US probe finds widespread sexual misconduct at FDIC

The Federal Deposit Insurance Corp logo is seen at the FDIC headquarters in Wash ington, February 23, 2011. REUTERS/Jason Reed/File Photo WASH INGTON, May 7 - The Federal Deposit Insurance Corporation must make sweeping changes to address widespread sexual harassment and other misconduct, according to an independent report released on Tuesday that raises questions about the future of the banking regulator's leadership.

Underscoring the agency's toxic culture, officials tasked with addressing the problems exposed by the WSJ reports were themselves the subject of misconduct claims, the Cleary Gottlieb report found. "The FDIC needs to be fixed. The women and men who work there deserve better,” Sherrod Brown, chair of the Senate Banking, Housing, and Urban Affairs Committee, said in a statement. “Chair Gruenberg must accept responsibility and must immediately work to make fundamental changes to the agency and its culture."

He said he was ultimately responsible for everything that happened at the agency and apologized for any shortcomings. "I again want to express how very sorry I am," he added.The report recommends the appointment of new officials devoted to changing the FDIC's culture and hiring an independent third party to assist in the transition, although it did not consider whether top leaders should resign.

Source: Financial Digest (financialdigest.net)

RSBI:WORKER-RIGHTS RSBI:REGULATORY-OVERSIGHT BACT BISV BISV08 BIZ BNK BNKCAP BNKS BSVC DISP FIN FINREG FINS FINS08 GEN GOVACT JOB MNGISS POL PXP REGS WASH AMERS US NAMER RSBI:LITIGATION MAN SUSTAINABLE-BUSINESS EF:BUSINESS-WORLD-AT-WORK PACKAGE:US-TOP-NEWS RSBI:ESG-INVESTORS RSBI:SOCIAL-IMPACT TOPNWS CIV ENT ESG ESGSOC TOPCMB NRLPA:OCIV NRLPA:OEMP LEGAL REUTERS-LEGAL

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Federal debt, Federal Reserve and inflation: Parsing their impacts.Understanding the linkages between them is important for sorting out where we have been, where we are, and where we are going.
Source: ExpressNews - 🏆 519. / 51 Read more »

Federal officials accuse Sheetz of discrimination in federal lawsuitA convenience store chain where President Joe Biden stopped for snacks this week while campaigning in Pennsylvania has been hit with a lawsuit by federal offici
Source: fox28columbus - 🏆 249. / 63 Read more »

FDIC is a workplace rife with sexual harassment, independent probe allegesThe investigation was commissioned by the FDIC last year after revelations of widespread misconduct.
Source: axios - 🏆 302. / 63 Read more »

Toxic culture is the norm at the FDIC, outside review cites 500 employee complaintsA law firm investigation of the FDIC documents a toxic workplace culture where hundreds of employees complained of sexual harassment, discrimination and other misconduct.
Source: NPR - 🏆 96. / 63 Read more »

FDIC report outlines 'misogynistic,' 'patriarchal' 'good ol' boys' workplace cultureAn independent review of the Federal Deposit Insurance Corp.’s workplace culture describes an environment that fostered “hostile, abusive, unprofessional, or inappropriate conduct,” and questions whether the agency’s chairman is credible to lead the agency through a cultural transformation.
Source: ksatnews - 🏆 442. / 53 Read more »