[United States Government Manual]
[May 30, 1997]
[Pages 529-533]
[From the U.S. Government Publishing Office, www.gpo.gov]
FEDERAL DEPOSIT INSURANCE CORPORATION
550 Seventeenth Street NW., Washington, DC 20429
Phone, 202-393-8400
Board of Directors:
Chairman Ricki Helfer
Vice Chairman Andrew C. Hove, Jr.
Directors:
(Comptroller of the Currency) Eugene A. Ludwig
(Director, Office of Thrift Nicolas P. Retsinas
Supervision)
Appointive Director Joseph H. Neely
Officials:
Deputy to the Chairman and Chief Operating Dennis F. Geer
Officer
Deputy to the Chairman for Policy Leslie A. Woolley
Chief Financial Officer Paul L. Sachtleben,
Acting
Deputy to the Vice Chairman Roger A. Hood
Deputy to the Director (Comptroller of the Thomas E. Zemke
Currency)
Deputy to the Director (Office of Thrift Walter B. Mason
Supervision)
Deputy to the Director (Appointive) A. David Meadows
Executive Secretary Jerry L. Langley
General Counsel William F. Kroener III
Director, Division of Administration Jane L. Sartori
Director, Division of Compliance and Consumer Carmen J. Sullivan
Affairs
Director, Division of Finance Paul L. Sachtleben
Director, Division of Information Resources Donald C. Demitros
Management
Director, Division of Insurance Arthur J. Murton
Director, Division of Research and Statistics William R. Watson
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Director, Division of Resolutions and John F. Bovenzi
Receiverships
Director, Division of Supervision Nicholas J. Ketcha,
Jr.
Director, Office of Corporate Communications Robert M. Garsson, Jr.
Director, Office of Diversity and Economic Jo-Ann Henry
Opportunity
Director, Office of Internal Control Management Vijay Deshpande
Director, Office of Legislative Affairs Alice C. Goodman
Director, Office of Ombudsman Arleas Upton Kea
Director, Office of Policy Development Sharon Powers
Sivertsen
Inspector General Gaston L. Gianni, Jr.
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The Federal Deposit Insurance Corporation promotes and preserves public
confidence in U.S. financial institutions by insuring bank and thrift
deposits up to the legal limit of $100,000; by periodically examining
State-chartered banks that are not members of the Federal Reserve System
for safety and soundness as well as compliance with consumer protection
laws; and by liquidating assets of failed institutions to reimburse the
insurance funds for the cost of failures.
The Federal Deposit Insurance Corporation (FDIC) was established under
the Banking Act of 1933 in response to numerous bank failures after the
Great Depression. The Corporation began insuring banks on January 1,
1934. Congress has increased the limit on deposit insurance five times
since 1934, the most current level being $100,000.
The Corporation does not operate on funds appropriated by Congress.
Its income is derived from assessments on deposits held by insured banks
and from interest on the required investment of its surplus funds in
Government securities. It also has authority to borrow from the Treasury
up to $30 billion for insurance purposes.
Management of FDIC consists of a Board of Directors that includes
the Chairman, Vice Chairman, and Appointive Director. The Comptroller of
the Currency, whose office supervises federally chartered or national
banks, and the Director of the Office of Thrift Supervision, which
supervises federally chartered savings associations, are also members of
the Board. All five Board members are appointed by the President and
confirmed by the Senate, with no more than three being from the same
political party.
Activities
The Federal Deposit Insurance Corporation insures about $2 trillion of
U.S. bank and thrift deposits. The insurance funds are composed of
insurance premiums paid by banks and savings associations and the
interest on the investment of those premiums in U.S. Government
securities, as required by law. Banks pay premiums to the Bank Insurance
Fund (BIF), while savings associations pay premiums to the Savings
Association Insurance Fund (SAIF). Premiums are determined by an
institution's level of capitalization and potential risk to its
insurance fund.
The Corporation examines about 6,000 commercial and savings banks
that are not members of the Federal Reserve System, called State-
chartered nonmember banks. The Corporation also has back-up authority to
examine other types of financial institutions. The two types of
examinations conducted are for safety and soundness, and for compliance
with applicable consumer laws such as Truth in Lending, the Home
Mortgage Disclosure Act, and the Community Reinvestment Act.
Examinations are performed on the institution's premises and off-site
through computer data analysis.
A failed bank is generally closed by its chartering authority, and
FDIC is named receiver. In that capacity, FDIC attempts
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to locate a healthy institution to acquire the failed entity. If an
acquirer cannot be found, FDIC pays depositors the amount of their
insured funds, usually within 1 or 2 business days following the
closing. Depositors with funds that exceed the insurance limit often
receive an advance dividend, which is a portion of their uninsured funds
that is determined by an estimate of the future proceeds from
liquidating the failed bank's remaining assets. Depositors with funds in
a failed bank that exceed the insurance limit receive a receivership
certificate for those funds and partial payments of their uninsured
funds as asset liquidation permits.
In addition to its insurance, supervisory, and liquidation
responsibilities, FDIC performs other functions relating to State
nonmember banks, including:
--approval or disapproval of mergers, consolidations, and
acquisitions where the resulting bank is an insured State nonmember;
--approval or disapproval of a proposal by a bank to establish and
operate a new branch, close an existing branch, or move its main office
from one location to another;
--issuance of enforcement actions, including cease-and-desist
orders, for specific violations or practices requiring corrective
action; and
--reporting changes in ownership or control of a bank, and reporting
any loan secured by 25 percent or more of the bank's stock.
Regional Offices--Federal Deposit Insurance Corporation
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Region/Address Telephone
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Supervision/Compliance and Consumer Affairs
Atlanta, GA (Suite 1600, 1201 W. Peachtree St. NE.,
30309)................................................. 404-817-1300
Boston, MA (Suite 3100, 200 Lowder Brook Dr., Westwood,
MA 02090).............................................. 617-320-1600
Chicago, IL (Suite 3600, 500 W. Monroe St., 60661)...... 312-382-7500
Dallas, TX (Suite 1900, 1910 Pacific Ave., 75201)....... 214-220-3342
Kansas City, MO (Suite 1500, 2345 Grand Ave., 64108).... 816-234-8000
Memphis, TN (Suite 1900, 5100 Poplar Ave., 38137)....... 901-685-1603
New York, NY (19th Fl., 452 5th Ave., 10018)............ 212-704-1200
San Francisco, CA (Suite 2300, 25 Ecker St., 94105)..... 415-546-0160
Resolutions and Receiverships
NORTHEAST (101 E. River Dr., E. Hartford, CT 06108)..... 860-291-4000
SOUTHEAST (Suite 1800, 1201 W. Peachtree St. NE.,
Atlanta, GA 30309)..................................... 404-817-2500
SOUTHWEST (Suite 1000E, 5080 Spectrum Dr., Dallas, TX
75248)................................................. 972-991-0039
WESTERN (4 Park Plz., Jamboree Ctr., Irvine, CA 92714).. 714-263-7100
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Sources of Information
Consumer Information Information about deposit insurance and other
consumer matters is available from the Division of Compliance and
Consumer Affairs (DCA) at the same address or any regional office, or
DCA's hotline, 800-934-3342. For a copy of a bank's quarterly Report of
Condition, call 800-945-2186.
General Inquiries Written requests for general information may be
directed to the Office of Corporate Communications, Federal Deposit
Insurance Corporation, 550 Seventeenth Street NW., Washington, DC 20429.
Public Records Inquiries about the types of records available to the
public, including records available under the Freedom of Information
Act, should be directed to the Office of the Executive Secretary (phone,
202-898-3811) or any regional office.
Publications Publications, press releases, congressional testimony,
directives to financial institutions, and other documents are available
through the Public Information Center (phone, 800-276-6003) or
electronically through the Internet, at http://www.fdic.gov/.
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For further information, contact the Corporate Communications Office,
Federal Deposit Insurance Corporation, 550 Seventeenth Street NW.,
Washington, DC 20429. Phone, 202-898-6993.
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