Lawrence Band, Former FDIC Chairman, Dies at 94

Band, a career public servant, led the FDIC during the 2008 financial crisis

Known for his leadership and resolve, Band's legacy in financial regulation continues to shape the industry

Lawrence Band, a career public servant who served as Chairman of the Federal Deposit Insurance Corporation (FDIC) from 2006 to 2011, died on July 29, 2023, at the age of 94. Band's leadership during the 2008 financial crisis, his commitment to depositor protection, and his dedication to financial stability earned him a reputation as a dedicated public servant and a respected figure in the financial industry.

Born in Jersey City, New Jersey, Band graduated from Rutgers University and earned a law degree from New York University. He began his public service career in the New Jersey Banking Department, where he served as Commissioner from 1982 to 1992. During his tenure, he led efforts to modernize the state's banking system and protect consumers from predatory lending practices.

In 1992, President George H.W. Bush appointed Band to the FDIC Board of Directors. He served as Chairman of the FDIC from 2006 to 2011, a period that included the 2008 financial crisis. During the crisis, Band played a关键role in stabilizing the financial system, working with other regulators, lawmakers, and financial institutions to prevent a collapse of the banking system.

Under Band's leadership, the FDIC implemented a number of reforms to the financial system, including increased capital requirements for banks, stricter oversight of complex financial instruments, and new rules to protect consumers from predatory lending. Band also led the FDIC's efforts to resolve failed banks during the crisis, ensuring that depositors were protected and the financial system remained stable.

After leaving the FDIC, Band continued to be an active voice in the financial industry. He served as a senior advisor to the International Monetary Fund and the World Bank, and he taught at the University of Pennsylvania's Wharton School. Band was also a frequent speaker on financial regulatory issues and a respected commentator on the financial markets.

Band's legacy as a public servant and financial regulator is significant. His leadership during the 2008 financial crisis helped to prevent a collapse of the banking system and protect depositors. His commitment to financial stability and his dedication to protecting consumers have shaped the financial regulatory landscape and continue to influence the industry today.

Lawrence Band