WASHINGTON–The FDIC said a review of its alleged “toxic environment” and sexual misconduct within the agency could end in the second quarter, as it said it is also waiving restrictions on reporting conduct.
As CUToday.info reported earlier, in 2023 a long investigation by the Wall Street Journal revealed a “sexualized boys club” culture at the bank regulator that reportedly had existed for many years, with numerous women stepping forward with stories o misogynistic behavior.
That led to hearings before both the House and the Senate, the hiring of a law firm to investigate, and even a request from Congress that NCUA provide an update on its culture, which the agency provided as reported here.
Statements Encouraged
Now, the Special Committee of the FDIC Board that was established in late 2023 to oversee the review said in a statement that it “encourages anyone who witnessed or experienced any sexual harassment or hostile, abusive, unprofessional, inappropriate or other interpersonal misconduct at the FDIC to share their experiences” with Cleary Gottlieb Steen & Hamilton LLP, the firm retained to conduct the review.
The committee said it aims to complete its independent review in the second quarter of this year.
Option to Remain Anonymous
In its statement, the committee again stated reports can be left anonymously, and it has added an online form to facilitate such reporting. There is also a phone number to call and an email address that can be used.
The FDIC said agreements have been reached to “waive any confidentiality restriction currently in place with employees that would otherwise preclude them from discussing specifics of their case or management’s responses. Accordingly, an individual is free to share documentation or other information related to harassment, interpersonal misconduct, or the FDIC’s workplace culture with investigators, even if prohibited by terms of a settlement agreement or a nondisclosure agreement (NDA) with the FDIC.”
Reason for Committee
The FDIC said the special committee was created to “provide direction to and oversee an independent third-party review of allegations of sexual harassment and interpersonal misconduct at the FDIC and management’s response to that harassment and misconduct.”
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