William Isaac
William M. Isaac | |
|---|---|
| Born | William M. Isaac Template:Birth year and age Bryan, Ohio, U.S. |
| Occupation(s) | Banker, consultant, author |
| Years active | 1970s–present |
| Known for | Chairman of the Federal Deposit Insurance Corporation (1981–1985) |
William M. "Bill" Isaac (born 1943) is a prominent American banker who held the position of Chairman at the Federal Deposit Insurance Corporation (FDIC) from August 3, 1981, until October 21, 1985. At the age of 34, President Jimmy Carter appointed him to the FDIC Board in 1978, making him its youngest member at the time. Later, in 1981, President Reagan selected him as Chairman. In 1986, Isaac established The Secura Group LLC, a consulting firm specializing in regulatory matters that eventually merged into FTI Consulting, Inc., an international advisory company. Between 2009 and 2014, he served as Chairman of Fifth Third Bancorp’s Board. After departing FTI Consulting at the close of 2019, he partnered with financier Howard Milstein—chairman and CEO of New York Private Bank & Trust, owner of Emigrant Bank—to co-found The Isaac-Milstein Group. Isaac also holds board memberships at New York Private Bank & Trust and Emigrant Bank, leads Sarasota Private Trust and Cleveland Private Trust, and frequently delivers talks and publishes insights on financial regulation and industry topics.
Early life and education
Born in Bryan, Ohio in 1943 to parents Charles and Ruth Isaac, he completed his Bachelor of Business Administration at Miami University in 1966. He then earned his Juris Doctor degree summa cum laude from Ohio State University’s Moritz College of Law in 1969. In recognition of his achievements, Miami University awarded him an honorary Doctor of Laws degree in 1984.
Career
Isaac began his professional journey at the Milwaukee-based law firm Foley & Lardner, where he concentrated on bank holding companies during the early 1970s economic downturn and real estate crisis. In 1974, he transitioned to First Kentucky National Corporation as vice president and general counsel, gaining valuable experience working with shareholders and regulatory bodies such as the FDIC.
At just 34 years old, Isaac was appointed by President Carter to serve on the FDIC Board, becoming its youngest appointee ever. On his inaugural day, he confronted the imminent collapse of Banco Credito in Puerto Rico. Elevated to FDIC Chairman by President Reagan in 1981, Isaac guided the agency through a challenging phase characterized by soaring interest rates (with prime rates peaking at 21.5%), numerous bank failures including Continental Illinois—the seventh largest U.S. bank at that time—deregulation following the Garn–St. Germain Depository Institutions Act, a deep recession with unemployment reaching 11%, an agricultural crisis, energy market turmoil, and a real estate slump. Throughout this difficult period, nearly 3,000 banks and thrifts across the nation failed.
Both President Reagan and former Federal Reserve Chairman Paul Volcker acknowledged Isaac’s role in preserving financial stability amid this turmoil. His leadership extended to chairing the Financial Institutions Examination Council, participating on the Depository Institutions Deregulation Committee, and contributing to the Vice President’s Task Force on Regulation of Financial Services.
After concluding his tenure at the FDIC, Isaac founded The Secura Group to offer regulatory advisory and risk management solutions to financial institutions, law firms, and governmental agencies. This firm was acquired by LECG in 2007 before being integrated into FTI Consulting.
Isaac is widely regarded as an expert voice on financial services policy. His commentary has appeared in major outlets such as The Wall Street Journal, The Washington Post, New York Times, Forbes, and American Banker. He is a frequent guest on CNBC and other broadcast platforms, regularly testifies before Congress, and delivers presentations internationally on finance and regulatory topics.
Serving as Senior Managing Director at FTI Consulting until 2019, Isaac also assumed the chairmanship of Fifth Third Bancorp in May 2010 and joined Total System Services (TSYS) board in 2014. His book Senseless Panic: How Washington Failed America, which examines the 2008 financial crisis with a foreword by Paul Volcker, was released in June 2010. Since late 2019, Isaac has co-led The Isaac-Milstein Group alongside Howard Milstein. Additionally, he holds board roles at New York Private Bank & Trust and Emigrant Bank while chairing Sarasota Private Trust and Cleveland Private Trust within the Milstein family’s holdings.