Press Release: FDIC Announces Conclusion of Independent Monitorship

PRESS RELEASE | SEPTEMBER 30, 2026 FDIC Announces Conclusion of Independent Monitorship WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today announced the conclusion of the work of Independent Monitor Carrie H. Cohen of Morrison & Foerster LLP, who was retained by the FDIC Board of Directors to independently monitor and audit the agency’s implementation of workplace culture reforms. The monitorship was established following recommendations from an independent review by Cleary Gottlieb Steen & Hamilton LLP of the FDIC’s workplace culture. During the engagement, the monitor independently assessed the FDIC’s efforts and provided feedback along the way. Since the monitorship began, the FDIC has implemented substantial reforms to address the issues revealed in the 2023 Wall Street Journal articles and the Cleary Gottlieb Report. Today, allegations of misconduct are rigorously investigated, and employees who commit misconduct are held accountable. The agency’s leadership has undergone significant transition, with a complete turnover of its Board of Directors, widespread changes among senior agency leaders, and new Directors leading most Divisions, Offices, and Regional Off

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