The Federal Deposit Insurance Corporation (FDIC) appointed Charles Yi as general counsel, a position that has been vacant for a long-time. The general counsel is responsible in supervising the legal division of the agency.

Federal Deposit Insurance Corporation FDIC

FDIC Chairman selected Yi

FDIC Chairman Martin Gruenberg selected Yi to become the new general counsel of the agency, according to Bloomberg based on information familiar with the hiring. The five-member board of the FDIC approved his appointment.

Prior to joining the FDIC, Yi served as staff director and chief counsel on the Senate Committee on Banking, Housing and Urban Affairs. In his position, Yi supervised all issues under the jurisdiction of the committee.

Yi also served as deputy assistant secretary for banking and finance at the U.S. Treasury Department. He also worked as counsel for the Committee on Financial Services of the U.S. House of Representatives.

Before his career in the public sector, Yi was part of Wilmer Cutler Pickering Hale and Dorr LLP in Washington D.C. where he practiced banking, corporate and securities law. He also worked at Wachtell, lipton, Rosen & Katz  in New York. Yi was a captain and lieutenant in the U.S. Army.

He received a Juris Doctor degree from Columbia University, School of Law. He also holds a Master in Public Affairs from Princeton University, Woodrow Wilson School and a Master of Arts, Business Administration from Bowie State University.

He received a Bachelor of Science degree in Electrical Engineering and Nuclear Engineering from the University of California, Berkeley.

FDIC says Osterman will return as deputy general counsel

The position of general counsel has been vacant since May 2012 when Michael Krimminger resigned.

Richard J. Osterman Jr. served as acting general counsel since Krimminger ‘s resignation. He signed off important changes in the banking system as required by the Dodd Frank Act in his capacity as acting general counsel.

In August, last year, the FDIC instructed banks to simplify their plan or living will that describes their strategy  for rapid and orderly resolution in the event of material financial distress or failure.

According to FDIC, Osterman Jr. will return to his position as deputy general counsel of its legal division.

The FDIC was created by the United States Congress in 1933 to restore public confidence in the banking system of the country. The agency insures deposits in banks and savings associations.