[United States Government Manual]
[June 01, 2001]
[Pages 403-406]
[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, www.fdic.gov.
Board of Directors:
Chairman Donna Tanoue
Vice Chairman (vacancy)
Directors:
(Comptroller of the Currency) John D. Hawke, Jr.
(Director, Office of Thrift Ellen S. Seidman
Supervision)
Appointive Director John Reich
Officials:
Deputy to the Chairman and Chief Operating John F. Bovenzi
Officer
Deputy to the Chairman Jadine Nielsen
Deputy to the Chairman and Chief Financial Myrta K. Sale
Officer
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, Bank Technology Group Christie A. Sciacca
Director, Division of Administration Arleas Upton Kea
Director, Division of Compliance and Consumer Stephen M. Cross
Affairs
Director, Division of Finance Frederick S. Selby
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 Mitchell L. Glassman
Receiverships
Director, Division of Supervision Michael J. Zamorski,
Acting
Director, Office of Diversity and Economic D. Michael Collins
Opportunity
Director, Office of Internal Control Management Vijay G. Deshpande
Director, Office of Legislative Affairs Alice C. Goodman
Director, Office of Ombudsman Ronald F. Bieker
Director, Office of Public Affairs Phil Battey
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
depositsup 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
protectionlaws; and by liquidating assets of failed institutions to
reimburse the insurance funds for the cost of failures.
[GRAPHIC] [TIFF OMITTED] T188578.038
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 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 $3.1 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 5,700 commercial and savings banks that are not
members of the Federal Reserve System, called State-chartered nonmember
banks. FDIC also has authority to examine other types of FDIC-insured
institutions for deposit insurance purposes. The two types of
examinations conducted are for safety and soundness, and for compliance
with applicable consumer laws such as the Truth in Lending Act, the Home
Mortgage Disclosure Act, the Equal Credit Opportunity Act, the Fair
Housing 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 such an entity 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 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 disposition permits.
As part of its insurance, supervisory, and receivership
responsibilities, FDIC also performs other functions relating to State
nonmember banks, including:
[[Page 406]]
--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;
--approval or disapproval of requests to engage as principal in
activities and investments that are not permissible for a national bank;
--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
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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., 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)....... 214-754-0098
Kansas City, MO (Suite 1200, 2345 Grand Blvd., 64108)... 816-234-8000
Memphis, TN (Suite 1900, 5100 Poplar Ave., 38137)....... 901-685-1603
New York, NY (20 Exchange Pl., 10005)................... 917-320-2500
San Francisco, CA (Suite 2300, 25 Ecker St., 94105)..... 415-546-0160
Resolutions and Receiverships...........................
Southwest (1910 Pacific Ave., Dallas, TX 75201)......... 800-568-9161
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Sources of Information
Consumer Information Telephone inquiries about deposit insurance and
other consumer matters can be directed to the FDIC call center at 877-
275-3342 from 8 a.m. to 8 p.m., eastern time, Monday through Friday.
Written inquiries can be sent to the Division of Compliance and Consumer
Affairs' regional offices listed above or to FDIC headquarters. E-mail
inquiries can be sent to the FDIC website at www.fdic.gov. The online
FDIC customer assistance form for submitting an inquiry or a complaint
is available at www2.fdic.gov/starsmail/index.html. A copy of a bank's
quarterly Report of Condition is available from the call center at cost,
or free from the FDIC website at www2.fdic.gov/Call--
TFR--Rpts/.
General Inquiries Written requests for general information may be
directed to the Office of Public Affairs, 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,
202-898-7021) 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, 877-275-3342 (option 4).
E-mail, publicinfo@fdic.gov. Internet, www.fdic.gov.
For further information, contact the Office of Public Affairs, Federal
Deposit Insurance Corporation, 550 Seventeenth Street NW., Washington,
DC 20429. Phone, 202-898-6993. Internet, www.fdic.gov.