VII. Appendices

APPENDICES 113
ANNUAL REPORT 2014

114 APPENDICES

FDIC ACTIONS ON FINANCIAL INSTITUTIONS APPLICATIONS 2012–2014

2014 2013 2012

Deposit Insurance 2 10 6

Approved1 2 10 6

Denied 0 0 0

New Branches 520 499 570

Approved 520 499 570

Denied 0 0 0

Mergers 251 256 238

Approved 251 256 238

Denied 0 0 0

Requests for Consent to Serve2 327 474 674

Approved 327 474 671

Section 19 7 4 10

Section 32 320 470 661

Denied 0 0 3

Section 19 0 0 1

Section 32 0 0 2

Notices of Change in Control 15 22 26

Letters of Intent Not to Disapprove 15 22 26

Disapproved 0 0 0

Brokered Deposit Waivers 46 81 97

Approved 46 81 95

Denied 0 0 2

Savings Association Activities3 4 8 21

Approved 4 8 21

Denied 0 0 0

State Bank Activities/Investments4 14 10 7

Approved 14 10 7

Denied 0 0 0

Conversion of Mutual Institutions 4 7 8

Non-Objection 4 7 8

Objection 0 0 0

1 Includes deposit insurance application filed on behalf of (1) newly organized institutions, (2) existing uninsured financial services companies seeking 

establishment as an insured institution, and (3) interim institutions established to facilitate merger or conversion transactions, and applications to 

facilitate the establishment of thrift holding companies.

2 Under Section 19 of the Federal Deposit Insurance (FDI) Act, an insured institution must receive FDIC approval before employing a person 

convicted of dishonesty or breach of trust. Under Section 32, the FDIC must approve any change of directors or senior executive officers at a state 

nonmember bank that is not in compliance with capital requirements or is otherwise in troubled condition. 

3 Amendments to Part 303 of the FDIC Rules and Regulations changed FDIC oversight responsibility in October 1998. In 1998, Part 303 changed 

the Delegations of Authority to act upon applications. 

4 Section 24 of the FDI Act, in general, precludes a federally insured state bank from engaging in an activity not permissible for a national bank and 

requires notices to be filed with the FDIC.

A. KEY STATISTICS
APPENDICES 115

COMBINED RISK AND CONSUMER ENFORCEMENT ACTIONS 2012–2014

2014 2013 2012

Total Number of Actions Initiated by the FDIC 320 414 557

Termination of Insurance

Involuntary Termination 0 0 0

Sec. 8a For Violations, Unsafe/Unsound Practices or Conditions 0 0 0

Voluntary Termination 3 11 7

Sec. 8a By Order Upon Request 0 0 0

Sec. 8p No Deposits 3 7 3

Sec. 8q Deposits Assumed 0 4 4

Sec. 8b Cease-and-Desist Actions 57 83 129

Notices of Charges Issued 1 2 0

Orders to Pay Restitution 7 11 9

Consent Orders 48 70 120

Personal Cease and Desist Orders 1 0 0

Sec. 8e Removal/Prohibition of Director or Officer 101 113 116

Notices of Intention to Remove/Prohibit 4 14 8

Consent Orders 97 99 108

Sec. 8g Suspension/Removal When Charged With Crime 2 0 0

Civil Money Penalties Issued 66 94 170

Sec. 7a Call Report Penalties 0 0 1

Sec. 8i Civil Money Penalties 62 81 164

Sec. 8i Civil Money Penalty Notices of Assessment 4 13 5

Sec. 10c Orders of Investigation 16 16 16

Sec. 19 Waiver Orders 69 88 119

Approved Section 19 Waiver Orders 68 86 119

Denied Section 19 Waiver Orders 1 2 0

Sec. 32 Notices Disapproving Officer/Director’s Request for Review 0 0 0

Truth-in-Lending Act Reimbursement Actions 69 98 126

Denials of Requests for Relief 0 0 0

Grants of Relief 0 0 0

 Banks Making Reimbursement1 69 98 126

Suspicious Activity Reports (open and closed institutions)1 164,777 123,134 139,102

Other Actions Not Listed 6 9 0

1 These actions do not constitute the initiation of a formal enforcement action and, therefore, are not included in the total number of actions 

initiated.
ANNUAL REPORT 2014

116 APPENDICES

ESTIMATED INSURED DEPOSITS AND THE DEPOSIT INSURANCE FUND, 

DECEMBER 31, 1934, THROUGH DECEMBER 31, 20141 

Dollars in Millions (except Insurance Coverage)

Deposits in Insured 

Institutions2

Insurance Fund as 

a Percentage of

Year

Insurance 

Coverage2

Total Domestic 

Deposits

Est. Insured

Deposits

Percentage 

of Domestic 

Deposits

Deposit 

Insurance

Fund

Total

Domestic 

Deposits

Est. Insured

Deposits

2014 $250,000 $10,408,068 $6,203,524 59.6 $62,780.2 0.60 1.01

2013 250,000 9,825,398 6,010,854 61.2 47,190.8 0.48 0.79

2012 250,000 9,474,585 7,405,043 78.2 32,957.8 0.35 0.45

2011 250,000 8,782,134 6,973,468 79.4 11,826.5 0.13 0.17

2010 250,000 7,887,733 6,301,528 79.9 (7,352.2) (0.09) (0.12)

2009 250,000 7,705,353 5,407,773 70.2 (20,861.8) (0.27) (0.39)

2008 100,000 7,505,408 4,750,783 63.3 17,276.3 0.23 0.36 

2007 100,000 6,921,678 4,292,211 62.0 52,413.0 0.76 1.22 

2006 100,000 6,640,097 4,153,808 62.6 50,165.3 0.76 1.21 

2005 100,000 6,229,823 3,891,000 62.5 48,596.6 0.78 1.25 

2004 100,000 5,724,775 3,622,213 63.3 47,506.8 0.83 1.31 

2003 100,000 5,224,030 3,452,606 66.1 46,022.3 0.88 1.33 

2002 100,000 4,916,200 3,383,720 68.8 43,797.0 0.89 1.29 

2001 100,000 4,565,068 3,216,585 70.5 41,373.8 0.91 1.29 

2000 100,000 4,211,895 3,055,108 72.5 41,733.8 0.99 1.37 

1999 100,000 3,885,826 2,869,208 73.8 39,694.9 1.02 1.38 

1998 100,000 3,817,150 2,850,452 74.7 39,452.1 1.03 1.38 

1997 100,000 3,602,189 2,746,477 76.2 37,660.8 1.05 1.37 

1996 100,000 3,454,556 2,690,439 77.9 35,742.8 1.03 1.33 

1995 100,000 3,318,595 2,663,873 80.3 28,811.5 0.87 1.08 

1994 100,000 3,184,410 2,588,619 81.3 23,784.5 0.75 0.92 

1993 100,000 3,220,302 2,602,781 80.8 14,277.3 0.44 0.55 

1992 100,000 3,275,530 2,677,709 81.7 178.4 0.01 0.01 

1991 100,000 3,331,312 2,733,387 82.1 (6,934.0) (0.21) (0.25)

1990 100,000 3,415,464 2,784,838 81.5 4,062.7 0.12 0.15 

1989 100,000 3,412,503 2,755,471 80.7 13,209.5 0.39 0.48 

1988 100,000 2,337,080 1,756,771 75.2 14,061.1 0.60 0.80 

1987 100,000 2,198,648 1,657,291 75.4 18,301.8 0.83 1.10 

1986 100,000 2,162,687 1,636,915 75.7 18,253.3 0.84 1.12 

1985 100,000 1,975,030 1,510,496 76.5 17,956.9 0.91 1.19 

1984 100,000 1,805,334 1,393,421 77.2 16,529.4 0.92 1.19 

1983 100,000 1,690,576 1,268,332 75.0 15,429.1 0.91 1.22 

1982 100,000 1,544,697 1,134,221 73.4 13,770.9 0.89 1.21 

1981 100,000 1,409,322 988,898 70.2 12,246.1 0.87 1.24 

1980 100,000 1,324,463 948,717 71.6 11,019.5 0.83 1.16 
APPENDICES 117

ESTIMATED INSURED DEPOSITS AND THE DEPOSIT INSURANCE FUND, 

DECEMBER 31, 1934, THROUGH DECEMBER 31, 20141 (continued)

Dollars in Millions (except Insurance Coverage)

Deposits in Insured 

Institutions2

Insurance Fund as 

a Percentage of

Year

Insurance 

Coverage2

Total Domestic 

Deposits

Est. Insured

Deposits

Percentage 

of Insured 

Deposits

Deposit 

Insurance

Fund

Total

Domestic 

Deposits

Est. Insured

Deposits

1979 40,000 1,226,943 808,555 65.9 9,792.7 0.80 1.21 

1978 40,000 1,145,835 760,706 66.4 8,796.0 0.77 1.16 

1977 40,000 1,050,435 692,533 65.9 7,992.8 0.76 1.15 

1976 40,000 941,923 628,263 66.7 7,268.8 0.77 1.16 

1975 40,000 875,985 569,101 65.0 6,716.0 0.77 1.18 

1974 40,000 833,277 520,309 62.4 6,124.2 0.73 1.18 

1973 20,000 766,509 465,600 60.7 5,615.3 0.73 1.21 

1972 20,000 697,480 419,756 60.2 5,158.7 0.74 1.23 

1971 20,000 610,685 374,568 61.3 4,739.9 0.78 1.27 

1970 20,000 545,198 349,581 64.1 4,379.6 0.80 1.25 

1969 20,000 495,858 313,085 63.1 4,051.1 0.82 1.29 

1968 15,000 491,513 296,701 60.4 3,749.2 0.76 1.26 

1967 15,000 448,709 261,149 58.2 3,485.5 0.78 1.33 

1966 15,000 401,096 234,150 58.4 3,252.0 0.81 1.39 

1965 10,000 377,400 209,690 55.6 3,036.3 0.80 1.45 

1964 10,000 348,981 191,787 55.0 2,844.7 0.82 1.48 

1963 10,000 313,304 177,381 56.6 2,667.9 0.85 1.50 

1962 10,000 297,548 170,210 57.2 2,502.0 0.84 1.47 

1961 10,000 281,304 160,309 57.0 2,353.8 0.84 1.47 

1960 10,000 260,495 149,684 57.5 2,222.2 0.85 1.48 

1959 10,000 247,589 142,131 57.4 2,089.8 0.84 1.47 

1958 10,000 242,445 137,698 56.8 1,965.4 0.81 1.43 

1957 10,000 225,507 127,055 56.3 1,850.5 0.82 1.46 

1956 10,000 219,393 121,008 55.2 1,742.1 0.79 1.44 

1955 10,000 212,226 116,380 54.8 1,639.6 0.77 1.41 

1954 10,000 203,195 110,973 54.6 1,542.7 0.76 1.39 

1953 10,000 193,466 105,610 54.6 1,450.7 0.75 1.37 

1952 10,000 188,142 101,841 54.1 1,363.5 0.72 1.34 

1951 10,000 178,540 96,713 54.2 1,282.2 0.72 1.33 

1950 10,000 167,818 91,359 54.4 1,243.9 0.74 1.36 

1949 5,000 156,786 76,589 48.8 1,203.9 0.77 1.57 

1948 5,000 153,454 75,320 49.1 1,065.9 0.69 1.42 

1947 5,000 154,096 76,254 49.5 1,006.1 0.65 1.32 

1946 5,000 148,458 73,759 49.7 1,058.5 0.71 1.44 

1945 5,000 157,174 67,021 42.6 929.2 0.59 1.39 
ANNUAL REPORT 2014

118 APPENDICES

ESTIMATED INSURED DEPOSITS AND THE DEPOSIT INSURANCE FUND, 

DECEMBER 31, 1934, THROUGH DECEMBER 31, 20141 (continued)

Dollars in Millions (except Insurance Coverage)

Deposits in Insured 

Institutions2

Insurance Fund as 

a Percentage of

Year

Insurance 

Coverage2

Total Domestic 

Deposits

Est. Insured

Deposits

Percentage 

of Insured 

Deposits

Deposit 

Insurance

Fund

Total

Domestic 

Deposits

Est. Insured

Deposits

1944 5,000 134,662 56,398 41.9 804.3 0.60 1.43 

1943 5,000 111,650 48,440 43.4 703.1 0.63 1.45 

1942 5,000 89,869 32,837 36.5 616.9 0.69 1.88 

1941 5,000 71,209 28,249 39.7 553.5 0.78 1.96 

1940 5,000 65,288 26,638 40.8 496.0 0.76 1.86 

1939 5,000 57,485 24,650 42.9 452.7 0.79 1.84 

1938 5,000 50,791 23,121 45.5 420.5 0.83 1.82 

1937 5,000 48,228 22,557 46.8 383.1 0.79 1.70 

1936 5,000 50,281 22,330 44.4 343.4 0.68 1.54 

1935 5,000 45,125 20,158 44.7 306.0 0.68 1.52 

1934 5,000 40,060 18,075 45.1 291.7 0.73 1.61 

1 Prior to 1989, figures are for the Bank Insurance Fund (BIF) only and exclude insured branches of foreign banks. For 1989 to 2005, figures represent 

the sum of the BIF and Savings Association Insurance Fund (SAIF) amounts; for 2006 to 2014, figures are for DIF. Amounts for 1989 - 2014 include 

insured branches of foreign banks. Prior to year-end 1991, insured deposits were estimated using percentages determined from June Call and 

Thrift Financial Reports.

2 The year-end 2008 coverage limit and estimated insured deposits do not reflect the temporary increase to $250,000 then in effect under the 

Emergency Economic Stabilization Act of 2008. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) made this 

coverage limit permanent. The year-end 2009 coverage limit and estimated insured deposits reflect the $250,000 coverage limit. The Dodd-Frank 

Act also temporarily provided unlimited coverage for non-interest bearing transaction accounts for two years beginning December 31, 2010. 

Coverage for certain retirement accounts increased to $250,000 in 2006. Initial coverage limit was $2,500 from January 1 to June 30, 1934.
APPENDICES 119

INCOME AND EXPENSES, DEPOSIT INSURANCE FUND, FROM BEGINNING OF OPERATIONS, 

SEPTEMBER 11, 1933, THROUGH DECEMBER 31, 2014 

Dollars in Millions

Income Expenses and Losses

Year Total

Assessment 

Income

Assessment 

Credits

Investment 

and Other

Effective

Assessment 

Rate1 Total

Provision 

for 

Ins. Losses

Admin.

and 

Operating 

Expenses2

Interest

& Other Ins. 

Expenses

Funding 

Transfer

from the 

FSLIC 

Resolution 

Fund

Net 

Income/

(Loss)

Total $210,651.8 $146,166.8 $11,392.9 $75,877.9 $148,150.5 $112,293.5 $26,407.4 $9,449.6 $139.5 $62,640.8 

2014 8,965.1 8,656.1 0.0 309.0 0.0664% (6,634.7) (8,305.5) 1,664.3 6.5 0 15,599.8

2013 10,458.9 9,734.2 0.0 724.7 0.0776 (4,045.9) (5,659.4) 1,608.7 4.8 0 14,504.8 

2012 18,522.3 12,397.2 0.2 6,125.3 0.1012 (2,599.0) (4,222.6) 1,777.5 (153.9) 0 21,121.3 

2011 16,342.0 13,499.5 0.9 2,843.4 0.1115 (2,915.4) (4,413.6) 1,625.4 (127.2) 0 19,257.4 

2010 13,379.9 13,611.2 0.8 (230.5) 0.1772 75.0 (847.8) 1,592.6 (669.8) 0 13,304.9 

2009 24,706.4 17,865.4 148.0 6,989.0 0.2330 60,709.0 57,711.8 1,271.1 1,726.1 0 (36,002.6)

2008 7,306.3 4,410.4 1,445.9 4,341.8 0.0418 44,339.5 41,838.8 1,033.5 1,467.2 0 (37,033.2)

2007 3,196.2 3,730.9 3,088.0 2,553.3 0.0093 1,090.9 95.0 992.6 3.3 0 2,105.3 

2006 2,643.5 31.9 0.0 2,611.6 0.0005 904.3 (52.1) 950.6 5.8 0 1,739.2 

2005 2,420.5 60.9 0.0 2,359.6 0.0010 809.3 (160.2) 965.7 3.8 0 1,611.2 

2004 2,240.3 104.2 0.0 2,136.1 0.0019 607.6 (353.4) 941.3 19.7 0 1,632.7 

2003 2,173.6 94.8 0.0 2,078.8 0.0019 (67.7) (1,010.5) 935.5 7.3 0 2,241.3 

2002 2,384.7 107.8 0.0 2,276.9 0.0023 719.6 (243.0) 945.1 17.5 0 1,665.1 

2001 2,730.1 83.2 0.0 2,646.9 0.0019 3,123.4 2,199.3 887.9 36.2 0 (393.3)

2000 2,570.1 64.3 0.0 2,505.8 0.0016 945.2 28.0 883.9 33.3 0 1,624.9 

1999 2,416.7 48.4 0.0 2,368.3 0.0013 2,047.0 1,199.7 823.4 23.9 0 369.7 

1998 2,584.6 37.0 0.0 2,547.6 0.0010 817.5 (5.7) 782.6 40.6 0 1,767.1 

1997 2,165.5 38.6 0.0 2,126.9 0.0011 247.3 (505.7) 677.2 75.8 0 1,918.2 

1996 7,156.8 5,294.2 0.0 1,862.6 0.1622 353.6 (417.2) 568.3 202.5 0 6,803.2 

1995 5,229.2 3,877.0 0.0 1,352.2 0.1238 202.2 (354.2) 510.6 45.8 0 5,027.0 

1994 7,682.1 6,722.7 0.0 959.4 0.2192 (1,825.1) (2,459.4) 443.2 191.1 0 9,507.2 

1993 7,354.5 6,682.0 0.0 672.5 0.2157 (6,744.4) (7,660.4) 418.5 497.5 0 14,098.9 

1992 6,479.3 5,758.6 0.0 720.7 0.1815 (596.8) (2,274.7) 614.83 1,063.1 35.4 7,111.5 

1991 5,886.5 5,254.0 0.0 632.5 0.1613 16,925.3 15,496.2 326.1 1,103.0 42.4 (10,996.4)

1990 3,855.3 2,872.3 0.0 983.0 0.0868 13,059.3 12,133.1 275.6 650.6 56.1 (9,147.9)

1989 3,494.8 1,885.0 0.0 1,609.8 0.0816 4,352.2 3,811.3 219.9 321.0 5.6 (851.8)

1988 3,347.7 1,773.0 0.0 1,574.7 0.0825 7,588.4 6,298.3 223.9 1,066.2 0 (4,240.7)

1987 3,319.4 1,696.0 0.0 1,623.4 0.0833 3,270.9 2,996.9 204.9 69.1 0 48.5 

1986 3,260.1 1,516.9 0.0 1,743.2 0.0787 2,963.7 2,827.7 180.3 (44.3) 0 296.4 

1985 3,385.5 1,433.5 0.0 1,952.0 0.0815 1,957.9 1,569.0 179.2 209.7 0 1,427.6 

1984 3,099.5 1,321.5 0.0 1,778.0 0.0800 1,999.2 1,633.4 151.2 214.6 0 1,100.3 

1983 2,628.1 1,214.9 164.0 1,577.2 0.0714 969.9 675.1 135.7 159.1 0 1,658.2 

1982 2,524.6 1,108.9 96.2 1,511.9 0.0769 999.8 126.4 129.9 743.5 0 1,524.8 

1981 2,074.7 1,039.0 117.1 1,152.8 0.0714 848.1 320.4 127.2 400.5 0 1,226.6 
ANNUAL REPORT 2014

120 APPENDICES

INCOME AND EXPENSES, DEPOSIT INSURANCE FUND, FROM BEGINNING OF OPERATIONS, 

SEPTEMBER 11, 1933, THROUGH DECEMBER 31, 2014 (continued)

Dollars in Millions

Income Expenses and Losses

Year Total

Assessment 

Income

Assessment 

Credits

Investment 

and Other

Effective

Assessment 

Rate1 Total

Provision 

for 

Ins. Losses

Admin.

and 

Operating 

Expenses2

Interest

& Other Ins. 

Expenses

Funding 

Transfer

from the 

FSLIC 

Resolution 

Fund

Net 

Income/

(Loss)

1980 1,310.4 951.9 521.1 879.6 0.0370 83.6 (38.1) 118.2 3.5 0 1,226.8 

1979 1,090.4 881.0 524.6 734.0 0.0333 93.7 (17.2) 106.8 4.1 0 996.7 

1978 952.1 810.1 443.1 585.1 0.0385 148.9 36.5 103.3 9.1 0 803.2 

1977 837.8 731.3 411.9 518.4 0.0370 113.6 20.8 89.3 3.5 0 724.2 

1976 764.9 676.1 379.6 468.4 0.0370 212.3 28.0 180.44 3.9 0 552.6 

1975 689.3 641.3 362.4 410.4 0.0357 97.5 27.6 67.7 2.2 0 591.8 

1974 668.1 587.4 285.4 366.1 0.0435 159.2 97.9 59.2 2.1 0 508.9 

1973 561.0 529.4 283.4 315.0 0.0385 108.2 52.5 54.4 1.3 0 452.8 

1972 467.0 468.8 280.3 278.5 0.0333 65.7 10.1 49.6 6.05 0 401.3 

1971 415.3 417.2 241.4 239.5 0.0345 60.3 13.4 46.9 0.0 0 355.0 

1970 382.7 369.3 210.0 223.4 0.0357 46.0 3.8 42.2 0.0 0 336.7 

1969 335.8 364.2 220.2 191.8 0.0333 34.5 1.0 33.5 0.0 0 301.3 

1968 295.0 334.5 202.1 162.6 0.0333 29.1 0.1 29.0 0.0 0 265.9 

1967 263.0 303.1 182.4 142.3 0.0333 27.3 2.9 24.4 0.0 0 235.7 

1966 241.0 284.3 172.6 129.3 0.0323 19.9 0.1 19.8 0.0 0 221.1 

1965 214.6 260.5 158.3 112.4 0.0323 22.9 5.2 17.7 0.0 0 191.7 

1964 197.1 238.2 145.2 104.1 0.0323 18.4 2.9 15.5 0.0 0 178.7 

1963 181.9 220.6 136.4 97.7 0.0313 15.1 0.7 14.4 0.0 0 166.8 

1962 161.1 203.4 126.9 84.6 0.0313 13.8 0.1 13.7 0.0 0 147.3 

1961 147.3 188.9 115.5 73.9 0.0323 14.8 1.6 13.2 0.0 0 132.5 

1960 144.6 180.4 100.8 65.0 0.0370 12.5 0.1 12.4 0.0 0 132.1 

1959 136.5 178.2 99.6 57.9 0.0370 12.1 0.2 11.9 0.0 0 124.4 

1958 126.8 166.8 93.0 53.0 0.0370 11.6 0.0 11.6 0.0 0 115.2 

1957 117.3 159.3 90.2 48.2 0.0357 9.7 0.1 9.6 0.0 0 107.6 

1956 111.9 155.5 87.3 43.7 0.0370 9.4 0.3 9.1 0.0 0 102.5 

1955 105.8 151.5 85.4 39.7 0.0370 9.0 0.3 8.7 0.0 0 96.8 

1954 99.7 144.2 81.8 37.3 0.0357 7.8 0.1 7.7 0.0 0 91.9 

1953 94.2 138.7 78.5 34.0 0.0357 7.3 0.1 7.2 0.0 0 86.9 

1952 88.6 131.0 73.7 31.3 0.0370 7.8 0.8 7.0 0.0 0 80.8 

1951 83.5 124.3 70.0 29.2 0.0370 6.6 0.0 6.6 0.0 0 76.9 

1950 84.8 122.9 68.7 30.6 0.0370 7.8 1.4 6.4 0.0 0 77.0 

1949 151.1 122.7 0.0 28.4 0.0833 6.4 0.3 6.1 0.0 0 144.7 

1948 145.6 119.3 0.0 26.3 0.0833 7.0 0.7 6.36 0.0 0 138.6 

1947 157.5 114.4 0.0 43.1 0.0833 9.9 0.1 9.8 0.0 0 147.6 

1946 130.7 107.0 0.0 23.7 0.0833 10.0 0.1 9.9 0.0 0 120.7 
APPENDICES 121

INCOME AND EXPENSES, DEPOSIT INSURANCE FUND, FROM BEGINNING OF OPERATIONS, 

SEPTEMBER 11, 1933, THROUGH DECEMBER 31, 2014 (continued)

Dollars in Millions

Income Expenses and Losses

Year Total

Assessment 

Income

Assessment 

Credits

Investment 

and Other

Effective

Assessment 

Rate1 Total

Provision 

for 

Ins. Losses

Admin.

and 

Operating 

Expenses2

Interest

& Other Ins. 

Expenses

Funding 

Transfer

from the 

FSLIC 

Resolution 

Fund

Net 

Income/

(Loss)

1945 121.0 93.7 0.0 27.3 0.0833 9.4 0.1 9.3 0.0 0 111.6 

1944 99.3 80.9 0.0 18.4 0.0833 9.3 0.1 9.2 0.0 0 90.0 

1943 86.6 70.0 0.0 16.6 0.0833 9.8 0.2 9.6 0.0 0 76.8 

1942 69.1 56.5 0.0 12.6 0.0833 10.1 0.5 9.6 0.0 0 59.0 

1941 62.0 51.4 0.0 10.6 0.0833 10.1 0.6 9.5 0.0 0 51.9 

1940 55.9 46.2 0.0 9.7 0.0833 12.9 3.5 9.4 0.0 0 43.0 

1939 51.2 40.7 0.0 10.5 0.0833 16.4 7.2 9.2 0.0 0 34.8 

1938 47.7 38.3 0.0 9.4 0.0833 11.3 2.5 8.8 0.0 0 36.4 

1937 48.2 38.8 0.0 9.4 0.0833 12.2 3.7 8.5 0.0 0 36.0 

1936 43.8 35.6 0.0 8.2 0.0833 10.9 2.6 8.3 0.0 0 32.9 

1935 20.8 11.5 0.0 9.3 0.0833 11.3 2.8 8.5 0.0 0 9.5 

1933-34 7.0 0.0 0.0 7.0 N/A 10.0 0.2 9.8 0.0 0 (3.0)

1

 Figures represent only BIF-insured institutions prior to 1990, BIF- and SAIF-insured institutions from 1990 through 2005, and DIF-insured institutions 

beginning in 2006. After 1995, all thrift closings became the responsibility of the FDIC and amounts are reflected in the SAIF. The effective 

assessment rate is calculated from annual assessment income (net of assessment credits), excluding transfers to the Financing Corporation (FICO), 

Resolution Funding Corporation (REFCORP) and FSLIC Resolution Fund, divided by the four quarter average assessment base. The effective 

rates from 1950 through 1984 varied from the statutory rate of 0.0833 percent due to assessment credits provided in those years. The statutory 

rate increased to 0.12 percent in 1990 and to a minimum of 0.15 percent in 1991. The effective rates in 1991 and 1992 varied because the FDIC 

exercised new authority to increase assessments above the statutory minimum rate when needed. Beginning in 1993, the effective rate was based 

on a risk-related premium system under which institutions paid assessments in the range of 0.23 percent to 0.31 percent. In May 1995, the BIF 

reached the mandatory recapitalization level of 1.25 percent. As a result, BIF assessment rates were reduced to a range of 0.04 percent to 0.31 

percent of assessable deposits, effective June 1995, and assessments totaling $1.5 billion were refunded in September 1995. Assessment rates for 

the BIF were lowered again to a range of 0 to 0.27 percent of assessable deposits, effective the start of 1996. In 1996, the SAIF collected a onetime special assessment of $4.5 billion. Subsequently, assessment rates for the SAIF were lowered to the same range as the BIF, effective October 

1996. This range of rates remained unchanged for both funds through 2006. As part of the implementation of the Federal Deposit Insurance 

Reform Act of 2005, assessment rates were increased to a range of 0.05 percent to 0.43 percent of assessable deposits effective at the start of 

2007, but many institutions received a one-time assessment credit ($4.7 billion in total) to offset the new assessments. For the first quarter of 2009, 

assessment rates were increased to a range of 0.12 to 0.50 percent of assessable deposits. On June 30, 2009, a special assessment was imposed 

on all insured banks and thrifts, which amounted in aggregate to approximately $5.4 billion. For 8,106 institutions, with $9.3 trillion in assets, the 

special assessment was 5 basis points of each institution’s assets minus tier one capital; 89 other institutions, with assets of $4.0 trillion, had their 

special assessment capped at 10 basis points of their second quarter assessment base. From the second quarter of 2009 through the first quarter 

of 2011, initial assessment rates ranged between 0.12 and 0.45 percent of assessable deposits. Initial rates are subject to further adjustments. 

Beginning in the second quarter of 2011, the assessment base changed to average total consolidated assets less average tangible equity (with 

certain adjustments for banker’s banks and custodial banks), as required by the Dodd-Frank Act. The FDIC implemented a new assessment rate 

schedule at the same time to conform to the larger assessment base. Initial assessment rates were lowered to a range of 0.05 to 0.35 percent of the 

new base. The annualized assessment rates averaged approximately 17.6 cents per $100 of assessable deposits for the first quarter of 2011 and 

11.1 cents per $100 of the new base for the last three quarters of 2011 (which is the figure shown in the table).

2

 These expenses, which are presented as operating expenses in the Statement of Income and Fund Balance, pertain to the FDIC in its corporate 

capacity only and do not include costs that are charged to the failed bank receiverships that are managed by the FDIC. The receivership expenses 

are presented as part of the “Receivables from Resolutions, net” line on the Balance Sheet. The narrative and graph presented on pages 69-70 of 

this report shows the aggregate (corporate and receivership) expenditures of the FDIC.

3

 Includes $210 million for the cumulative effect of an accounting change for certain postretirement benefits. (1992)

4

 Includes a $106 million net loss on government securities. (1976)

5

 This amount represents interest and other insurance expenses from 1933 to 1972.

6

 Includes the aggregate amount of $81 million of interest paid on capital stock between 1933 and 1948.
ANNUAL REPORT 2014

122 APPENDICES

FDIC INSURED INSTITUTIONS CLOSED DURING 2014

Dollars in Thousands

Codes for Bank Class:

NM = State-chartered bank that is not a member 

of the Federal Reserve System

N = National Bank

SB = Savings Bank

SI = Stock and Mutual 

Savings Bank

SM = State-chartered bank that is a 

member of the Federal Reserve 

System

SA = Savings Association

Name and Location

Bank 

Class

Number

of 

Deposit 

Accounts

Total 

Assets1

Total 

Deposits1

Insured 

Deposit Funding 

and Other 

Disbursements

Estimated 

Loss to 

the DIF2

Date of 

Closing 

or 

Acquisition

Receiver/Assuming 

Bank and Location

Purchase and Assumption - All Deposits

The Bank of Union

El Reno, OK

NM 7,262 $317,172 $315,843 $313,049 $103,089 01/24/14 BancFirst

Oklahoma City, OK

Slavie Federal 

Savings Bank

Bel Air, MD

SA 4,202 $140,063 $111,142 $113,264 $6,608 05/30/14 Bay Bank, FSB

Lutherville, MD

Valley Bank

Ft. Lauderdale, FL

NM 1,676 $81,843 $66,541 $65,857 $7,722 06/20/14 Landmark Bank, NA

Ft. Lauderdale, FL

Valley Bank

Moline, IL

NM 25,104 $456,442 $359,953 $371,088 $51,444 06/20/14 Great Southern 

Bank

Reeds Spring, MO

The Freedom State 

Bank

Freedom, OK

NM 1,262 $22,816 $20,855 $20,253 $5,781 06/27/14 Alva State Bank and 

Trust Company

Alva, OK

NBRS Financial

Rising Sun, MD

SM 11,930 $155,353 $151,559 $145,048 $24,289 10/17/14 Howard Bank

Ellicott City, MD

National Republic 

Bank of Chicago

Chicago, IL

N 5,666 $843,118 $809,638 $796,600 $111,641 10/24/14 State Bank of Texas

Dallas, TX

Whole Bank Purchase and Assumption - All Deposits

DuPage National 

Bank

West Chicago, IL

N 3,609 $53,524 $51,878 $54,223 $2,242 01/17/14 Republic Bank of 

Chicago

Oak Brook, IL

Syringa Bank

Boise, ID

NM 7,334 $153,361 $145,813 $142,461 $4,757 01/31/14 Sunwest Bank

Irvine, CA

Millennium Bank, 

National Association

Sterling, VA

N 3,038 $130,305 $121,704 $124,004 $10,107 02/28/14 WashingtonFirst 

Bank

Reston, VA

Vantage Point Bank

Horsham, PA

NM 1,722 $63,453 $62,472 $60,536 $11,099 02/28/14 First Choice Bank

Mercerville, NJ

Allendale County 

Bank

Fairfax, SC

NM 3,061 $49,498 $49,356 $49,992 $18,104 04/25/14 Palmetto State Bank

Hampton, SC

AztecAmerica Bank

Berwyn, IL

NM 1,008 $66,309 $65,031 $65,569 $17,999 05/16/14 Republic Bank of 

Chicago

Oak Brook, IL

Columbia Savings 

Bank

Cincinnati, OH

SB 1,782 $36,484 $29,538 $25,877 $5,255 05/23/14 United Fidelity 

Bank, FSB

Evansville, IN
APPENDICES 123

FDIC INSURED INSTITUTIONS CLOSED DURING 2014 (continued)

Dollars in Thousands

Codes for Bank Class:

NM = State-chartered bank that is not a member 

of the Federal Reserve System

N = National Bank

SB = Savings Bank

SI = Stock and Mutual 

Savings Bank

SM = State-chartered bank that is a 

member of the Federal Reserve 

System

SA = Savings Association

Name and Location

Bank 

Class

Number

of 

Deposit 

Accounts

Total 

Assets1

Total 

Deposits1

Insured 

Deposit Funding 

and Other 

Disbursements

Estimated 

Loss to 

the DIF2

Date of 

Closing 

or 

Acquisition

Receiver/Assuming 

Bank and Location

Eastside Commerical 

Bank

Conyers, GA

NM 3,599 $173,946 $166,875 $160,301 $33,911 07/18/14 Community and 

Southern Bank

Atlanta, GA

GreenChoice Bank, 

FSB

Chicago, IL

SA 2,988 $70,286 $68,722 $67,826 $14,222 07/25/14 Providence Bank, 

LLC

South Holland, IL

Frontier Bank, FSB

Palm Desert, CA

SA 3,518 $80,736 $76,344 $75,321 $4,709 11/07/14 Bank of Southern 

California, N.A.

San Diego, CA

Northern Star Bank

Mankato, MN

NM 1,157 $18,794 $18,221 $17,860 $5,947 12/19/14 BankVista

Sartell, MN

1

 Total Assets and Total Deposits data are based upon the last Call Report filed by the institution prior to failure.

2

 Estimated losses are as of December 31, 2014. Estimated losses are routinely adjusted with updated information from new appraisals and 

asset sales, which ultimately affect the asset values and projected recoveries. Represents the estimated loss to the DIF from deposit insurance 

obligations.
ANNUAL REPORT 2014

124 APPENDICES

RECOVERIES AND LOSSES BY THE DEPOSIT INSURANCE FUND ON DISBURSEMENTS 

FOR THE PROTECTION OF DEPOSITORS, 1934 - 2014

Dollars in Thousands

Bank and Thrift Failures1

Year2

Number 

of Banks/

Thrifts

Total 

Assets3

Total 

Deposits3

Insured Deposit 

Funding 

and Other 

Disbursements Recoveries

Estimated 

Additional 

Recoveries

Estimated 

Losses

Total 2,602 $934,578,455 $703,412,460 $576,987,772 $403,272,546 $64,093,522 $109,508,794 

2014 18 2,913,503 2,691,485 2,669,129 31,298 2,198,905 438,926 

2013 24 6,044,051 5,132,246 5,010,841 48,542 3,627,828 1,334,471 

2012 51 11,617,348 11,009,630 11,017,896 1,514,509 6,827,536 2,675,851 

2011 92 34,922,997 31,071,862 30,675,465 2,598,550 20,888,383 7,075,622 

20104 157 92,084,988 78,290,185 82,239,795 52,108,227 12,650,307 17,481,261 

20094 140 169,709,160 137,835,121 135,976,290 90,569,874 16,301,294 29,105,122 

20084 25 371,945,480 234,321,715 205,519,425 184,056,434 3,156,855 18,306,136 

2007 3 2,614,928 2,424,187 1,919,899 1,384,368 373,730 161,801 

2006 0 0 0 0 0 0 0 

2005 0 0 0 0 0 0 0 

2004 4 170,099 156,733 139,006 134,978 111 3,917 

2003 3 947,317 901,978 883,772 812,933 8,192 62,647 

2002 11 2,872,720 2,512,834 1,567,637 1,705,792 (552,072) 413,917 

2001 4 1,821,760 1,661,214 21,131 1,138,677 (1,410,011) 292,465 

2000 7 410,160 342,584 297,313 265,175 0 32,138 

1999 8 1,592,189 1,320,573 1,307,724 711,758 5,649 590,317 

1998 3 290,238 260,675 292,731 58,248 11,433 223,050 

1997 1 27,923 27,511 25,546 20,520 0 5,026 

1996 6 232,634 230,390 201,533 140,918 0 60,615 

1995 6 802,124 776,387 609,043 524,571 0 84,472 

1994 13 1,463,874 1,397,018 1,224,769 1,045,718 0 179,051 

1993 41 3,828,939 3,509,341 3,841,658 3,209,012 0 632,646 

1992 120 45,357,237 39,921,310 14,541,386 10,866,760 613 3,674,013 

1991 124 64,556,512 52,972,034 21,499,781 15,496,730 4,769 5,998,282 

1990 168 16,923,462 15,124,454 10,812,484 8,040,995 0 2,771,489

1989 206 28,930,572 24,152,468 11,443,281 5,247,995 0 6,195,286 

1988 200 38,402,475 26,524,014 10,432,655 5,055,158 0 5,377,497 

1987 184 6,928,889 6,599,180 4,876,994 3,014,502 0 1,862,492 

1986 138 7,356,544 6,638,903 4,632,121 2,949,583 0 1,682,538 

1985 116 3,090,897 2,889,801 2,154,955 1,506,776 0 648,179 

1984 78 2,962,179 2,665,797 2,165,036 1,641,157 0 523,879 

1983 44 3,580,132 2,832,184 3,042,392 1,973,037 0 1,069,355 

1982 32 1,213,316 1,056,483 545,612 419,825 0 125,787 

1981 7 108,749 100,154 114,944 105,956 0 8,988 

1980 10 239,316 219,890 152,355 121,675 0 30,680 

1934 - 1979 558 8,615,743 5,842,119 5,133,173 4,752,295 0 380,878 
APPENDICES 125

RECOVERIES AND LOSSES BY THE DEPOSIT INSURANCE FUND ON DISBURSEMENTS 

FOR THE PROTECTION OF DEPOSITORS, 1934 - 2014 (continued)

Dollars in Thousands

Assistance Transactions

Year2

Number 

of Banks/

Thrifts

Total 

Assets3

Total 

Deposits3

Insured Deposit 

Funding 

and Other 

Disbursements Recoveries

Estimated 

Additional 

Recoveries

Estimated 

Losses

Total 154 $3,317,099,253 $1,442,173,417 $11,630,356 $6,199,875 $0 $5,430,481 

2014 0 0 0 0 0 0 0

2013 0 0 0 0 0 0 0 

2012 0 0 0 0 0 0 0 

2011 0 0 0 0 0 0 0 

2010 0 0 0 0 0 0 0 

20095 8 1,917,482,183 1,090,318,282 0 0 0 0 

20085 5 1,306,041,994 280,806,966 0 0 0 0 

2007 0 0 0 0 0 0 0 

2006 0 0 0 0 0 0 0 

2005 0 0 0 0 0 0 0 

2004 0 0 0 0 0 0 0 

2003 0 0 0 0 0 0 0 

2002 0 0 0 0 0 0 0 

2001 0 0 0 0 0 0 0 

2000 0 0 0 0 0 0 0 

1999 0 0 0 0 0 0 0 

1998 0 0 0 0 0 0 0 

1997 0 0 0 0 0 0 0 

1996 0 0 0 0 0 0 0 

1995 0 0 0 0 0 0 0 

1994 0 0 0 0 0 0 0 

1993 0 0 0 0 0 0 0 

1992 2 33,831 33,117 1,486 1,236 0 250 

1991 3 78,524 75,720 6,117 3,093 0 3,024 

1990 1 14,206 14,628 4,935 2,597 0 2,338 

1989 1 4,438 6,396 2,548 252 0 2,296 

1988 80 15,493,939 11,793,702 1,730,351 189,709 0 1,540,642 

1987 19 2,478,124 2,275,642 160,877 713 0 160,164 

1986 7 712,558 585,248 158,848 65,669 0 93,179 

1985 4 5,886,381 5,580,359 765,732 406,676 0 359,056 

1984 2 40,470,332 29,088,247 5,531,179 4,414,904 0 1,116,275 

1983 4 3,611,549 3,011,406 764,690 427,007 0 337,683 
ANNUAL REPORT 2014

126 APPENDICES

RECOVERIES AND LOSSES BY THE DEPOSIT INSURANCE FUND ON DISBURSEMENTS 

FOR THE PROTECTION OF DEPOSITORS, 1934 - 2014 (continued)

Dollars in Thousands

Assistance Transactions

Year2

Number 

of Banks/

Thrifts

Total 

Assets3

Total 

Deposits3

Insured Deposit 

Funding 

and Other 

Disbursements Recoveries

Estimated 

Additional 

Recoveries

Estimated 

Losses

1982 10 10,509,286 9,118,382 1,729,538 686,754 0 1,042,784 

1981 3 4,838,612 3,914,268 774,055 1,265 0 772,790 

1980 1 7,953,042 5,001,755 0 0 0 0 

1934 - 1979 4 1,490,254 549,299 0 0 0 0

1

 Institutions for which the FDIC is appointed receiver, including deposit payoff, insured deposit transfer, and deposit assumption cases.

2

 For 1990 through 2005, amounts represent the sum of BIF and SAIF failures (excluding those handled by the RTC); prior to 1990, figures are only for 

the BIF. After 1995, all thrift closings became the responsibility of the FDIC and amounts are reflected in the SAIF. For 2006 to 2014, figures are for 

the DIF.

3

 Assets and deposit data are based on the last Call Report or TFR filed before failure.

4

 Includes amounts related to transaction account coverage under the Transaction Account Guarantee Program (TAG). The estimated losses as of 

December 31, 2014, for TAG accounts in 2010, 2009, and 2008 are $406 million, $1,197 million, and $13 million, respectively.

5

 Includes institutions where assistance was provided under a systemic risk determination. Any costs that exceed the amounts estimated under the 

least cost resolution requirement would be recovered through a special assessment on all FDIC-insured institutions.
APPENDICES 127

NUMBER, ASSETS, DEPOSITS, LOSSES, AND LOSS TO FUNDS OF INSURED THRIFTS 

TAKEN OVER OR CLOSED BECAUSE OF FINANCIAL DIFFICULTIES, 1989 THROUGH 19951

Dollars in Thousands

Year

Number 

of 

Thrifts Assets Deposits

Estimated 

Receivership 

Loss2

Loss to 

Funds3

Total 748 $393,986,574 $318,328,770 $75,977,846 $81,581,089 

1995 2 423,819 414,692 28,192 27,750 

1994 2 136,815 127,508 11,472 14,599 

1993 10 6,147,962 5,708,253 267,595 65,212 

1992 59 44,196,946 34,773,224 3,286,908 3,832,145

1991 144 78,898,904 65,173,122 9,235,967 9,734,263

1990 213 129,662,498 98,963,962 16,062,685 19,257,578

19894 318 134,519,630 113,168,009 47,085,027 48,649,542

1

 Beginning in 1989 through July 1, 1995, all thrift closings were the responsibility of the Resolution Trust Corporation (RTC). Since the RTC was 

terminated on December 31, 1995, and all assets and liabilities transferred to the FSLIC Resolution Fund (FRF), all the results of the thrift closing 

activity from 1989 through 1995 are now reflected on FRF’s books. Year is the year of failure, not the year of resolution.

2

 The estimated losses represent the projected loss at the fund level from receiverships for unreimbursed subrogated claims of the FRF and unpaid 

advances to receiverships from the FRF.

3

 The Loss to Funds represents the total resolution cost of the failed thrifts in the FRF-RTC fund, which includes corporate revenue and expense items 

such as interest expense on Federal Financing Bank debt, interest expense on escrowed funds, and interest revenue on advances to receiverships, 

in addition to the estimated losses for receiverships.

4

 Total for 1989 excludes nine failures of the former FSLIC.
ANNUAL REPORT 2014

128 APPENDICES

B. MORE ABOUT THE FDIC

FDIC BOARD OF DIRECTORS

Seated (left to right): Thomas M. Hoenig, Martin J. Gruenberg, Jeremiah O. Norton 

Standing (left to right): Thomas J. Curry, Richard Cordray

Martin J. Gruenberg 

Martin J. Gruenberg is the 20th Chairman of the FDIC, 

receiving Senate confirmation on November 15, 2012, for 

a five-year term. Mr. Gruenberg served as Vice Chairman 

and Member of the FDIC Board of Directors from August 

22, 2005, until his confirmation as Chairman. He served as 

Acting Chairman from July 9, 2011, to November 15, 2012, 

and also from November 16, 2005, to June 26, 2006.

Mr. Gruenberg joined the FDIC Board after broad 

congressional experience in the financial services and 

regulatory areas. He served as Senior Counsel to Senator 

Paul S. Sarbanes (D-MD) on the staff of the Senate 

Committee on Banking, Housing, and Urban Affairs from 

1993 to 2005. Mr. Gruenberg advised the Senator on issues 

of domestic and international financial regulation, monetary 

policy, and trade. He also served as Staff Director of the 

Banking Committee’s Subcommittee on International 

Finance and Monetary Policy from 1987 to 1992. Major 

legislation in which Mr. Gruenberg played an active role 

during his service on the Committee includes the Financial 

Institutions Reform, Recovery, and Enforcement Act of 

1989 (FIRREA); the Federal Deposit Insurance Corporation 

Improvement Act of 1991 (FDICIA); the Gramm-LeachBliley Act; and the Sarbanes-Oxley Act of 2002.

Mr. Gruenberg served as Chairman of the Executive Council 

and President of the International Association of Deposit 

Insurers (IADI) from November 2007 to November 2012.
APPENDICES 129

Mr. Gruenberg holds a J.D. from Case Western Reserve Law 

School and an A.B. from Princeton University, Woodrow 

Wilson School of Public and International Affairs. 

Thomas M. Hoenig

Thomas M. Hoenig was confirmed by the Senate as Vice 

Chairman of the FDIC on November 15, 2012. He joined 

the FDIC on April 16, 2012, as a member of the Board 

of Directors of the FDIC for a six-year term. He is also 

a member of the Executive Board of the International 

Association of Deposit Insurers.

Prior to serving on the FDIC Board, Mr. Hoenig was the 

President of the Federal Reserve Bank of Kansas City and 

a member of the Federal Reserve System’s Federal Open 

Market Committee from 1991 to 2011.

Mr. Hoenig was with the Federal Reserve for 38 years, 

beginning as an economist, and then as a senior officer in 

banking supervision during the U.S. banking crisis of the 

1980s. In 1986, he led the Kansas City Federal Reserve 

Bank’s Division of Bank Supervision and Structure, 

directing the oversight of more than 1,000 banks and bank 

holding companies with assets ranging from less than $100 

million to $20 billion. He became President of the Kansas 

City Federal Reserve Bank on October 1, 1991.

Mr. Hoenig is a native of Fort Madison, Iowa, and received a 

doctorate in economics from Iowa State University.

Jeremiah O. Norton

Jeremiah O. Norton was sworn in on April 16, 2012, as a 

member of the FDIC Board of Directors.

Prior to joining the FDIC’s Board, Mr. Norton was an 

Executive Director at J.P. Morgan Securities LLC, in New 

York, New York.

Mr. Norton was in government for a number of years 

before joining the FDIC Board, most recently as the Deputy 

Assistant Secretary for Financial Institutions Policy at 

the U.S. Treasury Department. Mr. Norton also was a 

Legislative Assistant and professional staff member for U.S. 

Representative Edward R. Royce.

Mr. Norton received a J.D. from the Georgetown University 

Law Center and an A.B. in economics from Duke University.

Thomas J. Curry

Thomas J. Curry was sworn in as the 30th Comptroller of 

the Currency on April 9, 2012.

The Comptroller of the Currency is the administrator of 

national banks and federal savings associations, and chief 

officer of the Office of the Comptroller of the Currency 

(OCC). The OCC supervises approximately 1,700 national 

banks and federal savings associations and about 50 federal 

branches and agencies of foreign banks in the United States. 

These institutions comprise nearly two-thirds of the assets 

of the commercial banking system. The Comptroller also is 

a Director of NeighborWorks® America.

On April 1, 2013, Mr. Curry was named Chairman of the 

Federal Financial Institutions Examination Council (FFIEC) 

for a two-year term. Comptroller Curry is the 21st FFIEC 

Chairman.

Prior to becoming Comptroller of the Currency, Mr. Curry 

served as a Director of the FDIC Board since January 2004, 

and as the Chairman of the NeighborWorks® America 

Board of Directors. 

Prior to joining the FDIC’s Board of Directors, Mr. 

Curry served five Massachusetts Governors as the 

Commonwealth’s Commissioner of Banks from 1990 to 1991 

and from 1995 to 2003. He served as Acting Commissioner 

from February 1994 to June 1995. He previously served 

as First Deputy Commissioner and Assistant General 

Counsel within the Massachusetts Division of Banks. He 

entered state government in 1982 as an attorney with the 

Massachusetts’ Secretary of State’s Office.

Mr. Curry served as the Chairman of the Conference of State 

Bank Supervisors from 2000 to 2001, and served two terms 

on the State Liaison Committee of the Federal Financial 

Institutions Examination Council, including a term as 

Committee Chairman.

He is a graduate of Manhattan College (summa cum laude), 

where he was elected to Phi Beta Kappa. He received his 

law degree from the New England School of Law. 
ANNUAL REPORT 2014

130 APPENDICES

Richard Cordray 

Richard Cordray serves as the first Director of the 

Consumer Financial Protection Bureau. He previously led 

the Bureau’s Enforcement Division.

Prior to joining the Bureau, Mr. Cordray served on the 

front lines of consumer protection as Ohio’s Attorney 

General. Mr. Cordray recovered more than $2 billion for 

Ohio’s retirees, investors, and business owners, and took 

major steps to help protect its consumers from fraudulent 

foreclosures and financial predators. In 2010, his office 

responded to a record number of consumer complaints, but 

Mr. Cordray went further and opened that process for the 

first time to small businesses and nonprofit organizations 

to ensure protections for even more Ohioans. To recognize 

his work on behalf of consumers as Attorney General, the 

Better Business Bureau presented Mr. Cordray with an 

award for promoting an ethical marketplace.

Mr. Cordray also served as Ohio Treasurer and Franklin 

County Treasurer, two elected positions in which he led 

state and county banking, investment, debt, and financing 

activities. As Ohio Treasurer, he resurrected a defunct 

economic development program that provides low-interest 

loan assistance to small businesses to create jobs, 

re-launched the original concept as GrowNOW, and pumped 

hundreds of millions of dollars into access for credit to 

small businesses. Mr. Cordray simultaneously created a 

Bankers Advisory Council to share ideas about the program 

with community bankers across Ohio.

Earlier in his career, Mr. Cordray was an adjunct professor 

at the Ohio State University College of Law, served as a 

State Representative for the 33rd Ohio House District, was 

the first Solicitor General in Ohio’s history, and was a sole 

practitioner and Counsel to Kirkland & Ellis. Mr. Cordray 

has argued seven cases before the United States Supreme 

Court, by special appointment of both the Clinton and 

Bush Justice Departments. He is a graduate of Michigan 

State University, Oxford University, and the University of 

Chicago Law School. Mr. Cordray was Editor-in-Chief of the 

University of Chicago Law Review and later clerked for U.S. 

Supreme Court Justices Byron White and Anthony Kennedy.

Mr. Cordray lives in Grove City, Ohio, with his wife 

Peggy—a Professor at Capital University Law School in 

Columbus—and twin children Danny and Holly.
APPENDICES 131

FDIC ORGANIZATION CHART/OFFICIALS

BOARD OF DIRECTORS

Martin J. Gruenberg

FDIC

Chairman

Jeremiah O. Norton

FDIC

Board Member

Thomas M. Hoenig

FDIC

Vice Chairman, Board Member

Thomas J. Curry

OCC

Board Member

Richard Cordray

CFPB

Board Member

DEPUTY TO THE CHAIRMAN 

AND CHIEF OPERATING OFFICER,

CHIEF OF STAFF

Barbara A. Ryan

DEPUTY TO THE CHAIRMAN 

AND CHIEF FINANCIAL OFFICER

Steven O. App

SENIOR ADVISOR

INTERNATIONAL 

RESOLUTION POLICY

David S. Hoelscher

OFFICE OF 

COMMUNICATIONS

CHIEF RISK OFFICER

Stephen A. Quick

SPECIAL ADVISOR FOR

SUPERVISORY MATTERS

Jason C. Cave

OFFICE OF MINORITY AND 

WOMEN INCLUSION

Segundo Pereira

 Director

OFFICE OF FINANCIAL 

INSTITUTION ADJUDICATION

C. Richard Miserendino

Administrative Law Judge

OFFICE OF 

LEGISLATIVE AFFAIRS

Eric J. Spitler

Director

OFFICE OF 

THE OMBUDSMAN

Cottrell L. Webster

Ombudsman

OFFICE OF INSPECTOR GENERAL

Fred W. Gibson

Acting Inspector General

DEPUTY TO THE CHAIRMAN

FOR COMMUNICATIONS

Barbara Hagenbaugh

DEPUTY TO THE CHAIRMAN

Kymberly K. Copa

DIVISION OF INFORMATION 

TECHOLOGY

CHIEF INFORMATION OFFICER 

AND CHIEF PRIVACY OFFICER

Barry C. West

DIVISION OF RESOLUTION 

AND RECEIVERSHIPS

Bret D. Edwards

Director

LEGAL DIVISION

Richard J. Osterman, Jr.

Acting General Counsel

DIVISION OF INSURANCE 

AND RESEARCH

Diane Ellis

Director

DIVISION OF DEPOSITOR 

AND CONSUMER PROTECTION

Mark E. Pearce

Director

OFFICE OF COMPLEX

FINANCIAL INSTITUTIONS

Arthur J. Murton

Director

DIVISION OF RISK 

MANAGEMENT SUPERVISION

Doreen R. Eberley

Director

DIVISION OF 

ADMINISTRATION

Arleas Upton Kea

Director

DIVISION OF FINANCE

Craig R. Jarvill

Director

Russell G. Pittman

Director

INFORMATION SECURITY

AND PRIVACY STAFF

Christopher J. Farrow

Chief Information 

Security Officer

CORPORATE UNIVERSITY

Suzannah L. Susser

Director

INTERNAL OMBUDSMAN

Robert D. Harris

WRITER-EDITOR

Michele A. Heller
ANNUAL REPORT 2014

132 APPENDICES

CORPORATE STAFFING 

STAFFING TRENDS 2005-2014

Note: 2008-2014 staffing totals reflect year-end full time equivalent staff. Prior to 2008, staffing totals reflect total employees on-board. 

4,514 4,476 4,532 4,988 6,557 8,150 7,973 7,476

FDIC Year–End Staffing

7,254 6,631

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

9,000

6,000

3,000

0
APPENDICES 133

NUMBER OF EMPLOYEES BY DIVISION/OFFICE 2013 – 20141

Total Washington Regional/Field

Division or Office: 2014 2013 2014 2013 2014 2013

Division of Risk Management Supervision 2,704 2,814 205 207 2,500 2,608

Division of Depositor and Consumer Protection 853 858 128 126 725 732

Division of Resolutions and Receiverships 884 1,284 159 166 725 1,118

Legal Division 601 678 375 388 226 290

Division of Administration 372 396 245 247 127 149

Division of Information Technology 324 340 254 264 70 76

Corporate University 205 195 196 184 9 11

Division of Insurance and Research2 196 187 154 143 42 44

Division of Finance 170 176 168 174 2 2

Office of Inspector General 115 117 73 75 42 42

Office of Complex Financial Institutions 68 74 59 62 9 12

Information Security and Privacy Staff 33 29 33 29 0 0

Executive Offices2 23 20 23 20 0 0

Executive Support Offices3 85 88 76 78 9 10

Total 6,631 7,254 2,147 2,161 4,485 5,093

1

 The FDIC reports staffing totals using a full-time equivalent (FTE) methodology, which is based on an employee’s scheduled work hours. Division/

Office staffing has been rounded to the nearest whole FTE. Totals may not foot due to rounding.

2

 Includes the Offices of the Chairman, Vice Chairman, Director (Appointive), Chief Operating Officer, Chief Financial Officer, and Chief Information 

Officer. 

3

 Includes the Offices of Legislative Affairs, Communications, Ombudsman, Minority and Women Inclusion, and Corporate Risk Management.
ANNUAL REPORT 2014

134 APPENDICES

SOURCES OF INFORMATION

FDIC Website

www.fdic.gov

A wide range of banking, consumer, and financial 

information is available on the FDICʼs Website. This 

includes the FDICʼs Electronic Deposit Insurance Estimator 

(EDIE), which estimates an individual’s deposit insurance 

coverage; the Institution Directory, which contains 

financial profiles of FDIC-insured institutions; Community 

Reinvestment Act evaluations and ratings for institutions 

supervised by the FDIC; Call Reports, which are banksʼ 

reports of condition and income; and Money Smart, a 

training program to help individuals outside the financial 

mainstream enhance their money management skills 

and create positive banking relationships. Readers also 

can access a variety of consumer pamphlets, FDIC press 

releases, speeches, and other updates on the agencyʼs 

activities, as well as corporate databases and customized 

reports of FDIC and banking industry information. 

FDIC Call Center

Phone: 877-275-3342 (877-ASK-FDIC) 

703-562-2222

Hearing Impaired: 800-925-4618 

 703-562-2289

The FDIC Call Center in Washington, DC, is the primary 

telephone point of contact for general questions from the 

banking community, the public, and FDIC employees. The 

Call Center directly, or with other FDIC subject-matter 

experts, responds to questions about deposit insurance and 

other consumer issues and concerns, as well as questions 

about FDIC programs and activities. The Call Center also 

refers callers to other federal and state agencies as needed. 

Hours of operation are 8:00 a.m. to 8:00 p.m., Eastern Time, 

Monday – Friday, and 9:00 a.m. to 5:00 p.m., Saturday – 

Sunday. Recorded information about deposit insurance 

and other topics is available 24 hours a day at the same 

telephone number.

As a customer service, the FDIC Call Center has many 

bilingual Spanish agents on staff and has access to a 

translation service, which is able to assist with over 40 

different languages.

Public Information Center 

3501 Fairfax Drive

Room E-1021

Arlington, VA 22226

Phone: 877-275-3342 (877-ASK-FDIC),

703-562-2200

Fax: 703-562-2296

FDIC Online Catalog: https://vcart.velocitypayment.com/

fdic/

E-mail: publicinfo@fdic.gov

Publications such as FDIC Quarterly and Consumer News, 

and a variety of deposit insurance and consumer pamphlets 

are available at www.fdic.gov or may be ordered in hard 

copy through the FDIC online catalog. Other information, 

press releases, speeches and congressional testimony, 

directives to financial institutions, policy manuals, and FDIC 

documents are available on request through the Public 

Information Center. Hours of operation are 9:00 a.m. to 4:00 

p.m., Eastern Time, Monday – Friday.

Office of the Ombudsman 

3501 Fairfax Drive

Room E-2022

Arlington, VA 22226

Phone: 877-275-3342 (877-ASK-FDIC)

Fax: 703-562-6057

E-mail: ombudsman@fdic.gov

The Office of the Ombudsman (OO) is an independent, 

neutral, and confidential resource and liaison for the 

banking industry and the general public. The OO responds 

to inquiries about the FDIC in a fair, impartial, and timely 

manner. It researches questions and fields complaints 

from bankers and bank customers. OO representatives are 

present at all bank closings to provide accurate information 

to bank customers, the media, bank employees, and the 

general public. The OO also recommends ways to improve 

FDIC operations, regulations, and customer service.
APPENDICES 135

REGIONAL AND AREA OFFICES

Atlanta Regional Office

Michael J. Dean, Regional Director

10 Tenth Street, NE

Suite 800

Atlanta, Georgia 30309

(678) 916-2200

Alabama

Florida

Georgia

North Carolina

South Carolina

Virginia

West Virginia

Dallas Regional Office

Kristie K. Elmquist, Regional Director

1601 Bryan Street

Dallas, Texas 75201

(214) 754-0098

Colorado

New Mexico

Oklahoma

Texas

Kansas City Regional Office

James D. LaPierre, Regional Director

1100 Walnut Street

Suite 2100

Kansas City, Missouri 64106

(816) 234-8000

Iowa

Kansas

Minnesota

Missouri

Nebraska

North Dakota

South Dakota

Chicago Regional Office

M. Anthony Lowe, Regional Director

300 South Riverside Plaza

Suite 1700

Chicago, Illinois 60606

(312) 382-6000

Illinois

Indiana

Kentucky

Michigan

Ohio

Wisconsin

Memphis Area Office

Kristie K. Elmquist, Director

6060 Primacy Parkway

Suite 300

Memphis, Tennessee 38119

(901) 685-1603

Arkansas

Louisiana

Mississippi

Tennessee

New York Regional Office

John F. Vogel, Regional Director

350 Fifth Avenue

Suite 1200

New York, New York 10118

(917) 320-2500

Delaware

District of Columbia

Maryland

New Jersey

New York

Pennsylvania

Puerto Rico

Virgin Islands
ANNUAL REPORT 2014

136 APPENDICES

Boston Area Office

John F. Vogel, Director

15 Braintree Hill Office Park

Suite 100

Braintree, Massachusetts 02184

(781) 794-5500

Connecticut

Maine

Massachusetts

New Hampshire

Rhode Island

Vermont

San Francisco Regional Office

Stan Ivie, Regional Director

25 Jessie Street at Ecker Square

Suite 2300

San Francisco, California 94105

(415) 546-0160

Alaska

American Samoa

Arizona

California

Federated States of Micronesia

Guam

Hawaii

Idaho

Montana

Nevada

Oregon

Utah

Washington

Wyoming
APPENDICES 137

C. OFFICE OF INSPECTOR GENERAL’S 

ASSESSMENT OF THE MANAGEMENT 

AND PERFORMANCE CHALLENGES 

FACING THE FDIC 

Under the Reports Consolidation Act of 2000, the Office 

of Inspector General (OIG) identifies the management 

and performance challenges facing the FDIC and provides 

its assessment to the Corporation for inclusion in the 

FDIC’s Annual Performance and Accountability Report. 

In doing so, the OIG keeps in mind the FDIC’s overall 

program and operational responsibilities; financial industry, 

economic, and technological conditions and trends; areas 

of congressional interest and concern; relevant laws and 

regulations; the Chairman’s priorities and corresponding 

corporate goals; and ongoing activities to address the issues 

involved. The OIG believes that the FDIC faces challenges 

in the critical areas listed below that will continue to 

occupy much of the Corporation’s attention and require its 

sustained focus for the foreseeable future. 

Carrying Out Dodd-Frank Act Responsibilities

The Dodd-Frank Wall Street Reform and Consumer 

Protection Act (the Dodd-Frank Act) created a 

comprehensive new regulatory and resolution framework 

designed to avoid the severe consequences of financial 

instability. Title I of the Dodd-Frank Act provides tools for 

regulators to impose enhanced supervision and prudential 

standards on systemically important financial institutions 

(SIFIs). Title II provides the FDIC with a new orderly 

liquidation authority for SIFIs, subject to a systemic risk 

determination by statutorily-designated regulators. The 

FDIC has made progress toward implementing its systemic 

resolution authorities under the Dodd-Frank Act, in 

large part due to the efforts of an active cross-divisional 

working group composed of senior FDIC officials, but 

challenges remain. These challenges involve the FDIC’s 

ability to fulfill its insurance, supervisory, receivership 

management, and resolution responsibilities as it meets the 

requirements of the Dodd-Frank Act. These responsibilities 

are cross-cutting and are carried out by staff throughout 

the Corporation’s headquarters and regional divisions 

and offices, including in the Office of Complex Financial 

Institutions, an office established in response to the 

Dodd-Frank Act. That office is taking steps to realign 

organizational responsibilities for Title I and Title II 

tasks in the interest of ensuring the most efficient and 

complementary efforts of staff involved in both. 

As discussed more fully below, in the coming year, those 

involved in Dodd-Frank Act activities will continue to 

evaluate the resolution plans submitted by the largest 

bank holding companies and other SIFIs under Title I; 

develop strategies for resolving SIFIs under Title II; work 

to promote cross-border cooperation for the orderly 

resolution of a global SIFI; and coordinate with the other 

regulators to develop policy to implement the provisions 

of the Dodd-Frank Act.

In the interest of operational readiness to resolve a SIFI, 

the Corporation will need to determine optimum staffing, 

needed expertise, and effective organizational structures to 

handle current and future responsibilities. In that regard, it 

will also need to leverage subject-matter expertise currently 

existing in the FDIC’s various divisions and ensure effective 

and efficient communication, coordination, and information 

sharing as those responsible carry out their respective roles. 

Maintaining Strong Information Technology 

Security and Governance Practices

Key to achieving the FDIC’s mission of maintaining stability 

and public confidence in the nation’s financial system is 

safeguarding the sensitive information, including personally 

identifiable information that the FDIC collects and manages 

in its role as federal deposit insurer and regulator of 

state nonmember financial institutions. Further, as an 

employer, an acquirer of services, and a receiver for failed 

institutions, the FDIC obtains considerable amounts of 

sensitive information from its employees, contractors, 

and failed institutions. Increasingly sophisticated security 

risks and global connectivity have resulted in both internal 

and external risks to that sensitive information. Internal 

risks include errors and fraudulent or malevolent acts by 

employees or contractors working within the organization. 

External threats include a growing number of cyber-based 

attacks that can come from a variety of sources, such as 

hackers, criminals, foreign nations, terrorists, and other 

adversarial groups. Such threats underscore the importance 

of a strong, enterprise-wide information security program.
ANNUAL REPORT 2014

138 APPENDICES

During 2013, the FDIC Chairman announced significant 

changes to the FDIC’s information security governance 

structure to address current and emerging risks in the 

information technology (IT) and information security 

environments. Among these changes, the FDIC established 

the IT/Cyber Security Oversight Group to provide a 

senior-level forum for assessing cyber security threats 

and developments affecting the FDIC and the banking 

industry. Subsequently, the FDIC Chairman separated 

the roles and responsibilities of the Chief Information 

Officer (CIO) and Director of the Division of Information 

Technology (DIT). Both positions had previously been held 

by the same individual. The CIO now reports directly to 

the FDIC Chairman and has broad strategic responsibility 

of IT governance, investments, program management, and 

information security. The CIO also serves as the FDIC’s 

Chief Privacy Officer. Finally, the Chief Information 

Security Officer (CISO) and related staff, who had formerly 

reported to the Director of DIT, now report to the CIO. 

The purpose of this realignment was to ensure that the 

CISO has the ability to provide an independent perspective 

on security matters to the CIO, and that the CIO has the 

authority and primary responsibility to implement an 

agency-wide information security program. 

Throughout 2014, the benefits of the new IT governance 

structure began to be realized. During 2015, a challenging 

priority for the FDIC will be to continue to adapt to 

these organizational changes and maintain effective 

communication and collaboration among all parties 

involved in ensuring a robust, secure IT operating 

environment that meets the day-to-day and longer-term 

needs of the FDIC employees who depend on it. The 

Corporation will also need to ensure that its business 

continuity and disaster recovery plans are effective in 

addressing the impacts of natural disasters or other 

events that disrupt its business processes and activities. 

A permanent CIO came on board in December 2014 and 

will continue to carry out needed information security 

initiatives. Among those are strategies to ensure the 

security of the FDIC’s systems and infrastructure and efforts 

to support communications with other federal agencies if a 

widespread emergency occurred.

Maintaining Effective Supervisory Activities 

and Preserving Community Banking

The FDIC’s supervision program promotes the safety 

and soundness of FDIC-supervised insured depository 

institutions. The FDIC is the primary federal regulator for 

4,138 FDIC-insured, state-chartered institutions that are not 

members of the Board of Governors of the Federal Reserve 

System (FRB). As such, the FDIC is the lead federal 

regulator for the majority of community banks. As the FDIC 

operates in a post-crisis environment, it must continue to 

apply lessons learned over the past years of turmoil. One 

key lesson is the need for earlier regulatory response when 

risks are building. For example, banks may be tempted to 

take additional risks, engage in imprudent concentrations, 

or loosen underwriting standards. Some banks are also 

introducing new products or lines of business or seeking 

new sources for non-interest income, all of which can 

lead to interest rate risk, credit risk, operational risk, 

and reputational risk. Such risks need to be managed 

and addressed early on during the “good times” before 

a period of downturn. FDIC examiners need to identify 

problems, bring them to the attention of bank management, 

follow up on problems, recommend enforcement actions 

as needed, and be alert to such risks as Bank Secrecy 

Act and anti-money laundering issues. With respect to 

important international concerns, the FDIC also needs to 

support development of sound global regulatory policy 

through participation on the Basel Committee on Banking 

Supervision and related sub-groups, and to address 

such matters as the Basel III capital accord and Basel 

liquidity standards. 

Importantly, with respect to the FDIC’s involvement with 

the Dodd-Frank Act, the Division of Risk Management 

Supervision’s (RMS) Complex Financial Institutions Group 

is responsible for the monitoring function for SIFIs. This 

group is primarily responsible for monitoring risk within 

and across large, complex financial companies for back-up 

supervisory and resolution readiness purposes. In that 

connection, RMS is also playing a key role in reviewing 

and providing feedback on resolution plans submitted by 

companies covered by Title I of the Dodd-Frank Act, as part 

of a shared responsibility with the FRB.
APPENDICES 139

Of critical importance with respect to the FDIC’s 

supervisory role, and in light of technological changes, 

increased use of technology service providers (TSP), 

new delivery channels, and cyber threats, the FDIC’s 

IT examination program needs to be proactive. Also, 

bankers and Boards of Directors need to ensure a strong 

control environment and sound risk management and 

governance practices in their institutions. Controls need 

to be designed not only to protect sensitive customer 

information, but also to guard against intrusions that can 

compromise the integrity and availability of operations, 

information and transaction processing systems, and data. 

Given the complexities of the range of cyber threats, the 

FDIC needs to ensure its examination workforce has the 

needed expertise to effectively carry out its IT examination 

responsibilities.

Of special note, in partnership with the Federal Financial 

Institutions Examination Council, the FDIC has developed 

a framework for conducting IT examinations that covers a 

broad spectrum of technology, operational, and information 

security risks to both institutions and TSPs. Importantly, 

one TSP can service hundreds or even thousands of 

financial institutions, so that the impact of security 

incidents in one TSP can have devastating ripple effects on 

those institutions. In the coming months, the Corporation 

needs to continue efforts, along with the other regulators, 

to address these risks and use all available supervisory 

and legal authorities to ensure the continued safety and 

soundness of financial institutions and affiliated third-party 

entities. It also needs to ensure effective informationsharing about security incidents with regulatory parties and 

other federal groups established to combat cyber threats in 

an increasingly interconnected world.

The Chairman has made it clear that one of the FDIC’s most 

important priorities is the future of community banks and 

the critical role they play in the financial system and the 

U.S. economy as a whole. Local communities and small 

businesses rely heavily on community banks for credit 

and other essential financial services. These banks foster 

economic growth and help to ensure that the financial 

resources of the local community are put to work on its 

behalf. Consolidations and other far-reaching changes 

in the U.S. financial sector in recent decades have made 

community banks a smaller part of the U.S. financial 

system. To ensure the continued strength of the community 

banks, the Corporation will need to sustain initiatives such 

as ongoing research, technical assistance to the banks 

by way of training videos on key risk management and 

consumer compliance matters, and continuous dialogue 

with community banking groups. 

Maintaining a strong examination program, conducting 

vigilant supervisory activities for both small and large 

banks, applying lessons learned, and being attuned to 

harmful cyber threats in financial institutions and TSPs will 

be critical to ensuring stability and continued confidence in 

the financial system going forward. 

Carrying Out Current and Future Resolution 

and Receivership Responsibilities

Through purchase and assumption agreements with 

acquiring institutions, the Corporation has entered into 

shared-loss agreements (SLAs). Since loss sharing began 

during the most recent crisis in November 2008, the FDIC 

resolved 304 failures with accompanying SLAs; the initial 

covered asset balance was $216.5 billion. As of December 

31, 2014, 281 receiverships still have active SLAs, with a 

current covered asset balance of $54.6 billion. 

Under these agreements, the FDIC agrees to absorb a 

portion of the loss—generally 80 to 95 percent—which may 

be experienced by the acquiring institution with regard 

to those assets, for a period of up to 10 years. As another 

resolution strategy, the FDIC entered into 35 structured 

sales transactions involving 43,315 assets with a total 

unpaid principal balance of $26.2 billion. Under these 

arrangements, the FDIC retains a participation interest 

in future net positive cash flows derived from third-party 

management of these assets. 

Other post-closing asset management activities continue 

to require FDIC attention. FDIC receiverships manage 

assets from failed institutions, mostly those that are not 

purchased by acquiring institutions through purchase and 

assumption agreements or involved in structured sales. 

As of December 31, 2014, the Division of Resolutions and 

Receiverships (DRR) was managing 481 active receiverships 

with assets in liquidation totaling about $7.7 billion. As 

receiver, the FDIC seeks to expeditiously wind up the 

affairs of the receiverships. Once the assets of a failed 
ANNUAL REPORT 2014

140 APPENDICES

institution have been sold and the final distribution of any 

proceeds is made, the FDIC terminates the receivership. 

As recovery from the crisis continues, some of these 

risk-sharing agreements will be winding down and certain 

currently active receiverships will be terminated. Given the 

substantial dollar value and risks associated with the risk 

sharing activities and other receivership operations, the 

FDIC needs to ensure continuous monitoring and effective 

oversight to protect the FDIC’s financial interests. 

The FDIC increased its permanent resolution and 

receivership staffing and significantly increased its reliance 

on contractor and term employees to fulfill the critical 

resolution and receivership responsibilities associated with 

the ongoing FDIC interest in the assets of failed financial 

institutions. Now, and as discussed later in this document, 

as the number of financial institution failures continues 

to decline, the Corporation is reshaping its workforce and 

adjusting its budget and resources accordingly. Between 

January 2012 and April 2014, the FDIC closed three of the 

temporary offices it had established to handle the high 

volume of bank failures. As a result, authorized staffing 

for DRR, in particular, fell from a peak of 2,460 in 2010 

to 1,463 proposed for 2013, which reflected a reduction 

of 393 positions from 2012 and 997 positions over three 

years. Proposed DRR authorized staff for 2014 was 916. 

Authorized staffing for 2015 is 756. Of note, DRR will 

continue to substantially reduce its nonpermanent staff 

each year, based on declining workload. 

In the face of these staff reductions and the corresponding 

loss of specialized experience and expertise, however, the 

Corporation must also continue to review the resolution 

plans of large bank holding companies and designated 

nonbank holding companies to ensure their resolvability 

under the Bankruptcy Code, if necessary, and in cases 

where their failure would threaten financial stability, 

administer their orderly liquidation. Carrying out such 

activities could pose significant challenges to those in 

DRR who have historically carried out receivership and 

resolution activities. For example, the Complex Financial 

Institutions branch of DRR works to identify and mitigate 

risks in large insured depository institutions, bank holding 

companies, and nonbank SIFIs. One of DRR’s challenges 

in these areas will be to enhance the FDIC’s capability 

to successfully administer deposit insurance claims 

determinations for large or complex resolutions. It will also 

need to ensure operational readiness for related accounting 

and investigations work streams.

Ensuring the Continued Strength 

of the Insurance Fund 

Insuring deposits remains at the heart of the FDIC’s 

commitment to maintain stability and public confidence 

in the nation’s financial system. To maintain sufficient 

Deposit Insurance Fund (DIF) balances, the FDIC collects 

risk-based insurance premiums from insured institutions 

and invests the deposit insurance funds. 

In the aftermath of the financial crisis, FDIC-insured 

institutions continue to make gradual but steady progress. 

Continuing to replenish the DIF in a post-crisis environment 

is a critical activity for the FDIC. The DIF balance had 

dropped below negative $20 billion during the worst time 

of the crisis. During the fourth quarter of 2014, the DIF 

balance increased by $8.5 billion, from $54.3 billion at 

September 30, 2014, to an all-time high of $62.8 billion. The 

most recent quarterly increase was primarily due to $2.0 

billion of assessment revenue and a negative $6.8 billion 

provision for insurance losses, partially offset by $408 

million of operating expenses. 

While the fund is considerably stronger than it has been, 

the FDIC must continue to monitor the emerging risks that 

can threaten fund solvency in the interest of providing the 

insurance coverage that depositors have come to rely upon. 

In that regard, the FDIC will need to continue to regularly 

disseminate data and analysis on issues and risks affecting 

the financial services industry to bankers, supervisors, the 

public, and other stakeholders.

Given the volatility of the global markets and financial 

systems, new risks can emerge without warning and 

threaten the safety and soundness of U.S. financial 

institutions and the viability of the DIF. The FDIC must 

be prepared for such a possibility. As part of its efforts, 

the FDIC needs to continue its collaboration with other 

agencies in helping to ensure financial stability and protect 

the DIF. One important means of doing so is through 

participation on the Financial Stability Oversight Council 

(FSOC), created under the Dodd-Frank Act. This Council 

was established to provide comprehensive monitoring 

of stability in the U.S. financial system by identifying and 
APPENDICES 141

responding to emerging risks to U.S. financial stability and 

by promoting market discipline. The FDIC Chairman is a 

member of FSOC, which has the authority to designate for 

enhanced prudential supervision by the Federal Reserve 

System any financial firm whose material financial distress 

could pose a threat to U.S. financial stability. The FDIC’s 

active involvement on FSOC will be important as the 

Council members join forces to confront the many potential 

threats to the nation’s financial system and to the FDIC in 

its role as insurer. 

Promoting Consumer Protections 

and Economic Inclusion

The FDIC carries out its consumer protection role by 

providing consumers with access to information about 

their rights and disclosures that are required by federal 

laws and regulations. Importantly, it also examines the 

banks where the FDIC is the primary federal regulator 

to determine the institutions’ compliance with laws and 

regulations governing consumer protection, fair lending, 

and community investment. These activities require 

collaboration with other regulatory agencies. The FDIC 

also coordinates with the Consumer Financial Protection 

Board, created under the Dodd-Frank Act, on consumer 

issues of mutual interest and monitors rulemakings related 

to mortgage lending and other types of consumer financial 

services and products. The FDIC will need to continue 

to assess the impact of such rulemakings on supervised 

institutions, communicate key changes to stakeholders, and 

train examination staff accordingly. 

The FDIC continues to work with the Congress and others 

to ensure that the banking system remains sound and that 

the broader financial system is positioned to meet the 

credit needs of consumers and the economy, especially 

the needs of creditworthy households that may experience 

distress. A challenging priority articulated by the Chairman 

is to continue to increase access to financial services for 

the unbanked and underbanked in the United States. The 

Corporation will be continuing its Money Smart program 

and planning for its biennial survey conducted jointly with 

the U.S. Census Bureau to assess the overall population’s 

access to insured institutions. Additionally, the FDIC’s 

Advisory Committee on Economic Inclusion, composed 

of bankers, community and consumer organizations, 

and academics, will continue to explore strategies to 

bring the unbanked into the financial mainstream. The 

FDIC’s Alliance for Economic Inclusion initiative seeks 

to collaborate with financial institutions; community 

organizations; local, state, and federal agencies; and other 

partners to form broad-based coalitions to bring unbanked 

and underbanked consumers and small businesses into the 

financial mainstream. 

Successful activities in pursuit of this priority will continue 

to require effort on the part of the FDIC going forward. 

The FDIC will need to sustain ongoing efforts to carry 

out required compliance and community reinvestment 

examinations, coordinate with the other financial regulators 

and CFPB on regulatory matters involving financial 

products and services, and pursue and measure the success 

of economic inclusion initiatives to the benefit of the 

American public. 

Implementing Workforce Changes and 

Budget Reductions 

As referenced earlier, as the number of financial institution 

failures continues to decline, the FDIC has been reshaping 

its workforce and adjusting its budget and human 

resources as it seeks a balanced approach to managing 

costs while achieving mission responsibilities. Over the 

past several years of recovery, the FDIC closed all three 

of the temporary offices charged with managing many 

receivership and asset sales activities on the East and West 

Coasts and in the Midwest. 

During the 2015 planning and budget process, the 

Corporation reassessed its current and projected workload 

along with trends within the banking industry and the 

broader economy. Based on that review, the FDIC expects 

a continuation of steady improvements in the global 

economy, a small number of insured institution failures, 

gradual reductions in post-failure receivership management 

workload, and significant further reductions in the number 

of 3-, 4-, and 5-rated institutions. While the FDIC will 

continue to need some temporary and term employees over 

the next several years to complete the residual workload 

from the financial crisis, industry trends confirm that the 

need for nonpermanent employees over the next several 

years will steadily decrease. 

Given those circumstances, the FDIC Board of Directors 

approved a $2.32 billion Corporate Operating Budget 
ANNUAL REPORT 2014

142 APPENDICES

for 2015, 3 percent lower than the 2014 budget. In 

conjunction with its approval of the 2015 budget, the Board 

also approved an authorized 2015 staffing level of 6,875 

positions, down from 7,200 currently authorized, a net 

reduction of 325 positions. This is the fifth consecutive 

reduction in the FDIC’s annual operating budget.

As conditions improve throughout the industry and the 

economy, the FDIC will continue its efforts to achieve the 

appropriate level of resources. At the same time, however, 

it needs to remain mindful of ever-present risks and other 

uncertainties in the economy that may prompt the need for 

additional resources and new skill sets and expertise that 

may be challenging to obtain.

In that regard, the FDIC is continuing to work toward 

integrated workforce development processes as it seeks to 

bring on the best people to meet the FDIC’s changing needs 

and priorities, and do so in a timely manner. The FDIC 

has long promoted diversity and inclusion initiatives in the 

workplace. Section 342 of the Dodd-Frank Act reiterates 

the importance of standards for assessing diversity policies 

and practices and developing procedures to ensure the 

fair inclusion and utilization of women and minorities in 

the FDIC’s contractor workforce. The Dodd-Frank Act 

also points to the Office of Minority and Women Inclusion 

as being instrumental in diversity and inclusion initiatives 

within the FDIC’s working environment. This office will 

be challenged as it works to ensure it has the proper staff, 

expertise, and organizational structure to successfully carry 

out its advisory responsibilities to ensure diversity and 

inclusion.

For all employees, in light of a post-crisis, transitioning 

workplace, the FDIC will seek to sustain its emphasis on 

fostering employee engagement and morale. Its diversity 

and inclusion goals and initiatives, Workplace Excellence 

Program, and workforce development efforts are positive 

steps in that direction and should continue to create a 

working environment that warrants the FDIC’s recognition 

as a Best Place to Work. 

Ensuring Effective Enterprise Risk 

Management Practices

Enterprise risk management is a critical aspect of 

governance at the FDIC. Notwithstanding a stronger 

economy and financial services industry, the FDIC’s 

enterprise risk management framework and related 

activities need to be attuned to emerging risks, both internal 

and external to the FDIC that can threaten corporate 

success. As evidenced in the challenges discussed above, 

certain difficult issues may fall within the purview of a 

single division or office, while others are cross-cutting 

within the FDIC or involve coordination with the other 

financial regulators and external parties. The Corporation 

needs to adopt controls, mechanisms, and risk models 

that can address a wide range of concerns—from specific, 

everyday risks such as those posed by personnel security 

practices and records management activities, for example, 

to the far broader concerns of the ramifications of an 

unwanted and harmful cyber-attack or the failure of a large 

bank or SIFI.

The Corporation’s stakeholders—including the Congress, 

American people, media, and others— expect effective 

governance, sound risk management practices, and vigilant 

regulatory oversight of the financial services industry 

to avoid future crises. Leaders and individuals at every 

working level throughout the FDIC need to understand 

current and emerging risks to the FDIC mission and be 

prepared to take necessary steps to mitigate those risks 

as changes occur and challenging scenarios that can 

undermine the FDIC’s short- and long-term success present 

themselves.
APPENDICES 143

D. ACRONYMS

ABS Asset-backed securities

AEI Alliance for Economic Inclusion

AHDP Affordable Housing Disposition Program

AMC Appraisal management company

AML Anti-Money Laundering

ASBA Association of Supervisors of Banks of 

 the Americas

ASC Accounting Standards Codification

ASU Accounting Standards Update

BCBS Basel Committee on Banking Supervision

BHC Bank holding company

BSA Bank Secrecy Act

CAMELS Capital adequacy; Asset quality; Management 

 quality; Earnings; Liquidity; Sensitivity to 

 market risks

CCIWG Cybersecurity and Critical 

 Infrastructure Working Group

CDFI Community Development Financial Institution

CEO Chief Executive Officer

CEP Corporate Employee Program

CFO Act Chief Financial Officers’ Act

CFPB Consumer Financial Protection Bureau

CFR Center for Financial Research

CFT Counter Financing of Terrorism

CFTC Commodity Futures Trading Commission

CIO Chief Information Officer

CISO Chief Information Security Officer

CMP Civil Money Penalty

ComE-IN Advisory Committee on Economic Inclusion

CPI-U Consumer Price Index for All Urban Consumers

CRA Community Reinvestment Act

CRE Commercial real estate

CSE Covered swap entity

CSRS Civil Service Retirement System

DDoS Distributed denial of service

DFA Dodd-Frank Act

DIF Deposit Insurance Fund

DRR Designated Reserve Ratio

EDIE Electronic Deposit Insurance Estimator

EGRPRA Economic Growth and Regulatory Paperwork 

 Reduction Act of 1996

FAQ Frequently Asked Questions

FDI Act Federal Deposit Insurance Act

FDIC Federal Deposit Insurance Corporation

FEHB Federal Employees Health Benefits

FERS Federal Employees Retirement System

FFB Federal Financing Bank

FFIEC Federal Financial Institutions 

 Examination Council

FFMIA Federal Financial Management 

 Improvement Act

FHFA Federal Housing Finance Agency

FICO Financial Corporation

FIL Financial Institution Letter

FIS Financial Institution Specialist

FISMA Federal Information Security Management Act

FMFIA Federal Managers’ Financial Integrity Act

FMSP Financial Management Scholars Program

FRB Board of Governors of the Federal 

 Reserve System

FRF FSLIC Resolution Fund

FSAP Financial Sector Assessment Program

FSB Financial Stability Board

FSI Financial Stability Institute

FS-ISAC Financial Services Information Sharing and 

 Analysis Center

FSLIC Federal Savings and Loan 

 Insurance Corporation

FSOC Financial Stability Oversight Council

FSVC Financial Services Volunteer Corps

FTC Federal Trade Commission

GAAP Generally accepted accounting principles

GAO U.S. Government Accountability Office

GPRA Government Performance and Results Act

G-SIBs Global Systemically Important Banks

G-SIFIs Global SIFIs

HELOC Home Equity Line of Credit

HFIAA Homeowner Flood Insurance Affordability 

 Act of 2014

IADI International Association of Deposit Insurers

IDI Insured depository institution

IMF International Monetary Fund

IMFB IndyMac Federal Bank

ISDA International Swaps and Derivatives 

 Association, Inc.

IT Information technology

JFSR Journal for Financial Services Research
ANNUAL REPORT 2014

144 APPENDICES

LCR Liquidity coverage ratio

LIDI Large Insured Depository Institution

LLC Limited Liability Company

LMI Low- or moderate-income

LURA Land use restriction agreements

MDI Minority depository institutions

MOL Maximum Obligation Limitation

MOU Memoranda of Understanding

MWOB Minority- and women-owned business

NCUA National Credit Union Administration

NFIP National Flood Insurance Program

NPR Notice of proposed rulemaking

NSFR Net Stable Funding Ratio

NTEU National Treasury Employees Union

OCC Office of the Comptroller of the Currency

OFAC Office of Foreign Assets Control

OLA Orderly Liquidation Authority

OLF Orderly Liquidation Fund

OMB U.S. Office of Management and Budget

OPM U.S. Office of Personnel Management

OTC Over-the-counter

PCA Prompt corrective action

PFR Primary federal regulator

QBP Quarterly Banking Profile

QM Qualified mortgage

QRM Qualified residential mortgage

RTC Resolution Trust Corporation

SEC Securities and Exchange Commission

SIFI Systemically important financial institution

SLA Shared-loss agreement

SMS Systemic Monitoring System

SNC Shared National Credit

SNM State Nonmember

SPOE Single Point of Entry

SRAC Systemic Resolution Advisory Committee

SSGN Structured sale of guaranteed note

TARP Troubled Asset Relief Program

TCC Training and Conference Committee

TIPS Treasury Inflation-Protected Securities

TORC Teacher Online Resource Center

TPPP Third-party payment processor

TruPS Trust preferred securities

TSP Federal Thrift Savings Plan

TSP (IT-related) Technology service providers

VIE Variable interest entity

WE Workplace Excellence