The Federal Deposit Insurance Corp. (FDIC) Friday named Michael Krimminger, a close aide to Chairman Sheila Bair, as the agency's new general counsel.

Krimminger's appointment was effective immediately. He had been serving as the FDIC's acting general counsel. Krimminger succeeds Michael Bradfield, who stepped down as general counsel in August.

The agency is the throes of finalizing several key regulatory policies affecting home loans, including the qualified residential mortgage (QRM) test, and servicing standards.

Krimminger has been Bair's chief policy deputy since 2009, which has put him at the forefront of many key policy initiatives undertaken during the crisis.

Among other issues, he has had a role in the FDIC's support of loan modifications to prevent foreclosure, as well as in the agency's implementation of new resolution authority for large firms mandated by the Dodd-Frank Act.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.