The Federal Deposit Insurance Corp. (FDIC) has appointed Jim Wigand director of the Office of Complex Financial Institutions (CFI), a new division established to help the FDIC carry out its responsibilities under the Dodd-Frank Act.
The CFI is responsible for the continuous review and oversight of bank holding companies with more than $100 billion in assets, as well as nonbank financial companies designated as systemically important by the new Financial Stability Oversight Council. The CFI will also work with the Federal Reserve Board on requiring, reviewing and approving resolution plans for large institutions and implementing the FDIC's new authority for the orderly liquidations of bank holding companies and nonbank financial companies that fail.
Wigand has served as deputy director for franchise and asset marketing in the FDIC's Division of Resolutions and Receiverships (DRR) since 1997. In this capacity, Wigand oversaw the resolution of failing insured financial institutions and the sale of their assets. Prior to 1997, Wigand served in various executive positions at the FDIC and Resolution Trust Corp. (RTC).
Pamela Farwig will replace Wigand as deputy director for franchise and asset marketing in DRR. Farwig has been in her current position as associate director for the franchise and marketing branch of DRR since October 2006, with responsibility for overseeing the resolution of failing banks and the management and marketing of failed bank and thrift assets nationwide.