The Federal Deposit Insurance Corporation, or FDIC, announced the appointment of Jim Wigand as the Director of the newly established Office of Complex Financial Institutions, or CFI. The CFI was created to better position the FDIC to carry out its responsibilities under the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFI is responsible for the continuous review and oversight of bank holding companies with more than $100 billion in assets as well as non-bank financial companies designated as systemically important by the new Financial Stability Oversight Council. CFI will also be responsible for carrying out the FDIC’s joint responsibility with the Federal Reserve Board to require, review, and approve resolution plans for large bank and nonbank institutions. Finally, and most importantly, the CFI will be charged with implementing the FDIC’s new authority for the orderly liquidations of bank holding companies and non-bank financial companies that fail.
Jim Wigand has served as the Deputy Director for Franchise and Asset Marketing in the Division of Resolutions and Receiverships, or DRR, since 1997. In this capacity, Wigand oversaw the resolution of failing insured financial institutions and the sale of their assets. While in this position, Wigand directed the sale of over 300 deposit franchises and over $600 billion in failed bank and thrift assets. Prior to 1997, Wigand served in various executive positions at the FDIC and Resolution Trust Corporation. Wigand received a Bachelor of Science degree from the University of Maryland and a Master of Business Administration degree with specialization in finance from the University of Chicago Graduate School of Business. Bret Edwards, Director of the Division of Finance, will replace Wigand as Acting Director of DRR pending a search for a permanent Director.
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