FDIC names head for office to oversee health of financial firms

The CFI, created under the Dodd-Frank financial regulatory reform bill, is responsible for review and oversight of bank holding companies with more than $100 billion in assets as well as non-bank financial companies as determined by the new Financial Stability Oversight Council. 

The office also works with the Federal Reserve to approve resolution plans of various financial institutions and implement the FDIC's new authority for the orderly liquidation of bank and non-bank financial companies that fail.

Wigand has served as the deputy director for Franchise and Asset Marketing in the Division of Resolutions and Receiverships (DRR) since 1997, where he oversaw the resolution of failing insured financial institutions and the sale of their assets. While in this position, Wigand directed the sale of over 300 deposit franchises and over $600 billion in failed bank and thrift assets, the FDIC said in a release.