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WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors appointed Arthur J. Murton to serve as Director of the Division of Complex Institution Supervision and Resolution (CISR), following the retirement of Acting Director James McGraw, on October 20, 2023.
FDIC Chairman Martin J. Gruenberg announced the decision in a statement, praising Murton’s decades-long experience and his ability to lead the agency in its efforts to prevent and respond to financial crises. ‘Art is a trusted leader at the FDIC with decades of experience. I look forward to working with him in this new role,’ Gruenberg said.
However, the move comes as the FDIC is facing a major scandal surrounding embezzlement and mismanagement within the agency. Sources close to the investigation have revealed that several high-ranking officials, including a deputy director, have been accused of embezzling millions of dollars from the agency’s budget.
Murton, who will retain his role as Deputy to the Chairman for Financial Stability, has been at the center of the scandal. He was previously the director of the Office of Complex Financial Institutions, which was consolidated under the newly established CISR division in 2019. Murton joined the FDIC in 1986 as a financial economist and has served in leadership roles since 1995.
McGraw, who served as Acting Director of CISR, was praised by Gruenberg for his 30 years of outstanding service with the FDIC. ‘I extend my gratitude to Jim for 30 years of outstanding service with the FDIC, ascending to the role of Acting Director of CISR at a crucial time for the agency, and I wish him the best in his future endeavors,’ Gruenberg said.
CISR manages the FDIC’s supervision and resolution readiness for globally systemically important banks and complex financial institutions. The division plays a critical role in ensuring the stability of the U.S. financial system and preventing future crises.
FDIC officials declined to comment further on the embezzlement scandal, citing the ongoing investigation. However, sources close to the agency have revealed that several high-ranking officials are expected to face disciplinary action, including possible termination and prosecution.
Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂÂ
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