The Federal Reserve Bank of Cleveland announced Wednesday that it has launched a search for a president and CEO to succeed Loretta Mester, whose tenure will conclude on June 30, 2024, in accordance with Fed mandatory age and length-of-service policies. Mester has been president since 2014. The Cleveland Fed has formed a search committee and retained a search firm to find Mester’s successor.
Acting Chairman Travis Hill promised to ditch recent changes to the FDIC’s process for reviewing proposed bank mergers and to rescind “problematic” Biden-era proposed rules, such as those on brokered deposits and corporate governance.
The Senate Banking Committee voted 16-11 to advance the nomination of Scott Bessent as Treasury secretary. The nomination now heads to the full Senate for confirmation.
Guilford Savings Bank in Guilford, Connecticut, has applied with regulators to acquire Eastern Connecticut Savings Bank in Norwich.
President Trump rescinded a 2023 executive order directing federal agencies to possibly draft new rules governing the use of AI and a 2021 order seeking more disclosure of financial risks linked to climate change.
Travis Hill will be acting FDIC chairman; David Lebryk will lead Treasury until Scott Bessent's confirmation.
Illinois regulators closed Pulaski Savings Bank of Chicago and appointed the FDIC as receiver. Millennium Bank of Des Plaines, Illinois, agreed to assume all deposits and most of its assets.
