WASHINGTON, D.C.— Dennis Kelleher, President, CEO, and Co-founder, issued the following statement in response to President Trump’s Acting FDIC Chair Travis Hill’s Statement this morning.

“The FDIC is one of the most successful financial regulatory agencies in the history of the United States. For 91 years, since being created by FDR in 1933, the FDIC has been the gold standard in protecting Americans’ savings, the banking system and the economy from crashes and disasters. That’s because the FDIC has always prioritized promoting the safety and soundness of banks and protecting depositors’ money and the Deposit Insurance Fund (DIF).

“Unfortunately, Acting Chair Hill’s statement this morning suggests an anti-regulatory, pro-industry agenda that hardly mentions the FDIC’s critical core mission. His announced agenda prioritizes innovation and technology adoption, including fintech and crypto, promoting mergers, hot money brokered deposits, weakening governance standards, among many other things. Remarkably, the Deposit Insurance Fund is mentioned once as item 14 of 15 items and even then only in terms of pursuing ‘efficiencies,’ often a euphemism for deregulation. That should worry anyone with any money in U.S. banks or who is interested in preventing bank failures and financial crashes.

“None of that is to say that the FDIC is perfect or that operations and procedures shouldn’t be reviewed. They definitely should be and desperately need to be, especially after the disastrous bank failures in 2023, a significant part of which was due to regulatory and supervisory failures. Moreover, the failure to have workable resolution plans so that those banks didn’t have to be bailed out is a black mark on the FDIC that must be urgently remedied. While Acting Chair Hill mentioned those items, those failures will not be addressed, and in fact, will be made worse by an agenda that fails to prioritize the FDIC’s historic and critically important mission of putting depositors’ interests first along with the safety and soundness of the banking system.”