FDIC Chair McWilliams Plans to Stay as Board Faces Biden Shift

FDIC Chair McWilliams Plans to Stay as Board Faces Biden Shift

November 16, 2020, Bloomberg Law

Karen Solomon is quoted in Bloomberg Law regarding FDIC Chair Jelena McWilliams's final potential acts as part of the Trump administration as it relates to "valid when made" and "true lender" rules.

According to Ms. Solomon, McWilliams and the administration would also have to weigh the potential impact of lawsuits challenging both the FDIC's and OCC's "valid when made" and "true lender" rules if she finalizes the rules without any changes. The Biden administration, too, could reach a settlement with the states to revise both rules. “You can envision a scenario where state AGs might insist on a withdrawal of the rule,” she adds.