Walter J. Cummings (1879-1967), becomes the original Chairman of FDIC and you can suits until March step one, 1934. An indigenous off Illinois, Cummings inserted financial as an excellent clerk at the ages 18 but turned into someone within the a railroad equipment business and later arranged the Cummings Vehicle and you will Coach Providers. He was entitled exec secretary with the Secretary of your Treasury in March 1933. With tracked this new profitable facilities of your own Business, Cummings left brand new FDIC so you’re able to direct this new Continental Illinois National Bank and you may Believe Company.
The newest FDIC’s Section out-of Examination is made. Their very first obligations is always to glance at county nonmember financial institutions having admission towards Short-term Loans.Seguir leyendo