[United States Government Manual]
[June 01, 1999]
[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. Internet, http://www.fdic.gov/.
Board of Directors:

Chairman                                          Donna Tanoue
Vice Chairman                                     Andrew C. Hove, Jr.
Directors:                                          
    (Comptroller of the Currency)                 John D. Hawke, Jr.
    (Director, Office of Thrift                   Ellen S. Seidman
            Supervision)
    Appointive Director                           (vacancy)

Officials:                                          

Deputy to the Chairman and Chief Operating        Dennis F. Geer
        Officer
Deputy to the Chairman                            Jadine Nielsen
Chief Financial Officer                           Frederick S. Selby, 
                                                          Acting
Deputy to the Vice Chairman                       Robert W. Russell
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)               (vacancy)
Chief Information Officer                         Donald C. Demitros
Executive Secretary                               Robert E. Feldman
General Counsel                                   William F. Kroener III
Director, Division of Administration              John W. Lynn, Acting
Director, Division of Compliance and Consumer     Ronald F. Bieker, 
        Affairs                                           Acting
Director, Division of Finance                     Frederick S. Selby, 
                                                          Acting
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                 James L. Sexton

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Director, Office of Corporate Communications      Phil Battey
Director, Office of Diversity and Economic        Vijay G. Deshpande, 
        Opportunity                                       Acting
Director, Office of Internal Control Management   Robert M. Cittadino, 
                                                          Acting
Director, Office of Legislative Affairs           Alice C. Goodman
Director, Office of Ombudsman                     Arleas Upton Kea
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 during the 
Great Depression. FDIC 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.
    FDIC does not operate on funds appropriated by Congress. Its income 
is derived from insurance premiums on deposits held by insured banks and 
savings associations and from interest on the required investment of the 
premiums in U.S. 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 or State-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

FDIC insures about $2.8 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.
    FDIC examines about 5,900 commercial and savings banks that are not 
members of the Federal Reserve System, called State-chartered nonmember 
banks. FDIC 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 or savings association is generally closed by its 
chartering authority, and FDIC is named receiver. FDIC is required to 
resolve the closed institution in a manner that is least costly to FDIC. 
Ordinarily, 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

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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 institution's remaining assets. 
Depositors with funds in a failed institution 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
    --review of changes in ownership or control of a bank.

         Regional Offices--Federal Deposit Insurance Corporation
------------------------------------------------------------------------
                     Region/Address                          Telephone
------------------------------------------------------------------------
Supervision/Compliance and Consumer Affairs.............

Atlanta, GA (Suite 1600, 1201 W. Peachtree St. NE.,         404-817-1300
 30309).................................................
Boston, MA (15 Braintree Hill Office Park, Braintree, MA    781-794-5500
 02184).................................................
Chicago, IL (Suite 3600, 500 W. Monroe St., 60661)......    312-382-7500
Dallas, TX (Suite 1900, 1910 Pacific Ave., 75201).......    972-761-8475
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
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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. 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. Internet, http://
www.fdic.gov/.

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