Magazine article American Banker

C.C. Hope Dies; FDIC Board Down to Three; White House Pressed to Name a Chairman

Magazine article American Banker

C.C. Hope Dies; FDIC Board Down to Three; White House Pressed to Name a Chairman

Article excerpt

White House Pressed To Name a Chairman

WASHINGTON - The Federal Deposit Insurance Corp.'s board, foundering since the death last August of Chairman William Taylor, was thrown into further disarray this week with the death of C.C. Hope.

Mr. Hope, who died Monday night in Charlotte, N.C., at age 73, was an FDIC director since 1986. The board has three remaining members, all serving in interim capacities.

Thus, pressure is mounting on President Clinton to shore up the FDIC, particularly by filling the critical post of chairman. At full strength, the FDIC has five board members: its chairman, two other regulatory agency heads, and two other presidential appointments.

Bowen Called Front-Runner

William Bowen, a former banker who served as chief of staff when President Clinton was govemor of Arkansas, has long been considered the front-runner for FDIC chairman.

"I think C.C.'s death will elevate and escalate disposition" of the nomination process, said Mr. Bowen, who was a close friend of Mr. Hope's for 30 years.

"The president needs to get cracking and name an FDIC chairman," said Kenneth Guenther, executive vice president of the Independent Bankers Association of America.

Mr. Hope, a retired executive of First Union Corp. in North Carolina, died of complications from pneumonia, doctors said. He was hospitalized on Feb. 15.

Remaining Members

The remaining FDIC board members are acting Chairman Andrew C Hove, acting Office of Thrift Supervision Director Jonathan Fiechter, and acting Comptroller of the Currency Stephen Steinbrink.

All the FDIC directors' terms expired on Feb. 28. They may continue to serve until successors are nominated by President Clinton and confirmed by the Senate.

Meanwhile, bankers and government leaders praised the late Mr. Hope for a lifetime of service to the industry and the nation. …

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