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The United States Government Manual
Federal Deposit Insurance Corporation
550 Seventeenth Street NW., Washington, DC 20429
703-562-2222
http://www.fdic.gov
Board of Directors
| CHAIR | Martin J. Gruenberg |
| Vice Chair | Thomas M. Hoenig |
| Director (Consumer Financial Protection Bureau) | J. Michael Mulvaney, Acting |
| Director (Office of the Comptroller of the Currency) | Joseph M. Otting |
| Director | (vacancy) |
Headquarters–Washington, DC
| CHAIR | Martin J. Gruenberg |
| Vice Chair | Thomas M. Hoenig |
| Chief of Staff | Barbara A. Ryan |
| Special Advisor for Supervisory Matters | Jason C. Cave |
| DEPUTIES | |
| Deputy to the Chair | Kymberly K. Copa |
| Deputy to the Chair / Chief Financial Officer | Steven O. App |
| Deputy to the Chair / Chief Operating Officer | Barbara A. Ryan |
| Deputy to the Vice Chair | Michael Spencer, Acting |
| DIVISION HEADS | |
| Chief Information Officer / Chief Privacy Officer | Howard Whyte, Acting |
| Chief Information Security Officer | Noreen Padilla, Acting |
| Director, Administration | Arleas Upton Kea |
| Director, Corporate University / Chief Learning Officer | Suzannah L. Susser |
| Director, Depositor and Consumer Protection | Mark E. Pearce |
| Director, Finance | Craig R. Jarvill |
| Director, Information Technology | Russell G. Pittman |
| Director, Insurance and Research | Diane Ellis |
| Director, Resolution and Receiverships | Bret D. Edwards |
| Director, Risk Management Supervision | Doreen R. Eberley |
| General Counsel | Charles Yi |
| OFFICE HEADS | |
| Chief Risk Officer | Kenyon Kilber, Acting |
| Deputy to the Chair for Communications | Barbara Hagenbaugh |
| Director, Complex Financial Institutions | Ricardo R. Delfin |
| Director, Legislative Affairs | M. Andy Jiminez |
| Director, Minority and Women Inclusion | Saul Schwartz, Acting |
| Ombudsman | M. Anthony Lowe |
| Inspector General | Jay N. Lerner |
The above list of key personnel was updated 02–2018.
The Federal Deposit Insurance Corporation preserves and promotes public confidence in U.S. financial institutions by insuring bank and thrift deposits, examining State-chartered banks, and liquidating assets of failed institutions.
The Federal Deposit Insurance Corporation (FDIC) was established under the Banking Act of 1933 after numerous banks failed during the Great Depression. The FDIC began insuring banks on January 1, 1934. The basic insurance coverage per depositor at each insured bank and savings association is $250,000.
https://www.fdic.gov/about/historyThe FDIC is managed by a five-member Board of Directors, all of whom the President appoints and the Senate confirms. No more than three of the Directors can be affiliated with the same political party.
The FDIC insures approximately 5,850 institutions. It receives no congressional appropriations. FDIC funding comes from insurance premiums on deposits held by insured banks and savings associations and from interest on the investment of those premiums in U.S. Government securities. FDIC has authority to borrow up to $100 billion from the Treasury for insurance purposes.
https://www.fdic.gov/about/strategic/strategic/mission.htmlActivities
The FDIC insures about $13 trillion of U.S. bank and thrift deposits. As required by law, the fund relies on two sources of income: premiums paid by banks and savings associations, and the interest on the investment of those premiums in U.S. Government securities. An institution's level of capitalization and potential risk to the insurance fund determines its premiums.
https://www.fdic.gov/depositThe FDIC examines about 3,600 State-chartered commercial and savings banks that are not members of the Federal Reserve System, called State nonmember banks. The 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. FDIC examiners work onsite at the institution as well analyze bank data offsite.
https://www.fdic.gov/regulationsA failed bank or savings association is generally closed by its chartering authority, and the FDIC is named receiver. The FDIC is required to resolve the closure in a manner that is least costly to its Deposit Insurance Fund. Ordinarily, the FDIC attempts to locate a healthy institution to acquire the failed entity. If such an entity cannot be found, the FDIC pays depositors the amount of their insured funds, usually by the next business day following the closure. 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, the FDIC approves or disapproves mergers, consolidations, and acquisitions where the resulting bank is an insured State nonmember; approves or disapproves proposals by banks to establish and operate a new branch, close an existing branch, or move its main office from one location to another; and approves or disapproves requests to engage as principal in activities and investments that are not permissible for a national bank. It also issues enforcement actions, including cease-and-desist orders, for specific violations or practices requiring corrective action and reviews changes in ownership or control of a bank.
Sources of Information
Assistance for Bank Customers
An electronic form is available for filing a complaint against a particular financial institution. The form also may be used to inquire about FDIC deposit insurance coverage or to ask a question about a particular financial institution.
https://www5.fdic.gov/starsmail/index.aspBank Failures
The FDIC maintains a failed bank list that contains information on how accounts and loans are affected, how vendors can file claims against the receivership, and the acquiring bank—if applicable. The list covers from October 1, 2000, to the present.
https://www.fdic.gov/bank/individual/failed/banklist.htmlStarting with the year 2001, the FDIC maintains a brief summary of each bank failure. For additional information on recent failures, call the customer service hotline. Phone, 888-206-4662.
https://www.fdic.gov/bank/historical/bankA search tool is available online to help the public find the point of contact information of failed institutions.
https://www5.fdic.gov/drrip/cs/index.aspDetailed information on bank and thrift failures since 1934 is available on the FDIC website.
https://www5.fdic.gov/hsob/SelectRpt.asp?EntryTyp=30Bank Finder
The FDIC website has an online tool for locating insured banking institutions.
https://research.fdic.gov/bankfindCall Center
The call center is open every day of the week: Monday–Friday, 8 a.m.–8 p.m., eastern standard time; Saturday and Sunday, 9 a.m.–5 p.m., eastern standard time. Phone, 877-275-3342. Phone, 800-925-4618 (hearing impaired).
Career Opportunities
FDIC job openings and information on career transition assistance, student employment opportunities, and submitting an application are available online.
https://www.fdic.gov/about/jobsIn 2017, the FDIC ranked 3d among 25 midsize Government agencies in the Partnership for Public Service's Best Places To Work Agency Rankings.
http://bestplacestowork.org/BPTW/rankings/detail/FD00Electronic Deposit Insurance Estimator (EDIE)
Consumers and bankers can use EDIE to determine, on a per-bank basis, how the insurance rules and limits apply to a depositor's specific group of deposit accounts—what is insured and what portion, if any, exceeds coverage limits.
https://www.fdic.gov/edie/index.htmlEnlaces en Español
Links to information and resources in Spanish are available on the FDIC website.
https://www.fdic.gov/quicklinks/spanish.htmlFreedom of Information Act (FOIA)
The FDIC operates a FOIA service center that is open on weekdays, 8:30 a.m.–5:00 p.m., excluding Federal holidays. Phone, 202-898-7021.
https://www.fdic.gov/about/freedom | Email: efoia@fdic.govThe FDIC's FOIA guide offers a concise explanation of the FOIA and how it can be used to access Government records. It also explains the process for submitting a request to the FDIC. The guide also provides links to helpful reference guides and describes how additional information may be obtained from the FDIC.
https://www.fdic.gov/about/freedom/guide.htmlThe FDIC accepts electronic FOIA requests.
https://efoiarequest.fdic.gov/palMain.aspxHistory
"On March 3 banking operations in the United States ceased . . . the government has been compelled to step in." These words, President Franklin D. Roosevelt spoke to the U.S. Congress in 1933, 6 days after the banks had closed, when the Nation's banking system still lay dormant. The U.S. economy was in the throes of deep and widespread depression. Three months later, in response to the crisis, President Roosevelt approved the Banking Act of 1933, giving birth to the FDIC and Federal depositor protection, which the general public supported. To learn about the antecedents to Federal deposit insurance and the creation of the FDIC and its general history, see "A History of the FDIC 1933–1983."
https://www.fdic.gov/bank/analytical/firstfiftyIn 2008 and 2009, FDIC agents were active seizing failed banks. To learn about the process of a bank seizure and the efforts made by the FDIC to shield employees and depositors from the ill effects of a failure, watch the CBS 60 Minutes video "Your Bank Has Failed."
https://www.fdic.gov/news/letters/60minutes.htmlNews / Events
The FDIC posts conferences and events, financial institution letters, opinion editorials, press releases, speeches, and testimonies on its website.
https://www.fdic.gov/newsThe FDIC offers an online subscription service for email alerts. A subscriber may opt to receive various types of alerts: financial institution letters, news releases, statistical publications, and other types.
https://service.govdelivery.com/accounts/USFDIC/subscriber/newThe FDIC disseminates information and news using RSS feeds.
https://www.fdic.gov/rss.htmlThe FCC tweets news items and other information on Twitter.
https://twitter.com/FDICgovOffice of Inspector General (OIG)
The OIG operates a toll-free, nationwide hotline to provide a way for FDIC employees, its contractors, financial institution staff, and other members of the public to report incidents of abuse, fraud, mismanagement, and waste within FDIC programs and activities or its contractor operations. A person can file a report anonymously, confidentially, or openly by using the hotline; however, filing a report by email guarantees neither anonymity nor confidentiality. Phone, 800-964-3342. Fax, 703-562-6444.
https://www.fdicig.gov | Email: ighotline@fdic.govOpen Government
The FDIC supports the Open Government initiative by promoting the principles of collaboration, participation, and transparency.
https://www.fdic.gov/open | Email: opengov@fdic.govPlain Language
The FDIC welcomes comment on it’s compliance with the Plain Writing Act of 2010 and suggestions for improving communication between the agency and the public.
https://www.fdic.gov/plainlanguage | Email: PlainWriting@fdic.govPublications
The FDIC website has an online product catalog and ordering system.
https://catalog.fdic.govPublications, press releases, congressional testimony, directives to financial institutions, and other documents are available through the Public Information Center. Phone, 877-275-3342 (press 1, then press 5).
http://www.fdic.gov/news/publications/PIChardcopies.html | Email: publicinfo@fdic.govSite Map
The website map allows visitors to look for specific topics or to browse for content that aligns with their interests.
https://www.fdic.gov/sitemapSocial Media
The FDIC has a Facebook account.
https://www.facebook.com/FDICgovThe FDIC tweets announcements and other newsworthy items on Twitter.
https://twitter.com/FDICgovThe FDIC posts videos on its YouTube channel.
https://www.youtube.com/user/FDICchannelFor further information and media inquiries, contact the Office of Communications, Federal Deposit Insurance Corporation, 550 Seventeenth Street NW., Washington, DC 20429. Phone, 202-898-6993.