FDIC Board Accountability Act

This bill changes who sits on the FDIC’s Board and how long they can serve. It requires four members to be appointed by the President with Senate approval, and it sets skill requirements for some of those seats: at least one member must have state bank supervisory experience, and another must have primary experience working in or supervising smaller banks with under $10 billion in assets. It also makes the Director of the Bureau of Consumer Financial Protection a non-voting observer on the Board. Finally, it adds term limits: no more than two terms and no more than 12 years total on the Board.

Key points

• Who is affected: FDIC Board members and the Director of the Bureau of Consumer Financial Protection.
• What changes: Adds required banking experience for certain Board seats; makes the consumer bureau director non-voting; limits service to two terms and a total of 12 years.
• When: The text provided does not state an effective date.