H.R. 3446 — FDIC Board Accountability Act

This section revises the composition of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) by replacing the voting position of the Director of the Consumer Financial Protection Bureau (CFPB) with a fourth member appointed by the President with Senate confirmation—requiring, among the four appointed members, that one have State bank supervisory experience and separately one have demonstrated primary experience working in or supervising depository institutions with less than $10 billion in total assets (previously three appointed members plus the Comptroller of the Currency and CFPB Director)—and designates the CFPB Director as a non-voting observer to the board. The section further limits appointed board members to no more than two 6-year terms and a maximum of 12 years of service in total (previously no such limits) and makes conforming changes to vacancy provisions and terminology.