Bair to leave FDIC in July
Shelia Bair plans to leave her post as chairman of the Federal Deposit Insurance Corp. on July 8. Bair became the 19th chairman of the FDIC in 2006 and will complete her five-year term in June. Before joining the FDIC, Bair was a professor of financial regulatory policy at the University of Massachusetts, served at the Treasury Department and was president for government relations at the New York Stock Exchange. She led the FDIC through the financial collapse of 2008 and managed the deposit insurance fund during a period of elevated bank failures. Since 2007, regulators closed more than 350 institutions, cresting in 2010 with more than 150 failures alone. At the end of 2009, the DIF stood at a negative $20.9 billion balance. But by the end of 2010, that number narrowed to a negative $7.4 billion, and in April, the FDIC announced banks would pay roughly $13 billion to the fund pushing it into positive territory by the end of the year. Bair's final board meeting will be held during the first week of July. Write to Jon Prior. Follow him on Twitter @JonAPrior.