- May 27, 2024
- 1 min read
You might remember hearing bank commercials say "FDIC insured" at the end of their spiel of why you should bank with them, but if you don't that's ok, the next time you hear a bank commercial you'll probably hear it. To catch you up on what this federal agency does, and why you should care it about it is that the Federal Deposit Insurance Corporation (FDIC) helps insure our money at banks and upholds fair lending practices so that loans are race blind. This means more people can borrow which creates critical economic mobility in our cities.
But recently, the FDIC Chair Martin Gruenberg has been in the news for workplace culture concerns, making many go hmmm... Various sources like The Wall Street Journal, Bloomberg, and The New York Times have highlighted allegations of a toxic work environment under his leadership. Gruenberg even got a "bipartisan grilling" at the House Financial Services Committee and some members signaled they had lost their confidence in him. With minimal options left, on May 20th Gruenberg announced that he will step down "once a successor is confirmed.”
If you're wondering how this FDIC workplace concern matters to urban planning? It all comes down to ethics and access. A positive workplace culture is essential for the FDIC to effectively carry out its mission rooted in integrity and fairness. Fair lending practices are vital for the future of cities, ensuring people trust they are getting race blind opportunities to loans and fair access to banking options.