Wealthfront Adds Former FDIC Chair Sheila Bair and Former Comptroller of Currency Thomas Curry to Banking Advisory Group
Bair and Curry bring their extensive experience in the banking industry to Wealthfront as the company builds out its nextgen banking service for Millennials
08 Dec, 2020, 11:17 ET
PALO ALTO, Calif., Dec. 8, 2020 /PRNewswire/ -- Today, Wealthfront announced banking industry veterans Sheila Bair and Thomas Curry joined the company's newly formed Banking Advisory Group. The Committee will play a crucial role in navigating various regulatory and partnership efforts as Wealthfront moves deeper into the banking ecosystem in its efforts to build a nextgen banking service.
"We couldn't have asked for a more distinguished duo to kick off the formation of our Banking Advisory Group," said Wealthfront CEO, Andy Rachleff. "Sheila's and Tom's combined experience in the banking industry will be invaluable to Wealthfront as we continue our efforts to rebuild a new, better way to bank that makes money with the client — not from them."
Bair has had a long and distinguished career in government, academia, and finance. She was twice named the second most powerful woman in the world by Forbes Magazine and is best known as Chair of the Federal Deposit Insurance Corporation (FDIC) from 2006 to 2011, when she steered the agency through the worst financial crisis since the Great Depression.
For her efforts to protect bank depositors and homeowners during the crisis, she received the Kennedy Library's Profiles in Courage Award, and was named "the little guy's protector in chief" by Time Magazine. In 2012, Bair published a New York Times bestseller called "Bull by the Horns," which detailed her time navigating the financial crisis.
Bair is also a founding director of the Volcker Alliance, established by former Federal Reserve Board Chair Paul Volcker to build trust in government, and is the founding chair of the Systemic Risk Council, which advocates for financial stability. In addition, she is a Senior Advisor to the Peter G. Peterson Foundation on financial issues confronting young people.
"Wealthfront has been a leading innovator in the financial services industry and I am excited to join their efforts to build a better financial system," said Sheila Bair. "I love the way the team thinks outside the box to deliver more long-term value to the client, and the opportunity ahead of them in banking is enormous. Technology has huge potential to lower costs and improve services for the banking public. I couldn't be more excited to help Wealthfront create long overdue change."
Curry is a partner in Nutter's Corporate and Transactions Department and a co-leader of the firm's Banking and Financial Services group. He is a regulatory attorney who advises clients on a wide range of policy, financial services regulation, governance, and other issues.
Prior to joining Nutter, Curry was nominated by President Barack Obama to serve as head of the Office of the Comptroller of the Currency (OCC) in 2012. As Comptroller of the Currency, Curry led the U.S. federal agency that charters, regulates, and supervises national banks and federal savings banks. Curry served as the U.S. Comptroller of the Currency until May 2017. As Comptroller, he launched the OCC's Responsible Innovation Initiative, proposed the Fintech national bank charter, and established the OCC Office of Innovation, a first among federal financial regulators.
Before becoming Comptroller in 2012, Curry served as a member of the Board of Directors of the FDIC. He was nominated by President George W. Bush and confirmed by the U.S. Senate in 2003. He continued to serve on the FDIC Board until May 2017.
"I admire the way Wealthfront has worked closely with their regulators to develop innovative products and services that put more money into clients' hands," said Thomas Curry. "They are an industry leader who is truly focused on building a better banking system. Wealthfront's use of technology and complete focus on the client are a welcome innovation and I am thrilled to join in their efforts."
Wealthfront has already delivered innovative banking solutions like high-interest checking and getting clients their paychecks up to two days earlier when they direct deposit into a Wealthfront Cash Account. The company will continue to build out their banking services with an eye on improving the speed of money movement within the Wealthfront ecosystem. To learn more about Wealthfront visit www.wealthfront.com.
Wealthfront is a nextgen banking service that manages your savings for you using automation. The company provides all of the financial services you need like high-interest checking, an ATM/debit card, low-cost investment management, one-click loans and free advice and planning tools all through a five-star rated mobile app. The company recently began implementing the first of its Self-Driving Money™ services to automate your savings plan so you don't need to worry about monitoring accounts and moving money around. To learn more please visit www.wealthfront.com or download the app on the App Store or Google Play.
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