Plaid Brings Former FDIC Chair Jelena McWilliams Onboard
Plaid, a fintech company that plays an instrumental role in facilitating data sharing between banks and financial apps, has recently hired former FDIC chairperson Jelena McWilliams. McWilliams is set to take on the role of president of corporate and external affairs, signaling an intensification of Plaid’s strategic regulatory engagement with financial institutions and policymakers.
Who is Jelena McWilliams?
Jelena McWilliams, a highly influential figure in the financial services industry, was appointed as the chair of the Federal Deposit Insurance Corporation (FDIC) by President Donald Trump in 2018. She served in this high-profile position until the early part of 2022.
Following her tenure at FDIC, McWilliams joined the law firm Cravath, Swaine & Moore, where she oversaw the firm’s operations in Washington, D.C. as the managing partner. During her time at the firm, she played a critical role in its growth and made a significant impact as an advisor, colleague, and mentor.
McWilliams’ New Role at Plaid
As the president of corporate and external affairs at Plaid, McWilliams is expected to lead the company’s policy and external affairs. She will work closely with policymakers, regulators, and key industry partners, including banks. This follows her extensive experience as the chief legal officer for Fifth Third Bank prior to her time at the FDIC.
In a statement provided by Plaid, McWilliams expressed her enthusiasm about her new role, stating, “In my work across government, banking, and law, I have seen firsthand how technology can strengthen the financial system and improve outcomes for consumers while ensuring that the U.S. has the most dynamic and competitive financial system.”
Plaid’s CEO, Zachary Perret, lauded McWilliams’ unique blend of policy depth, legal experience, and profound understanding of financial systems in a LinkedIn post announcing her hiring. Perret believes that McWilliams’ leadership will significantly accelerate Plaid’s work, especially at a time when the financial services industry is undergoing rapid innovation, and consumers are demanding control, transparency, and trust.
Plaid’s Financial Status and Future Plans
Plaid has been on a growth trajectory, raising a $575 million funding round in spring 2025 with a valuation of $6.1 billion. Despite this impressive fundraising, the company stated that it did not plan to file for an IPO that year. However, a company spokesperson did mention that an IPO is a milestone they are tracking toward, without giving a specific timeline.
McWilliams’ Advocacy for Innovation
During her last days as FDIC chair, McWilliams, in a 2022 American Banker podcast episode, advocated for innovation for underbanked consumers. She expressed her belief that innovation is essential to ensure that more consumers can access quality products and services, and responsible credit.
McWilliams succeeds and expands the role previously held by John Pitts, after his departure to the buy now pay later (BNPL) fintech Affirm. Her record of handling complex financial matters, including serving as the bankruptcy trustee for Synapse, a banking-as-a-service startup that filed for bankruptcy in April 2024, further underscores her experience and expertise.
With McWilliams’ appointment, Plaid is poised to deepen its regulatory engagement and lead policy advocacy in the fintech industry in the coming years, providing a more secure, transparent, and trustworthy financial environment for consumers.
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