Crapo: FDIC Chairman Charting New Course for Sound Policy

Washington, D.C.--U.S. Senator Mike Crapo (R-Idaho), a senior member of the Senate Banking Committee, applauded Acting Federal Deposit Insurance Corporation (FDIC) Chairman Travis Hill’s outline of priorities to refocus the agency’s efforts on sound banking practices and workplace conduct.
“Travis has started the process of charting a new course at the agency that will promote the safety and soundness of banks, right-size regulations, improve innovation and technology, end all Choke Point-like tactics, and reestablish a strong workforce culture where misconduct is not tolerated,”said Crapo.“I look forward to working with him to right-size regulation and promote economic growth.”
Among Hill’s priorities is one to ensure law-abiding customers have access to bank accounts and banking services.  During the Obama Administration, Crapo fought against “Operation Choke Point,” an initiative in which Federal agencies pressured banks to “choke-off” politically disfavored industries’ access to payment systems and banking services.  Crapo haschallenged banksin the past for issuing guidelines that could effectively cut off financial services to law-abiding firearm manufacturers, retailers and firearms purchasers if they do not comply with the bank’s firearms preferences.
In July 2024, Crapo joined several colleagues indemandingthe FDIC withdraw its corporate governance guidelines, stating, “safety and soundness is the cornerstone regulatory principle of the U.S. banking system.”  Hill outlined priorities to withdraw these problematic proposals.
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