Former Federal Reserve Governor Coogler faced an ethics investigation before resigning.
TL;DR
Former Fed Governor Kugler resigned after Chair Powell denied an ethics exemption for financial asset violations. An internal investigation into improper financial filings preceded her August departure.
According to ChainCatcher, citing Jinshi, a Federal Reserve official revealed that former Federal Reserve Governor Kugler resigned abruptly because Federal Reserve Chairman Powell refused to grant her an exemption from handling financial assets that violated the Federal Reserve's ethical guidelines.
The official stated that Kugler was under investigation by the Federal Reserve's internal oversight body for issues related to his recent financial filings before his resignation in August. Documents released Saturday show that officials at the Federal Reserve's Office of Ethics refused to approve Kugler's latest financial filings and referred the matter to the Federal Reserve's Office of the Inspector General. These filings, published on the website of the U.S. Government Office of Ethics, indicate details of his financial activities that allegedly violate the Federal Reserve's internal code of ethics.
Kugler announced his resignation on August 1, effective August 8, without giving a specific reason.