Jonathan McKernan, a Republican board member of the Federal Deposit Insurance Corporation (FDIC), announced his resignation due to the expiration of his term and to maintain the board's political balance following the appointment of Rodney Hood as acting Comptroller of the Currency. With three Republicans already on the board, McKernan's departure was necessary to comply with FDIC rules limiting party representation. He expressed confidence in the new FDIC leadership's ability to succeed and reverse past regulatory overreaches. During his tenure, McKernan advocated for clear guidance on bank-fintech partnerships and timely approval of bank mergers, while also voicing concerns about asset managers influencing publicly traded banks. His resignation adds to a board that currently has no Democratic representation. McKernan was known for his critiques of the Biden administration's proposed banking regulations, including capital requirements for large banks.