WASHINGTON, May 16 — The House Financial Services Committee issued the following testimony by Jelena McWilliams, chairman of the Federal Deposit Insurance Corp., at a hearing entitled “Oversight of Prudential Regulators: Ensuring the Safety, Soundness and Accountability of Megabanks and Other Depository Institutions”:
“Chairwoman Waters, Ranking Member McHenry, and members of the Committee, thank you for the opportunity to testify today before the House Committee on Financial Services. As we quickly approach my first anniversary as Chairman, I appreciate the opportunity to share with the Committee how the Federal Deposit Insurance Corporation (FDIC) is working to ensure our regulated institutions are serving their communities and how our regulatory and supervisory efforts are strengthening the agency’s oversight of depository institutions of all sizes.
The Financial Needs of Communities
“Our nation’s banks are the center of economic activity in their communities. The ability of these banks to provide safe and secure financial products and services to their customers forms the backbone of a strong national economy. The FDIC’s oversight of these banks is critical to financial…
