FDIC Chairman Martin Gruenberg told colleagues he will retire on Jan. 19, according to media reports of his message to agency staff.

Tenure: Gruenberg has been a member of the FDIC board of directors since August 2005. He has served as chairman twice, from 2012 to 2018 and again since January 2023.

Recent Developments: An independent review released in April found the FDIC failed to provide a workplace safe from misconduct and that management’s responses have been insufficient. Gruenberg said in May that he would step down once a successor is confirmed, though the Senate has not advanced President Joe Biden's nominee, Christy Goldsmith Romero.

Hearing Today: Gruenberg and other bank regulators are due to testify at a House Financial Services Committee oversight hearing at 10 a.m. (Eastern time) today.