WASHINGTON–Two federal agencies appear to be in something of a disagreement over who approved what, with one suggesting the other had violated a “time-honored tradition of collegiality.”
The Federal Deposit Insurance Corp. (FDIC) issued a statement late Thursday reading, “Earlier today, the Consumer Financial Protection Bureau (CFPB) posted on its website a document, purportedly approved by the FDIC, requesting comment on bank mergers. No such document has been approved by the FDIC.”
The bank regulator went on to clarify, “The FDIC has longstanding internal policies and procedures for circulating and conducting votes of its Board of Directors, and for issuing documents for publication in the Federal Register. In this case, there was no valid vote by the Board, and no such request for information and comment has been approved by the agency for publication in the Federal Register.
“The FDIC has a proud 88-year history of Board members working together in a collegial manner,” the agency went on to say in its statement. “This history has spanned many Presidential administrations, and countless philosophical differences on substantive issues among Board members over the years. Notwithstanding the actions taken today, the FDIC expects this time-honored tradition of collegiality and comity to continue.”
At issue was this “joint statement” issued by the CFPB on behalf of Martin J. Gruenberg, a member of the FDIC board, and CFPB Director Rohit Chopra that apparently wasn’t so joint.