Federal Deposit 

Insurance Corporation

 

Deputy to the Chairman and Chief Financial Officer

 February 23, 2021

MEMORANDUM TO: The Board of Directors

FROM: Bret Edwards

Deputy to the Chairman

and Chief Financial Officer

SUBJECT: Fourth Quarter 2020 CFO Report to the Board 

The attached report highlights the FDIC’s financial activities and results for the quarter ended December 31, 2020.

Executive Summary

• During the fourth quarter of 2020, the Deposit Insurance Fund (DIF) balance rose to a record $117.9 billion as 

of December 31, 2020, up $1.5 billion from the September 30, 2020 balance of $116.4 billion. The quarterly 

increase was primarily due to $1.9 billion in assessment revenue, partially offset by $470 million in operating 

expenses.

• The reserve ratio, which is the ratio of the DIF balance to estimated insured deposits, was 1.29 percent at 

December 31, 2020, down one basis point from September 30, 2020. Strong estimated insured deposit 

growth more than offset the growth in the DIF.

• During the fourth quarter of 2020, the FDIC was named receiver for two failed financial institutions. The 

combined assets at inception for these failed institutions were $205 million with estimated losses to the DIF 

as of December 31, 2020, of $28 million. The corporate cash outlay during the fourth quarter for these failures 

was approximately $70 million.

• Through December 31, 2020, overall FDIC Operating Budget expenditures were below the full-year budget by 

seven percent ($148 million). This variance was primarily the result of underspending in the Travel, Outside 

Services – Personnel, and Salaries and Compensation expense categories in the Ongoing Operations budget 

component and the Outside Services – Personnel expense category in the Receivership Funding budget 

component.
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I. Financial Results (See pages 8 – 9 for detailed data and charts.)

Deposit Insurance Fund 

• The DIF’s comprehensive income totaled $7.5 billion for 2020 compared to comprehensive income of $7.7 

billion during 2019. While assessment revenue increased year-over-year by $2.2 billion, this was fully offset by 

a year-over-year reduction in the negative provision for insurance losses of $1.1 billion and a decrease in 

interest and unrealized gains on U.S. Treasury securities of $1.2 billion.

• The provision for insurance losses was a negative $157 million for 2020, compared to negative $1.3 billion for 

2019. The negative provision of $157 million in 2020 reflected adjustments to loss estimates for prior year 

failures largely as a result of unanticipated recoveries from professional liability claims and litigation

settlements by receiverships, as well as reductions to receivership future liquidation expense estimates. The 

provision balance for 2019 reflected much larger decreases in loss estimates for prior year bank failures 

primarily arising from shared-loss liability reductions as well as unanticipated recoveries from litigation 

settlements and professional liability claims by receiverships.

• Interest revenue on U.S. Treasury securities for 2020 was $1.7 billion, compared to $2.1 billion in 2019. The 

$0.4 billion year-over-year decrease resulted from reinvestment at record low yields even though the

investment in U.S. Treasury securities was $10.4 billion larger at year-end 2020 than year-end 2019.

• During 2020, the DIF recognized an unrealized gain on U.S. Treasury securities of $483 million, down from a 

$1.2 billion unrealized gain in 2019. This decline is due to the fact that a significant portion of the securities in 

the portfolio with unrealized gains matured during 2020 (or will do so in the first quarter of 2021).

Assessments

• During December, the DIF recognized assessment revenue of $1.9 billion for the estimate of fourth quarter 

2020 insurance coverage. Additionally, the DIF recognized a $69 million adjustment for lower-than-estimated 

collections for the third quarter 2020 insurance coverage, which decreased assessment revenue.

• On December 30, 2020, the FDIC collected $1.8 billion in DIF assessments for third quarter 2020 insurance 

coverage.

II. Investment Results (See pages 10 – 11 for detailed data and charts.)

DIF Investment Portfolio

• On December 31, 2020, the total liquidity (also total market value) of the DIF investment portfolio stood at 

$114.9 billion, up $7.9 billion from its December 31, 2019, balance of $107.0 billion. During the quarter, 

interest revenue, receivership dividends, and deposit insurance assessment collections far exceeded 

resolution-related outlays and operating expenses.

• On December 31, 2020, the DIF investment portfolio’s yield was 1.11 percent, down 87 basis points from its 

1.98 percent yield on December 31, 2019. The new Treasury securities purchased during the fourth quarter of 

the year had significantly lower yields than the maturing securities’ yields.
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• In accordance with the approved fourth quarter 2020 DIF portfolio investment strategy, staff purchased seven

conventional Treasury securities. The seven securities had a total par value of $12.8 billion, a weighted 

average yield of 0.208 percent, and a weighted average maturity of 1.5 years.

III. Budget Results (See pages 12 – 13 for detailed data.)

Approved Budget Modifications

The 2020 Budget Resolution delegated to the Chief Financial Officer (CFO) and selected other officials the 

authority to make certain modifications to the 2020 FDIC Operating Budget. The following budget reallocations 

were approved during the fourth quarter in accordance with the authority delegated by the Board of Directors:

• In November, the CFO approved adjustments to the Ongoing Operations budgets of multiple organizations, 

as follows, resulting in a net increase of about $500,000 in the Corporate Unassigned contingency reserve for 

that budget component:

o In conjunction with a periodic review by the Division of Finance, adjustments were made to align the 

Salaries and Compensation budgets of individual divisions and offices with their projected full-year 

salaries and benefits expenses and to add funding for the year-end accrual of projected 2020 employee 

bonus payments under the FDIC’s new Performance Management Program. Funding was also added to 

the Division of Risk Management Supervision (RMS) budget to cover expenses incurred under the leave 

buyback program for examiners. These adjustments resulted in a net increase of $6.9 million to the 

Salaries and Compensation budget at the corporate level.

o A decrease of $8.0 million in the RMS Travel budget, consistent with pandemic-related travel restrictions 

implemented in early 2020.

o An increase of $600,000 in the Legal Division’s Outside Services-Personnel budget to provide funding for 

financial advisory services related to the establishment of the new Mission-Driven Bank Fund.

• As part of that same November budget adjustment, the CFO approved an increase of $833,715 in the Salaries 

and Compensation category of the Legal Division’s Receivership Funding budget to address unbudgeted 

overtime expenses, with a corresponding reduction in the Corporate Unassigned contingency reserve in that 

budget component.

• In November, the CFO approved an increase of $85,000 in the Salaries and Compensation category of RMS’s 

Ongoing Operations budget to increase funding for employee awards. This increase was offset by a 

corresponding decrease in the Travel category of that budget.

• In December, the CFO approved increases totaling $2,282,774 to the Salaries and Compensation budgets of 

multiple organizations in the Ongoing Operations budget component for possible increases in the funds 

available for 2020 employee performance bonuses. These increases were more than offset by decreases 

totaling $3,385,000 in the Travel budgets of the Division of Depositor and Consumer Protection (DCP), 

Division of Complex Institution Supervision & Resolution (CISR), and Corporate University (CU), with the 

balance reprogrammed to the Corporate Unassigned contingency reserve.
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• In December, the CFO also approved the reprogramming of funds from the Corporate Unassigned 

contingency reserve to increase the Division of Information Technology (DIT) total Ongoing Operations 

budget by a total of $14.3 million to address overspending and projected budget shortfalls in multiple 

expense categories. 

Following these fourth quarter budget modifications, the balances in the Corporate Unassigned contingency 

reserves declined from $16,703,552 to $4,018,761 in the Ongoing Operations budget component and from 

$18,917,515 to $18,083,800 in the Receivership Funding budget component.

Approved Staffing Modifications

The 2020 Budget Resolution delegated to the CFO the authority to modify approved 2020 staffing authorizations 

for divisions and offices, as long as those modifications did not increase the total approved 2020 FDIC Operating 

Budget.

• In October, the CFO approved an increase of six permanent positions in RMS’s 2020 staffing authorization for 

the new Communications and Training Section (as reported in the Third Quarter CFO Report, seven positions 

were approved in July 2020 to provide initial staffing for that section). 

Subsequent to this adjustment, authorized 2020 staffing for the Corporation totaled 5,728 (5,723 permanent and 

5 non-permanent).

Spending Variances

Significant spending variances by major expense category and division/office are discussed below. Significant 

spending variances for the full year are defined as those that either (1) exceeded the annual budget for a major 

expense category or division/office; or (2) were under the annual budget for a major expense category or 

division/office by more than $5 million and represented more than five percent of the major expense category or 

total division/office budget. 

Significant Spending Variances by Major Expense Category

Ongoing Operations

Overall spending for the Ongoing Operations budget component totaled almost $1.8 billion, or 6 percent, below 

budget for 2020. There were significant spending variances in three expense categories: 

• Spending in the Travel expense category was under budget by $43.1 million, or 64 percent. The variance in 

the Travel expense category was primarily attributable to FDIC’s travel restrictions during mandatory 

telework, which suspended most business travel including travel related to onsite examinations, regulatory 

meetings, and in-person training. The variance primarily reflected underspending in RMS, DCP, CU, and CISR.

• Spending in the Outside Services – Personnel expense category was under budget by $29.6 million, or 10 

percent. The variance was attributable to underspending in multiple divisions and offices. The primary 

contributors to the variance included the following:

o Division of Administration (DOA) underspent its budget by $5.9 million due to reduced requirements for 

onsite support, delayed contract execution, limited onsite access by contractors due to mandatory 

telework, and challenges in filling contractor vacancies due to the pandemic. 
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o FDiTech Lab underspent its budget by $3.8 million because of the delayed start of Rapid Phased 

Prototyping initiatives. 

o CISR underspent its budget by $3.3 million because of delays in initiating procurement actions to acquire 

executive search/leadership consulting advisory services and subject matter expertise to assist in 

developing bridge bank procedures, cross-border simulations, and resolution playbooks.

o DIT underspent its budget by $3.0 million due to billing corrections, delays in various planned initiatives, 

and a decision to reduce contractor work hours in November and December to address budget concerns.

o Division of Resolutions and Receiverships (DRR) underspent its budget by $2.0 million due to unfilled 

contractor positions for accounting services and a delay in awarding a new tax consulting contract.

o CU underspent its budget by $1.8 million due to reduced requirements for in-classroom training 

facilitation and instructor-led training development during mandatory telework.

o Office of Chief Information Security Officer underspent its budget by $1.6 million due to delayed contract 

awards and challenges in filling contractor vacancies.

o DCP underspent its budget by $1.3 million due to reduced use of contractual services for MoneySmart. 

o The $4.0 million in unused Corporate Unassigned contingency funding also contributed to the total 

variance in this major expense category.

• Spending in the Other Expenses category was under budget by $5.8 million, or 38 percent. The variance was 

attributable primarily to lower-than-expected utilization of professional learning accounts by employees in 

RMS, DCP, and the Legal Division and reduced expenses for supplies, materials, books and manuals during 

mandatory telework.

Receivership Funding

Overall spending for the Receivership Funding budget component was about $40.6 million, or 46 percent, below 

budget for 2020. There were significant spending variances in four major expense categories, including three in 

which the budget was overspent by small amounts. 

• Spending in the Outside Services – Personnel was under budget by $33.5 million, or 49 percent. Most of the 

variance ($18.0 million) was attributable to unused funding in the Corporate Unassigned contingency reserve. 

The remaining variance was primarily attributable to underspending for contractual services by the Legal 

Division ($12.3 million, or 47 percent of its budget) and DRR ($3.2 million, or 14 percent of its budget). The 

Legal Division’s underspending was largely the result of settlements, a decision to perform new professional 

liability investigations with FDIC staff, and delays in pending litigation due to the COVID-19 pandemic. DRR’s 

underspending was largely due to the smaller and relatively simpler bank failures that occurred during 2020 

compared to planning estimates. 

• Spending in the Buildings and Leased Space expense category was over budget by $158,065, or 7 percent. The 

variance was mostly attributable to taxes and fees associated with the sale of a multi-million dollar owned 

real estate property.
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• Spending in the Equipment expense category was over budget by $2,130, or 25 percent. The variance was 

attributable to an accounting error that is being corrected. 

• Spending in the Other Expenses category was over budget by $147,139 or 13 percent. The variance was 

mostly attributable to receivership-related administrative and post-closing settlement expenses for 2019 and 

2020 bank failures that were billed well after closing. These expenses were not accrued at closing because 

they were difficult to estimate accurately.

Office of Inspector General 

There were three expense categories in which the Office of Inspector General (OIG) slightly overspent its 

corporate budget during 2020, creating reportable variances: Outside Services-Personnel ($12,762), Equipment 

($14,233) and Outside Services-Other ($3,747). The OIG remained within its annual appropriation during both FY 

2020 (October 2019 through September 2020) and the first quarter of FY 2021 (October 2020 through December 

2020).

Significant Spending Variances by Division/Office1

Eight organizations had significant spending variances through the end of fourth quarter. 

• RMS underspent its budget by $35.9 million, or 6 percent, primarily in the Travel, Other Expenses, and Outside 

Services – Personnel expense categories in the Ongoing Operations budget component. About $27.9 million 

reflected reduced travel expenses during mandatory telework. The underspending in the Other Expenses 

category was the result of lower-than-anticipated PLA participation and a tuition adjustment for FFIEC 

examiner training which was applied during the fourth quarter. The variance in the Outside ServicesPersonnel category resulted from suspension of the Cyber Threat Hunting project due to lack of access to the 

Sensitive Compartmented Information Facility (SCIF).

• The Legal Division underspent its budget by $17.4 million, or 11 percent, primarily due to underspending of 

its Outside Services – Personnel budget in the Receivership Funding budget component because of the 

factors referenced above. Underspending in the Salaries and Compensation category in the Ongoing 

Operations component due to vacancies in budgeted positions also contributed to the overall variance. 

• DOA underspent its budget by $13.4 million, or 5 percent, mostly in four major expense categories in the 

Ongoing Operations budget component. Underspending in the Outside Services – Personnel expense 

category of $5.9 million, or 11 percent, was primarily due to reduced contractual expenses during mandatory 

telework, as explained above. Underspending in the Buildings and Lease Space expense category of $4.4 

million, or 5 percent, was attributable to delayed execution of contracts for several headquarters and 

regional office building improvement projects and lower utility expenses due to limited onsite employee 

presence and lower equipment usage during mandatory telework. Underspending in the Equipment expense 

category of $2 million, or 8 percent, was due to delays in an upgrade of the Electronic Security System and the 

planned purchase of licenses for human resources application modules as well as reduced spending for 

corporate shuttles among FDIC buildings. Underspending in the Other Expenses category of $1.8 million, or 

34 percent, was largely due to reduced expenses for supplies, materials, books, manuals and employee use of 

Professional Learning Accounts during mandatory telework. 

 1

Information on division/office variances reflects variances in the FDIC Operating Budget and does not include 

variances related to approved multi-year investment projects. 
7

• DCP underspent its budget by $13.0 million, or 7 percent, primarily in the Travel, Outside Services –

Personnel, and Other Expenses categories in the Ongoing Operations budget component. About $7.4 million 

of this variance reflected reduced travel expenses during mandatory telework. The remainder was the result 

of underspending of contractual services for MoneySmart and low utilization of the PLA training budget 

during the pandemic. 

• CISR underspent its budget by $8.5 million, or 10 percent, primarily in the Travel and Outside ServicesPersonnel expense categories in the Ongoing Operations budget component. The underspending for travel 

reflected the cancellation of planned international and domestic travel as a result of the COVID-19 pandemic. 

The underspending in the Outside Services – Personnel category ($3.3 million) was due to delays in initiating 

procurement actions to acquire executive search/leadership consulting advisory services and subject matter 

expertise to assist in developing bridge bank procedures, cross-border simulations, and resolution 

playbooks. 

• DRR underspent its budget by $8.4 million, or 6 percent of its budget. In the Receivership Funding budget 

component, DRR underspent in the Outside Services – Personnel expense category by $3.2 million largely due 

to the smaller size and relatively simpler bank failures that occurred during 2020. In the Ongoing Operations 

budget component, DRR underspent its Outside Services – Personnel budget by $2.0 million due to unfilled 

accounting services contractor positions and a delay in awarding a new tax consulting contract, and its 

Salaries and Compensation budget by $1.7 million due to higher-than-projected attrition and lower overtime 

expenses. 

• CU underspent its budget by $6.5 million, or 21 percent, primarily in the Travel and Outside Services–

Personnel expense categories in the Ongoing Operations budget component. About $3.1 million of this 

amount reflected reduced travel during mandatory telework. Another $1.8 million resulted from reduced 

contractual expenses for in-classroom training facilitation and instructor-led training development during 

this period. 

• Among the Executive Support offices, the FDiTech Lab underspent its budget by $4.0 million, or 84 percent, 

due to delays in filling its authorized positions and the delayed start of Rapid Phased Prototyping initiatives. 
Fund Financial Results ($ in Millions) 

8

While 2020 comprehensive income was relatively consistent with 2019, the contribution mix from 3 of the 4 components varied 

significantly. Assessment revenue increased in 2020, however, the negative provision for insurance losses and earnings on UST securities 

decreased. The increase in assessment revenue resulted from the combination of assessment base growth, higher assessment rates, and the 

wind-down of small bank credit usage. The negative provision for losses declined in 2020 as a result of lower reductions to the estimated 

losses for prior year failures. In addition, the decrease in earnings on UST securities was attributable to the reinvestment of matured 

securities at record low yields.

Balance Sheet

Quarterly Year-Over-Year

Dec-20 Sep-20 Change Dec-19 Change

Cash and cash equivalents $ 3,311 $ 6,801 $ (3,490) $ 5,991 $ (2,680)

Investment in U.S. Treasury securities 110,464 105,830 4,634 100,072 10,392

Assessments receivable 1,949 1,902 47 1,242 707

Interest receivable on investments and other assets, net 1,159 864 295 1,021 138

Receivables from resolutions, net 1,367 1,352 15 2,669 (1,302)

Property and equipment, net 321 314 7 330 (9)

Operating lease right-of-use assets 112 115 (3) 0 112

Total Assets $ 118,683 $ 117,178 $ 1,505 $ 111,325 $ 7,358

Accounts payable and other liabilities 251 234 17 215 36

Operating lease liabilities 119 122 (3) 0 119

Liabilities due to resolutions 1 5 (4) 346 (345)

Postretirement benefit liability 336 289 47 289 47

Contingent liability for anticipated failures 79 62 17 94 (15)

Contingent liability for guarantee payments and litigation losses 0 32 (32) 34 (34)

Total Liabilities $ 786 $ 744 $ 42 $ 978 $ (192)

FYI: Unrealized gain (loss) on U.S. Treasury securities, net 1,070 1,370 (300) 587 483

FYI: Unrealized postretirement benefit (loss) gain (98) (61) (37) (61) (37)

Fund Balance $ 117,897 $ 116,434 $ 1,463 $ 110,347 $ 7,550

Deposit Insurance Fund
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Fund Financial Results - continued ($ in Millions) 

Receivership Selected Statistics December 2020 vs. December 2019

The FDIC, as receiver, manages failed banks with the goal of expeditiously winding up their affairs. The oversight and prompt termination of receiverships help to

preserve value for the uninsured depositors and other creditors by reducing overhead and other holding costs. Once the assets of a failed institution have been

sold, the final distribution of any proceeds is made and the FDIC terminates the receivership. As of December 31, 2020, the FDIC has terminated 305 receiverships (or

57 percent) of the 539 receiverships created from 2007 through 2020.

Income Statement (year-to-date)

Quarterly Year-Over-Year

Dec-20 Sep-20 Change Dec-19 Change

Assessments $ 7,093 $ 5,209 $ 1,884 $ 4,939 $ 2,154

Interest on U.S. Treasury securities 1,683 1,353 330 2,117 (434)

Other revenue 20 12 8 39 (19)

Total Revenue $ 8,796 $ 6,574 $ 2,222 $ 7,095 $ 1,701

Operating expenses 1,846 1,376 470 1,796 50

Provision for insurance losses (157) (109) (48) (1,286) 1,129

Insurance and other expenses 3 3 0 3 0

Total Expenses and Losses $ 1,692 $ 1,270 $ 422 $ 513 $ 1,179

Net Income $ 7,104 $ 5,304 $ 1,800 $ 6,582 $ 522

Unrealized gain (loss) on U.S. Treasury securities, net 483 783 (300) 1,203 (720)

Unrealized postretirement benefit gain (loss) (37) 0 (37) (47) 10

Comprehensive Income $ 7,550 $ 6,087 $ 1,463 $ 7,738 $ (188)

Deposit Insurance Fund

Selected Financial Data

Quarterly Year-Over-Year

Dec-20 Sep-20 Change Dec-19 Change

Cash and cash equivalents $ 907 $ 907 $ 0 $ 923 $ (16)

Accumulated deficit (124,562) (124,562) 0 (124,566) 4

Total resolution equity 907 907 0 923 (16)

Total revenue 4 4 0 20 (16)

Operating expenses 0 0 0 1 (1)

Recovery of tax benefits 0 0 0 (1) 1

Losses related to thrift resolutions 0 0 0 0 0

Net Income (Loss) $ 4 $ 4 $ 0 $ 21 $ (17)

FSLIC Resolution Fund

 ($ in millions) Dec-20 Dec-19 Change Dec-20 Dec-19 Change Dec-20 Dec-19 Change

Total Receiverships 234 248 (14) 0 0 0 234 248 (14)

Assets in Liquidation $ 282 $ 524 $ (242) $ 1 $ 0 $ 1 $ 283 $ 524 $ (241)

YTD Collections $ 512 $ 1,341 $ (829) $ 1 $ 2 $ (1) $ 513 $ 1,343 $ (830)

YTD Dividend/Other Pmts - Cash $ 1,433 $ 1,675 $ (242) $ 0 $ 0 $ 0 $ 1,433 $ 1,675 $ (242)

DIF FRF ALL FUNDS
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12/31/20 12/31/19 Change

Par Value $110,403 $104,429 $5,974

Amortized Cost $112,698 $105,464 $7,234

Total Market Value (including accrued interest) $114,910 $107,024 $7,886

Primary Reserve 1 $114,910 $107,024 $7,886

Primary Reserve % of Total Portfolio 100.0% 100.0% 0.0%

Yield-to-Maturity 1.11% 1.98% -0.87%

Weighted Average Maturity (in years) 1.19 1.18 0.01

Effective Duration (in years)

 Total Portfolio 1.16 1.15 0.01

 Available-for-Sale Securities 2 1.20 1.22 -0.02

12/31/20 12/31/19 Change

FRF-FSLIC

 Book Value 3 $882 $878 $4

 Yield-to-Maturity 0.06% 1.51% -1.45%

 Weighted Average Maturity overnight overnight no change

12/31/20 12/31/19 Change

Book Value 4 $1,761 $2,128 ($367)

Effective Annual Yield 0.14% 1.76% -1.62%

Weighted Average Maturity (in days) 1 32 (31)

4

 Due to the short-term nature of the NLF portfolio, its Book and Market Values are identical for reporting purposes.

Summary of Other Corporate Investment Portfolios

(Dollar Values in Millions)

3

 Due to the current short-term nature of this portfolio, its respective Par, Book, and Market Values are identical for reporting purposes.

Deposit Insurance Fund Portfolio Summary

(Dollar Values in Millions)

1

 Primary Reserve is the total market value (including accrued interest) of overnight investments, all available-for-sale securities, and 

held-to-maturity securities maturing within three months.

National Liquidation Fund (NLF) Investment Portfolio Summary

(Dollar Values in Millions)

2

 Excludes any overnight investments.
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DEPOSIT INSURANCE FUND

Invest up to $17 billion (par value) in AFS securities with maturities between March 31, 

2021 and October 1, 2025. 

Invest up to $26 billion (par value) in AFS securities with maturities between June 30, 

2021 and January 1, 2026. 

NATIONAL LIQUIDATION FUND

Maintain an overnight deposit target floor balance within a range of $50 million to $200 

million.

Strategically invest the remaining funds in the zero- to 12-month maturity sector.

No strategy changes for the first quarter of 2021.

Investment Strategies

Strategy Changes for the 1st Quarter 2021

Strategy for the 4th Quarter 2020

Strategy for the 4th Quarter 2020

Strategy Changes for the 1st Quarter 2021
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Annual YTD YTD % of YTD YTD

Major Expense Category Budget Budget Expenditures Budget Used Variance

FDIC Operating Budget 

Ongoing Operations

Salaries & Compensation $1,282,028 $1,282,028 $1,257,696 98% ($24,331)

Outside Services - Personnel 310,204 310,204 280,612 90% (29,592)

Travel 66,931 66,931 23,862 36% (43,069)

Buildings 99,534 99,534 95,212 96% (4,322)

Equipment 108,142 108,142 104,826 97% (3,316)

Outside Services - Other 17,177 17,177 16,775 98% (402)

Other Expenses 15,424 15,424 9,611 62% (5,813)

 Total Ongoing Operations $1,899,440 $1,899,440 $1,788,594 94% (110,845)

Receivership Funding

Salaries & Compensation $1,599 $1,599 $1,326 83% ($273)

Outside Services - Personnel 68,466 68,466 34,983 51% (33,483)

Travel 1,030 1,030 441 43% (589)

Buildings 2,227 2,227 2,385 107% 158

Equipment 8 8 10 125% 2

Outside Services - Other 571 571 160 28% (411)

Other Expenses 1,099 1,099 1,246 113% 147

 Total Receivership Funding $75,000 $75,000 $40,551 54% ($34,449)

Office of Inspector General

Salaries & Compensation $37,033 $37,033 $34,629 94% ($2,404)

Outside Services - Personnel 2,400 2,400 2,413 101% 13

Travel 1,035 1,035 815 79% (220)

Buildings 0 0 0 0

Equipment 1,888 1,888 1,903 101% 14

Outside Services - Other 0 0 4 4

Other Expenses 626 626 467 75% (159)

 Total Office of Inspector General $42,982 $42,982 $40,231 94% ($2,752)

Total FDIC Operating Budget $2,017,422 $2,017,422 $1,869,376 93% ($148,046)

Executive Summary of 2020 Budget and Expenditures

by Budget Component and Major Expense Category

Through December 31, 2020

(Dollars in Thousands)
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1) Executive Support includes the Offices of Minority and Women Inclusion, Communications, Ombudsman, Legislative Affairs, 

Financial Institution Adjudication, CIO Management Services, and FDiTech Lab . 

2) Executive Offices include the offices of the Chairman, Vice Chairman, Independent Director, Deputy to the Chairman and Chief 

Operating Officer, Deputy to the Chairman and Chief Financial Officer, Deputy to the Chairman for Policy, Deputy to the Chairman for 

External Affairs, Deputy to the Chairman for Financial Stability, Deputy to the Chairman for Consumer Protection and Innovation, and 

Chief Information Officer/Chief Privacy Officer.

Annual YTD YTD % of YTD YTD

Division/Office Budget Budget Expenditures Budget Used Variance

 FDIC Operating Budget 

 Risk Management Supervision $ 556,751 $ 556,751 $ 520,821 94% $ (35,930)

 Information Technology 333,122 333,122 326,768 98% (6,354)

 Administration 270,353 270,353 256,936 95% (13,417)

 Depositor & Consumer Protection 185,351 185,351 172,373 93% (12,978)

 Legal 156,530 156,530 139,147 89% (17,383)

 Resolutions & Receiverships 146,934 146,934 138,486 94% (8,448)

 Complex Institution Supervision & Resolution 87,359 87,359 78,866 90% (8,493)

 Insurance & Research 59,244 59,244 57,015 96% (2,229)

 Inspector General 42,982 42,982 40,230 94% (2,752)

 Finance 41,368 41,368 39,665 96% (1,703)

 Chief Information Security Officer 40,093 40,093 38,215 95% (1,878)

 Executive Support 1 29,957 29,957 23,878 80% (6,079)

 Corporate University - Corporate 23,070 23,070 19,410 84% (3,660)

 Executive Offices 2 13,644 13,644 11,838 87% (1,806)

 Corporate University - CEP 8,561 8,561 5,728 67% (2,833)

 Corporate Unassigned 22,103 22,103 0 0% (22,103)

 Total FDIC Operating Budget $2,017,422 $2,017,422 $1,869,376 93% ($148,046)

Executive Summary of 2020 Budget and Expenditures

by Division/Office

Through December 31, 2020

(Dollars in Thousands)