[United States Government Manual] [June 01, 2008] [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, 703-562-2222. Internet, www.fdic.gov. Board of Directors: Chairman Sheila C. Bair Vice Chairman Martin J. Gruenberg Directors: Appointive Thomas J. Curry Comptroller of the Currency John C. Dugan Office of Thrift Supervision John M. Reich Officials: Deputy to the Chairman Alice C. Goodman Deputy to the Chairman and Chief Operating John F. Bovenzi Officer Deputy to the Chairman and Chief Financial Steven O. App Officer Chief of Staff Jesse O. Villarreal, Jr. Deputy to the Vice Chairman Barbara A. Ryan Deputy to the Director (Appointive) Lisa Roy Deputy to the Director (Comptroller of the William A. Rowe III Currency) Deputy to the Director (Office of Thrift Claude A. Rollin Supervision) Special Advisor to the Director (vacancy) General Counsel Sara A. Kelsey Director, Division of Administration Arleas Upton Kea Director, Division of Finance Bret D. Edwards Director, Division of Information Technology and Michael E. Bartell Chief Information Officer [[Page 401]] Director, Division of Insurance and Research Arthur J. Murton Director, Division of Resolutions and Mitchell L. Glassman Receiverships Director, Division of Supervision and Consumer Sandra L. Thompson Protection Director, Office of Diversity and Economic D. Michael Collins Opportunity Director, Office of Enterprise Risk Management James H. Angel, Jr. Director, Office of International Affairs Fred Carns Director, Office of Legislative Affairs Eric J. Spitler Ombudsman Cottrell L. Webster Director, Office of Public Affairs Andrew S. Gray Chief Learning Officer Thom H. Terwilliger Inspector General John T. Rymer ------------------------------------------------------------------------ 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. As of April 1, 2006, the deposit insurance coverage on certain retirement accounts at a bank or savings institution was raised to $250,000. The basic insurance coverage for other deposit accounts remains at $100,000. The 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 the 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 The FDIC insures about $4.2 trillion of U.S. bank and thrift deposits. The insurance fund is 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. Premiums are determined by an institution's level of capitalization and potential risk to the insurance fund. The FDIC examines about 5,250 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. Examinations are performed on the institution's premises and off-site through computer data analysis. [GRAPHIC] [TIFF OMITTED] T214669.037 [[Page 403]] A 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 closed institution in a manner that is least costly to the FDIC. 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 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, the 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)...... 312-382-6000 Dallas, TX (1601 Bryan St., 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).... 415-546-0160 ------------------------------------------------------------------------ Sources of Information Consumer Information Telephone inquiries about deposit insurance and other consumer matters can be directed to the Consumer Response Center at 877-275-3342, from 8 a.m. to 8 p.m. eastern standard time, Monday through Friday. For credit card complaints, call 800-378-9581, from 8:30 a.m. to 4:30 p.m. central standard time, Monday through Friday. Written inquiries may be sent to the Division of Supervision and Consumer Protection at the regional offices listed above or to FDIC headquarters. E-mail inquiries may be sent to the FDIC Web site at www.fdic.gov/ deposit/deposits/index.html. The online FDIC customer assistance form for submitting an inquiry or a complaint is available at www.fdic.gov/ starsmail/index.asp. 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 www.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, [[Page 404]] directives to financial institutions, and other documents are available through the Public Information Center. Phone, 877-275-3342 (press 1; then press 5). E-mail, [email protected]. Internet, www.fdic.gov/ news/publications/index.html. For further information, contact the Office of Public Affairs, Federal Deposit Insurance Corporation, 550 Seventeenth Street NW., Washington, DC 20429. Phone, 202-898-6993. E-mail, [email protected]. Internet, www.fdic.gov. ------------------------------------------------------------------------