[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

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Director, Office of Public Affairs                Stan Ivie
Chief Learning Officer                            David C. Cooke
Inspector General                                 Patricia M. Black, 
                                                          Acting

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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.

  
  
  
  

  
  
  
  
  
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

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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
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                     Region/Address                          Telephone
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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
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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. 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, [email protected]. 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.

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