From Breakingviews - How FDIC dropped the ball and picked up the tab
and S&P Global Market Intelligence. Their presentations convinced even some skeptical FDIC officials, say people familiar with the process.
Then the plan hit a wall. McWilliams quit in 2022 after her Vice Chair Marty Gruenberg, a Democrat-affiliated appointee, challenged her over the rules surrounding bank mergers and ultimately won her role. Gruenberg, on the FDIC board since 2005, did not support the rapid phased prototyping data project, fretting that it amounted to outsourcing supervision, according to people familiar with the situation. As a result, no bid was declared a winner.
SVB would probably have failed regardless. Even had the new data panopticon been built, banks would have had to opt in, unless Congress expanded legal limits on what information the FDIC can demand. Even so, recent bank failures show why such a project makes sense, not just in foreseeing problems but in engineering a smoother cleanup. When finding a new buyer for a bank like SVB the FDIC must set up a “data room,” and sourcing current information and models can take several days.
Change is also hard won at an agency where employees tend to stay put for decades, thanks partly to a generous compensation and benefit scheme that pays an average $230,000 per year, based on figures in its
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