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FDIC Counsel Krimminger Leaving to Join Washington Law Firm

Federal Deposit Insurance Corp. General Counsel Michael Krimminger, a senior adviser to former Chairman Sheila Bair during the 2008 financial crisis, is leaving the agency to become a partner in the law firm of Cleary Gottlieb Steen & Hamilton in Washington.

Krimminger, 54, worked in several roles at the FDIC since 1991, including as Bair’s deputy for policy before becoming the top lawyer for the agency, which oversees depository institutions. After he leaves on May 25, his deputy, Richard Osterman, will fill in as acting general counsel while the FDIC decides on a replacement, the agency said in a statement today.

“Mike has been instrumental in developing major policy initiatives during the most challenging time in the FDIC’s history, including the FDIC’s new Orderly Liquidation Authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act,” Acting Chairman Martin J. Gruenberg said in a statement.

Cleary’s 191 equity partners earned an average $2.7 million in 2011, according to estimates by the American Lawyer newspaper. That’s about 10 times the highest salary at the FDIC.

Krimminger said in a statement that he looks forward to working at Cleary “during this time of unprecedented regulatory change.”

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