The Community Bankers Association of Illinois’ David Schroeder, Senior Vice President Federal Governmental Relations, met with John P. Conneely, the new Chicago Regional Director of the Federal Deposit Insurance Corporation (FDIC). Conneely was named Chicago Regional Director in October of 2017, and assumed his new responsibilities at the beginning of the year. Conneely has been with the FDIC for 28 years, most recently as Deputy Regional Director in the Division of Risk Management Supervision (RMS) in the New York Region. His prior responsibilities included: Assistant Regional Director in the New York Region, Associate Director for Complex Financial Institution branch in RMS, and Acting Deputy Director in the Division of Insurance and Research. Conneely assumed the position formerly held by M. Anthony Lowe who was named Director of the Office of Ombudsman.
During a lengthy discussion, Conneely was interested in hearing about our members’ experience with the FDIC. He emphasized the importance of raising and pursuing examination and other issues if they are unresolved. He recommended bankers use the FDIC’s Ombudsman (Dan Marcotte in the Chicago Region) for a confidential discussion and to benefit from Dan’s perspective within the FDIC.
Schroeder explained CBAI’s positions on broad issues including: fintech companies, blockchain/Bitcoin, payment system improvements, CRA modernization, and customer data security/data sharing/and liability. A specific issue discussed was needed changes to the National Rate Cap on Deposits which is frustrating some community bankers in their efforts to retain deposits, fund loans, increase profitability and grow capital – within reasonable safety and soundness guidelines. This led to discussing Conneely’s concerns about liquidity in a rising rate environment, which we understand is now a significant focus during regulatory examinations.
Schroeder reviewed several of CBAI Governmental Relations events including the Capital Conference in Springfield and our Call on Washington. With the imminent vote on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) in the House that afternoon Schroeder reviewed CBAI significant efforts with Democrats and Republicans alike in Congress to enact this long-overdue and well-deserved community bank regulatory relief.
CBAI looks forward to working with Chicago Regional Director John Conneely.
May 24, 2018