[United States Government Manual] [June 02, 1998] [Pages 535-538] [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. Internet, http://www.fdic.gov/. Board of Directors: Chairman (vacancy) Vice Chairman Andrew C. Hove, Jr., Acting Directors: (Comptroller of the Currency) Julie Williams, Acting (Director, Office of Thrift Ellen S. Seidman Supervision) Appointive Director Joseph H. Neely Officials: Deputy to the Chairman and Chief Operating Dennis F. Geer Officer Chief Financial Officer Paul L. Sachtleben 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 Robert E. Feldman 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 Director, Division of Resolutions and John F. Bovenzi Receiverships Director, Division of Supervision Nicholas J. Ketcha, Jr. Director, Office of Corporate Communications Phil Battey 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 [[Page 536]] Director, Office of Policy Development Robert W. Russell Inspector General Gaston L. Gianni, Jr. ------------------------------------------------------------------------ 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 during 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 $3 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 FDIC-insured 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 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 by the next business day 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: [[Page 537]] [GRAPHIC] [TIFF OMITTED] T177653.039 [[Page 538]] --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 ------------------------------------------------------------------------ Region/Address Telephone ------------------------------------------------------------------------ Supervision/Compliance and Consumer Affairs............. Atlanta, GA (Suite 1600, 1201 W. Peachtree St. NE., 30309)................................................. 404-817-1300 Boston, MA (15 Braintree Hill Office Park, Braintree, MA 02184)................................................. 781-794-5500 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 SOUTHWEST (1910 Pacific Ave., Dallas, TX 75201)......... 214-754-0098 WESTERN (4 Park Plz., Jamboree Ctr., Irvine, CA 92714).. 714-263-7100 ------------------------------------------------------------------------ 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. E-mail, [email protected]. 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. E-mail, [email protected]. Internet, http://www.fdic.gov/. For further information, contact the Corporate Communications Office, Federal Deposit Insurance Corporation, 550 Seventeenth Street NW., Washington, DC 20429. Phone, 202-898-6993. ------------------------------------------------------------------------