On October 30, the FDIC announced that Vice Chairman Thomas Hoenig will serve as the President of the International Association of Deposit Insurers (IADI) and as Chairman of its Executive Council for a two-year term. The IADI sets global deposit insurance standards and promotes financial stability by facilitating international cooperation and developing best practices among deposit insurers and other parties responsible for financial safety net arrangements. Hoenig will continue to serve as Vice Chairman of the FDIC.