WASHINGTON—The Federal Deposit Insurance Corp. canceled a public meeting of its board scheduled for Thursday, hours after reports on allegations that Chairman Martin Gruenberg had turned a blind eye to misconduct at the banking regulator.

The five-member FDIC board called off a scheduled meeting to complete a plan to reimburse a federal deposit insurance fund for billions in losses tied to the collapse of two large banks in March. An agency spokesman said the FDIC board would finalize the plan without a public vote.