[UPDATE 1: adds SEC new general counsel info.] The Federal Deposit Insurance Corp. named Michael Krimminger FDIC general counsel on Friday. The agency's chairman Sheila Bair said Krimminger — a banking attorney who already serves the chairman as deputy for policy — will assume his new position immediately. The FDIC Board of Directors unanimously approved the appointment Friday morning. As a policy adviser, Krimminger spent the past two years helping the agency navigate through domestic and international banking issues, regulatory changes and policy initiatives designed to address the crisis that shook the financial services industry in 2008. As a policy adviser to Bair, Krimminger led the development of the FDIC's Orderly Liquidation Authority, a policy initiative tied to the Dodd-Frank Act. As FDIC General Counsel, he will lead the agency's legal division, overseeing all regulatory issues, FDIC transactions, litigation and commercial claims. The legal division has 800 employees nationwide. "I'm very pleased to announce the selection of Mike for this position. His depth and breadth of knowledge of domestic and international banking issues and extensive expertise in resolutions and deposit insurance systems have made him exceptionally well positioned to serve as General Counsel in the current regulatory environment," Bair said in a statement. A graduate of the University of North Carolina and Duke University School of Law, Krimminger spent the first part of his career practicing banking law in Los Angeles and Washington, D.C. Also Friday, the Securities and Exchange Commission named Mark Cahn as its general counsel. "Over the past two years, Mark has shown a tremendous grasp of securities law as well as incredible judgment on a range of issues," said SEC Chairman Mary L. Schapiro. "He is well-positioned to help the agency evolve and keep pace with the ever-changing markets." Cahn, who is currently the SEC's deputy general counsel for litigation and adjudication, will assume his new duties when current General Counsel David Becker steps down later this month. Becker announced his resignation Feb.1, saying he would leave his two-year post to rejoin the private sector. Before joining the SEC, Cahn was a partner within WilmerHale LLP's Securities Litigation and Enforcement Practice. He previously clerked for  the Honorable John J. Gibbons, U.S. Court of Appeals for the Third Circuit, and for the Honorable Herbert J. Stern, U.S. District Court for the District of New Jersey. Write to Kerri Panchuk.