[United States Government Manual] [June 01, 2005] [Pages 400-404] [From the U.S. Government Publishing Office, www.gpo.gov]FEDERAL DEPOSIT INSURANCE CORPORATION 550 Seventeenth Street NW., Washington, DC 20429 Phone, 202-736-6000. Internet, www.fdic.gov. Board of Directors: Chairman Donald E. Powell Vice Chairman John M. Reich Directors: (Comptroller of the Currency) Julie L. Williams, Acting (Director, Office of Thrift James E. Gilleran Supervision) Appointive Director Thomas J. Curry Officials: Deputy to the Chairman and Chief Operating John F. Bovenzi Officer Chief of Staff Jodey C. Arrington Deputy to the Chairman and Chief Financial Steven O. App 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) Special Assistant to the Director John F. Vogel General Counsel William F. Kroener III Director, Division of Administration Arleas Upton Kea Director, Division of Finance Frederick S. Selby Director, Division of Information Technology and Michael E. Bartell Chief Information Officer Director, Division of Insurance and Research Arthur J. Murton Director, Division of Resolutions and Mitchell L. Glassman Receiverships Director, Division of Supervision and Consumer Michael J. Zamorski Protection Director, Office of Diversity and Economic D. Michael Collins Opportunity Director, Office of Enterprise Risk Management James H. Angel, Jr. Director, Office of Legislative Affairs Alice C. Goodman Ombudsman Cottrell L. Webster [[Page 401]] Director, Office of Public Affairs Stan Ivie Chief Learning Officer David C. Cooke Inspector General Patricia M. Black, Acting ------------------------------------------------------------------------ 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. 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 $3.6 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 5,262 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 [[Page 402]] [GRAPHIC] [TIFF OMITTED] T201944.037 [[Page 403]] 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: --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 ------------------------------------------------------------------------ Region/Address Telephone ------------------------------------------------------------------------ Atlanta, GA (Suite 800, 10 Tenth St. NE., 30309)........ 678-916-2200 Chicago, IL (Suite 3500, 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 New York, NY (4th Fl., 20 Exchange Pl., 10005).......... 917-320-2500 San Francisco, CA (Suite 2300, 25 Jessie St., 94105).... 808-546-1810 ------------------------------------------------------------------------ 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. For credit card complaints, call 800-378-9581, from 8 a.m. to 8 p.m., eastern time, Monday through Friday. Written inquiries can be sent to the Division of Supervision and Consumer Protection at the regional offices listed above or to FDIC headquarters. E-mail inquiries can be sent to the FDIC Web site 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 Web site 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 Many FDIC records are available on the FDIC Web site. Inquiries about other types of records available to the public, including records available under the Freedom of Information Act, should be directed to the Chief, FOIA/PA Group 550 17th St. NW., Washington, DC 20429 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. [[Page 404]] ------------------------------------------------------------------------