Federal Deposit Insurance Corporation

550 17th Street, N.W., Washington, D.C. 20429-9990 Deputy to the Chairman and CFO

 March 2, 2016

MEMORANDUM TO: The Board of Directors

FROM: Steven O. App

Deputy to the Chairman and 

Chief Financial Officer

Craig R. Jarvill

Director, Division of Finance

SUBJECT: Fourth Quarter 2015 CFO Report to the Board 

The attached report highlights the Corporation’s financial activities and results for the quarter ended

December 31, 2015. 

Executive Summary

• During the fourth quarter of 2015, the DIF balance increased by $2.5 billion, from $70.1 billion 

to $72.6 billion. The quarterly increase was primarily due to $2.2 billion of assessment 

revenue and a $930 million decrease in the provision for insurance losses, partially offset by 

$447 million of operating expenses and by an unrealized loss on U.S. Treasury investments of 

$321 million. 

• During the fourth quarter of 2015, the FDIC was named receiver for 2 failed institutions. The 

combined assets at inception for these institutions totaled $291 million with an estimated loss 

of $25 million. The corporate cash outlay during the fourth quarter for these failures was 

approximately $45 million.

• Overall Corporate Operating Budget expenditures through December 31, 2015, were below 

budget by 10 percent ($235 million). Spending in the Ongoing Operations component was 

$121 million, or 7 percent, under budget, largely due to underspending in the salaries and 

compensation and contractual services categories. The variance in the Receivership Funding 

component was $114 million, or 22 percent, under budget, primarily due to lower-thanbudgeted contract expenses for failed bank resolutions and lower-than-anticipated asset 

management and marketing costs.
2

I. Corporate Fund Financial Results (See pages 7 - 8 for detailed data and charts.)

Deposit Insurance Fund 

• The DIF balance ended the year at $72.6 billion, an increase of $9.8 billion from $62.8 billion 

at year-end 2014. The DIF’s comprehensive income totaled $9.8 billion for 2015 compared to 

comprehensive income of $15.6 billion during 2014. This $5.8 billion year-over-year decrease 

was primarily due to a $6.0 billion lower negative provision for insurance losses, partially offset 

by a $191 million increase in assessment revenue and a $140 million increase in interest 

revenue.

• The provision for insurance losses was negative $2.3 billion for 2015, compared to negative 

$8.3 billion for 2014. The negative provision for 2015 primarily resulted from a decrease of 

$2.2 billion in the estimated losses for institutions that failed in current and prior years, which 

was primarily attributable to (1) unanticipated recoveries of $1.0 billion in litigation settlements, 

professional liability claims, and tax refunds by the receiverships; (2) a $1.4 billion decrease in 

the receiverships’ shared-loss liability; (3) an adjustment of $501 million for lower-thananticipated loss estimates at time of failure for all current year failures; and (4) a $715 million 

increase in receivership legal and representation and warranty liabilities and projected future 

receivership expenses. For the receiverships’ shared-loss liability, in 2015, covered asset 

balances decreased by $23.1 billion as a result of loan amortizations and pay-downs as well 

as the expiration of 113 commercial shared-loss agreements and the early termination of 66 

shared-loss agreements. The composition of the remaining covered asset portfolio primarily 

consists of performing single family assets, which have historically experienced significantly 

lower losses than commercial assets.

FSLIC Resolution Fund

• During 2015, the FRF paid $514 million to resolve the remaining goodwill case after the United 

States Court of Federal Claims awarded the plaintiff additional mitigation damages and 

estimated tax liabilities. These awards were in addition to the previous award of $356 million, 

for which the FRF had recorded a contingent liability and offsetting receivable as of December 

31, 2014. 

Assessments

• During December, the DIF recognized a total of $2.2 billion in assessment revenue. The 

estimate for fourth quarter 2015 insurance coverage also totaled $2.2 billion. Additionally, the 

DIF recognized a net adjustment of $11 million that decreased assessment revenue. This 

adjustment consisted of $20 million increase in prior period amendments offset by a $31 

million decrease to the estimate for third quarter 2015 insurance coverage recorded at 

September 30, 2015. The latter adjustment was primarily due to lower than estimated 

assessment base and rates.

• On December 30, 2015, the FDIC collected $2.2 billion in DIF assessments for third quarter 

2015 insurance coverage.
3

II. Investment Results (See pages 9 - 10 for detailed data and charts.)

DIF Investment Portfolio

• On December 31, 2015, the total liquidity (also total market value) of the DIF investment 

portfolio stood at $63.7 billion, up $11.4 billion from its December 31, 2014, balance of $52.3 

billion. During the year, interest revenue, receivership dividends, and deposit insurance 

assessment collections exceeded resolution-related outlays and operating expenses.

• On December 31, 2015, the DIF investment portfolio’s yield was 0.94 percent, up 24 basis 

points from its December 31, 2014, yield of 0.70 percent. The increase largely reflected the 

new Treasury securities purchased during the year generally having considerably higher yields 

than the maturing securities’ yields.

• In accordance with the approved fourth quarter 2015 DIF portfolio investment strategy, staff 

purchased a total of 16 short- to intermediate-maturity conventional Treasury securities, all 

designated as available-for-sale. The 16 securities had a total par value of $9.9 billion, a 

weighted average yield of 1.217% percent, and a weighted average maturity of 2.89 years.

III. Budget Results (See pages 11 - 12 for detailed data.)

Approved Budget Modifications

The 2015 Budget Resolution delegated to the CFO and selected other officials the authority to 

reallocate funds within the 2015 Corporate Operating Budget, provided that such reallocations 

did not increase the total amount approved for either the Ongoing Operations or Receivership 

Funding budget components. The following budget reallocations were approved during the fourth

quarter in accordance with the authority delegated by the Board of Directors. None of these 

modifications changed the 2015 Ongoing Operations or Receivership Funding budgets or the 

total 2015 Corporate Operating Budget approved by the Board in December 2014.

• In early December, the CFO approved the reallocation of $900,000 in budget authority 

within the Ongoing Operations budget component from the Corporate Unassigned budget 

to the Division of Information Technology (DIT). This amount, plus an additional 

$2,000,000 of existing budget authority in DIT’s Outside Services-Personnel category, was 

realigned to the Equipment category to provide additional funding for equipment 

purchases.

Following these budget reallocations, the unused amounts remaining within the Corporate 

Unassigned contingency reserves for the Ongoing Operations and the Receivership Funding 

budget components were $22,619,593, and $47,008,947, respectively.

Spending Variances

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

below. Significant spending variances for the year ending December 31, 2015, are defined as 

those that either (a) exceed by any amount the annual budget for a major expense category or

the total budget for a division or office, or (b) are under the annual budget for a major expense 

category or the budget for a division/office by an amount that exceeds $1 million and 

represents more than three percent of the major expense category or total division/office 

budget. 
4

Significant Spending Variances by Major Expense Category

Ongoing Operations

There were significant spending variances in six major expense categories in the Ongoing 

Operations component of the 2015 Corporate Operating Budget.

• Salaries and Compensation expenditures were approximately $71 million, or 6 percent, 

less than budgeted. The Division of Risk Management Supervision (RMS) ($27 million), 

the Legal Division ($7 million), Corporate Unassigned ($6 million), DIT ($4 million), Division 

of Resolutions and Receiverships (DRR) ($4 million), Office of Complex Financial 

Institutions (OCFI) ($4 million), and Division of Administration (DOA) ($4 million) all spent 

less than budgeted in this expense category, primarily due to higher-than-projected 

vacancies in budgeted positions during the year. Most of the variances were related to 

authorized non-permanent positions.

• Outside Services – Personnel expenditures were approximately $32 million, or 13 percent, 

less than budgeted. Approximately $15 million of this variance was attributable to unused 

budget authority in the Corporate Unassigned contingency reserve. DOA spent $3 million 

less than budgeted due to delays in starting the salary structure review project; elimination 

of the need for advisory services in support of negotiations on the compensation 

agreement (since that agreement was not reopened for negotiations); lower-than-projected 

billing from one contractor as a result of high personnel turnover at that company; and a 

reduction in the use of contracted staff services in the Acquisition Services Branch. DRR 

spent $2 million less than budgeted, primarily due to delays in contracting for advisory 

services to support Title II resolution planning. The Executive Offices spent $2 million less 

than budgeted because the U.S. Government Accountability Office (GAO) audit-related 

expenses were lower than projected. The Chief Information Officer’s Council spent $2

million less than budgeted largely due to lower-than-planned spending on systems 

development and enhancement projects. The Information Security and Privacy Staff spent 

$1 million less than budgeted, largely due to delays in completing new contract awards and 

bringing new contractor personnel on board.

• Travel expenditures were approximately $4 million, or 4 percent, less than budgeted. RMS 

spent $3 million less than budgeted, primarily due to vacancies in non-permanent field 

examination positions that resulted in lower travel expenses for exams. 

• Building expenditures were approximately $5 million, or 5 percent, less than budgeted. 

This variance was largely due to the realization of significant savings on the janitorial 

services contract; savings from utilities resulting from the implementation this year of 

various energy conservation measures; and unanticipated contractor delays in the Student 

Residence Center pipe replacement project and the data center air handler replacement 

project.

• Outside Services – Other expenditures were approximately $3 million, or 14 percent, less 

than budgeted. This variance was due to lower-than-expected expenses for insurance 

premiums and mail-related services.

• Other Expenses were approximately $4 million, or 24 percent, less than budgeted. This 

variance reflected substantial underutilization by employees of the funds budgeted for 

Professional Learning Accounts and lower-than-projected expenses for the purchase of 

corporate office supplies by DOA.
5

Receivership Funding

The Receivership Funding component of the 2015 Corporate Operating Budget includes 

funding for expenses that are incurred in conjunction with insured depository institution failures 

and the management and disposition of the assets and liabilities of the ensuing receiverships, 

except for salaries, benefits, and related expenses for permanent employees assigned to the 

receivership management function.

There were significant spending variances in five major expense categories in the 

Receivership Funding component of the 2015 Corporate Operating Budget:

• Salaries and Compensation expenditures were $8 million, or 9 percent, less than 

budgeted. This variance was attributable to vacancies in budgeted non-permanent 

positions. 

• Outside Services-Personnel expenditures were $91 million, or 24 percent, less than 

budgeted. Approximately $47 million of this variance was attributable to unused budget 

authority in the Corporate Unassigned contingency reserve. Of the remaining $44 million, 

DRR spent $38 million less than budgeted as resolutions, asset management and 

marketing costs declined at a faster rate than projected, resulting in lower-than-budgeted 

expenses for contracts supporting Owned Real Estate, Loan Servicing, Loss Share

Agreement Monitoring, and Capital Markets. The Legal Division spent $5 million less than 

budgeted, primarily due to an unexpected decrease in professional liability program 

expenses attributable to pre-trial settlements, temporary stays in some cases, and other 

factors.

• Travel expenditures were $3 million, or 29 percent, less than budgeted. This variance was 

due to lower-than-anticipated travel expenses relating to closings and fewer trips needed 

for oversight of risk share and loan management agreements.

• Outside Services-Other expenditures were $2 million, or 42 percent, less than budgeted.

This variance was due to lower-than-anticipated costs for insurance, advertising, and bank 

service fees.

• Other Expenses expenditures were $11 million, or 47 percent, less than budgeted. This 

variance was attributable to fewer-than-anticipated resolutions resulting in lower

receivership-related expenses.

Significant Spending Variances by Division/Office

Eleven organizations had significant spending variances from their 2015 budgets.

• DRR spent $62 million, or 14 percent, less than budgeted. Approximately $55 million of 

this under spending was in the Receivership Funding budget component due to lowerthan-anticipated resolutions and receivership management workload. Within the Ongoing 

Operations component, DRR spent $4 million less than budgeted in the Salaries and 

Compensation category, largely due to vacancies in budgeted positions, and $2 million 

less than budgeted for advisory services in support of Title II resolution planning. 

• RMS spent $31 million, or 5 percent, less than budgeted. This variance was largely 

attributable to vacancies in budgeted non-permanent examination positions and lowerthan-budgeted examination travel expenses resulting from those vacancies.
6

• DOA spent $20 million, or 8 percent, less than budgeted. This variance was largely 

attributable to vacancies in budgeted positions and lower-than-budgeted spending for 

facilities, equipment, and contractor support in its Ongoing Operations budget.

• The Legal Division spent $17 million, or 7 percent, less than budgeted. This variance was 

due to under spending of approximately $11 million in the Salaries and Compensation 

expense category ($7 million in the Ongoing Operations budget component and $4 million 

in the Receivership Funding budget component), due largely to vacancies in budgeted 

non-permanent positions, and, as noted above, $6 million in the Outside Services –

Personnel category attributable largely to lower-than-projected expenses for outside 

counsel for receivership-related litigation.

• OCFI spent $5 million, or 23 percent, less than budgeted. This variance was attributable to

vacancies in budgeted positions and lower-than-expected spending for relocation 

expenses.

• The Division of Insurance and Research spent $3 million, or 5 percent, less than budgeted. 

This variance was primarily attributable to vacancies in budgeted positions.

• The Division of Finance spent $3 million, or 7 percent, less than budgeted. This variance 

was attributable to vacancies in budgeted positions.

• The combined Executive Support Offices spent approximately $3 million, or 12 percent, 

less than budgeted. This variance was mostly attributable to vacancies in budgeted 

positions in the Office of Minority and Women Inclusion and the Office of the Ombudsman.

• The Executive Offices spent $3 million, or 22 percent, less than budgeted. This variance 

was attributable to reduced expenses in the Outside Services-Personnel category for the 

GAO audit.

• The Office of Inspector General spent $3 million, or 10 percent, less than budgeted

because of vacancies in budgeted positions and lower-than-projected contracting

expenses.

• Corporate University spent $2 million, or 7 percent, less than budgeted in its regular 

organizational budget (CU-Corporate). This variance was primarily due to lower-thanprojected expenditures for Salaries and Compensation as well as lower-than-projected 

expenditures for the multi-year DRR curriculum development project.

• The Corporate Unassigned contingency reserve had approximately $70 million in unused 

budget authority remaining at the end of the year. That unused budget authority lapsed on 

December 31, 2015.
FDIC CFO REPORT TO THE BOARD – Fourth Quarter 2015 

Fund Financial Results ($ in Millions) 

7

Assessment collections 

decreased consecutively for 

four quarters from $2.4 

billion in December 2013 to 

$2.1 billion in December 

2014. This steady decline 

was attributable to declining 

assessment rates that 

resulted from the improved 

condition of insured 

institutions. The more 

modest fluctuation in 2015 

quarterly assessment 

collections is the result of a 

gradually increasing insured 

institution assessment base 

offset by a slower pace of 

declining assessment rates.

Balance Sheet

Audited Unaudited Quarterly Audited Year-Over-Year

Dec-15 Sep-15 Change Dec-14 Change

Cash and cash equivalents $ 877 $ 2,450 $ (1,573) $ 1,914 $ (1,037)

Investment in U.S. Treasury obligations, net 62,497 58,552 3,945 49,806 12,691

Assessments receivable, net 2,172 2,188 (16) 2,003 169

Interest receivable on investments and other assets, net 418 534 (116) 652 (234)

Receivables from resolutions, net 11,578 13,877 (2,299) 18,181 (6,603)

Property and equipment, net 378 359 19 373 5

Total Assets $ 77,920 $ 77,960 $ (40) $ 72,929 $ 4,991

Accounts payable and other liabilities 273 351 (78) 291 (18)

Liabilities due to resolutions 4,419 6,727 (2,308) 7,799 (3,380)

Postretirement benefit liability 233 243 (10) 243 (10)

Contingent liability for anticipated failures 395 524 (129) 1,815 (1,420)

Contingent liability for litigation losses 0 0 - 1 (1)

Total Liabilities $ 5,320 $ 7,845 $ (2,525) $ 10,149 $ (4,829)

FYI: Unrealized gain (loss) on U.S. Treasury investments, net (9) 312 (321) 51 (60)

FYI: Unrealized postretirement benefit (loss) gain (34) (58) 24 (58) 24

Fund Balance $ 72,600 $ 70,115 $ 2,485 $ 62,780 $ 9,820

Deposit Insurance Fund
8

Fund Financial Results - continued ($ in Millions) 

Income Statement (year-to-date)

Audited Unaudited Quarterly Audited Year-Over-Year

Dec-15 Sep-15 Change Dec-14 Change

Assessments $ 8,847 $ 6,687 $ 2,160 $ 8,656 $ 191

Interest on U.S. Treasury obligations 422 295 127 282 140

Other revenue 34 15 19 27 7

Total Revenue $ 9,303 $ 6,997 $ 2,306 $ 8,965 $ 338

Operating expenses 1,687 1,240 447 1,664 23

Provision for insurance losses (2,251) (1,321) (930) (8,305) 6,054

Insurance and other expenses 11 4 7 6 5

Total Expenses and Losses $ (553) $ (77) $ (476) $ (6,635) $ 6,082

Net Income 9,856 7,074 2,782 15,600 (5,744)

Unrealized gain (loss) on U.S. Treasury investments, net (60) 261 (321) 31 (91)

Unrealized postretirement benefit gain (loss) 24 - 24 (42) 66

Comprehensive Income $ 9,820 $ 7,335 $ 2,485 $ 15,589 $ (5,769)

Deposit Insurance Fund

Selected Financial Data

Audited Unaudited Quarterly Audited Year-Over-Year

Dec-15 Sep-15 Change Dec-14 Change

Cash and cash equivalents $ 871 $ 872 $ (1) $ 871 $ -

Accumulated deficit (124,618) (124,642) 24 (124,461) (157)

Total resolution equity 871 872 (1) 871 -

Total revenue 3 2 1 1 2

Operating expenses 3 2 1 2 1

Provision for losses - - - (1) 1

Goodwill litigation expenses 157 182 (25) - 157

Net Income (Loss) $ (157) $ (182) $ 25 $ (1) $ (156)

FSLIC Resolution Fund

Receivership Selected Statistics December 2015 vs. December 2014

$ in millions

Dec-15 Dec-14 Change Dec-15 Dec-14 Change Dec-15 Dec-14 Change

Total Receiverships 446 481 (35) 0 0 - 446 481 (35)

Assets in Liquidation $ 4,802 $ 7,671 $ (2,869) $ 5 $ 5 $ - $ 4,807 $ 7,676 $ (2,869)

YTD Collections $ 3,421 $ 6,190 $ (2,769) $ 3 $ 2 $ 1 $ 3,424 $ 6,192 $ (2,768)

YTD Dividend/Other Pymts - Cash $ 6,324 $ 4,148 $ 2,176 $ - $ - $ - $ 6,324 $ 4,148 $ 2,176

DIF FRF ALL FUNDS

The monthly average U.S. 

Treasury overnight 

investment rate increased 

at the end of 2015, 

increasing from a monthly 

average of 0.01% in 

October to a monthly 

average of 0.17% in 

December. This increase 

is attributable to the 

Federal Reserve hiking 

the federal funds target 

rate by 25 basis points in 

mid-December, which led 

to correspondingly higher 

overnight investment 

rates. 
9

12/31/15 12/31/14 Change

Par Value $62,973 $50,739 $12,234

Amortized Cost $63,368 $51,655 $11,713

Total Market Value (including accrued interest) $63,737 $52,302 $11,435

Primary Reserve 1 $63,737 $52,302 $11,435

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

Yield-to-Maturity 2 0.94% 0.70% 0.24%

Weighted Average Maturity (in years) 1.65 1.66 -0.01

Effective Duration (in years)

 Total Portfolio 1.62 1.63 -0.01

 Available-for-Sale Securities 1.64 1.69 -0.05

 Held-to-Maturity Securities 3 not applicable not applicable not applicable

12/31/15 12/31/14 Change

FRF-FSLIC

 Book Value 4 $828 $827 $1

 Yield-to-Maturity 0.08% 0.03% 0.05%

 Weighted Average Maturity overnight overnight no change

12/31/15 12/31/14 Change

Book Value 5 $10,508 $14,139 ($3,631)

Effective Annual Yield 0.30% 0.11% 0.19%

Weighted Average Maturity (in days) 90 75 15

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 (AFS) 

securities, and held-to-maturity (HTM) securities maturing within three months.

National Liquidation Fund (NLF) Investment Portfolio Summary

(Dollar Values in Millions)

3

 In early August 2008, management reclassified all of the DIF portfolio's HTM securities as AFS securities effective as of 

June 30, 2008, because the FDIC could no longer assert it had the positive intent and ability to hold its HTM securities until 

their maturity dates.

5

 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)

4

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

purposes.

2

 The Yield-to-Maturity includes the potential yield of Treasury Inflation-Protected Securities (TIPS), which presently assumes 

an average 1.8% annual increase in the CPI over the remaining life of each TIPS.
 10

DEPOSIT INSURANCE FUND

Purchase up to $11 billion (par value) of Treasury securities with maturity dates 

between March 31, 2016, and March 31, 2021, subject to the following additional 

provisions: all newly purchased securities will be designated as available-for-sale; 

and no more than $2 billion (adjusted par value) of such securities shall consist of 

Treasury Inflation-Protected Securities.

Purchase up to $10 billion (par value) of Treasury securities with maturity dates 

between June 30, 2016, and June 30, 2021, subject to the following additional 

provisions: all newly purchased securities will be designated as available-for-sale; 

and no more than $2 billion (adjusted par value) of such securities shall consist of 

Treasury Inflation-Protected Securities.

NATIONAL LIQUIDATION FUND

Maintain an overnight deposit target floor balance within a range of $100 million to 

$300 million.

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

No strategy changes for the first quarter of 2016.

Strategy Changes for the 1st Quarter 2016

Investment Strategies

Strategy for the 4th Quarter 2015

Strategy for the 4th Quarter 2015

Strategy Changes for the 1st Quarter 2016
11

Annual YTD YTD % of YTD YTD

Major Expense Category Budget Budget Expenditures Budget Used Variance

Corporate Operating Budget 

Ongoing Operations

Salaries & Compensation $1,226,834 $1,226,834 $1,155,654 94% ($71,180)

Outside Services - Personnel 249,277 249,277 217,537 87% (31,740)

Travel 98,816 98,816 95,008 96% (3,808)

Buildings 94,330 94,330 89,332 95% (4,998)

Equipment 90,159 90,159 87,234 97% (2,925)

Outside Services - Other 17,420 17,420 14,916 86% (2,504)

Other Expenses 16,861 16,861 12,826 76% (4,035)

Total Ongoing Operations $1,793,697 $1,793,697 $1,672,507 93% ($121,190)

Receivership Funding

Salaries & Compensation $90,360 $90,360 $82,633 91% ($7,727)

Outside Services - Personnel 376,053 376,053 285,536 76% (90,517)

Travel 9,083 9,083 6,426 71% (2,657)

Buildings 17,328 17,328 16,834 97% (494)

Equipment 5,285 5,285 5,046 95% (239)

Outside Services - Other 4,044 4,044 2,361 58% (1,683)

Other Expenses 22,847 22,847 12,117 53% (10,730)

Total Receivership Funding $525,000 $525,000 $410,953 78% ($114,047)

Total Corporate Operating Budget $2,318,697 $2,318,697 $2,083,460 90% ($235,237)

Executive Summary of 2015 Budget and Expenditures

by Budget Component and Major Expense Category

Through December 31, 2015

(Dollars in Thousands)
12

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

Corporate Risk Management, and Financial Institution Adjudication. 

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, and Chief Information Officer.

Annual YTD YTD % of YTD YTD

Division/Office Budget Budget Expenditures Budget Used Variance

 Corporate Operating Budget 

 Risk Management Supervision $574,424 $574,424 $543,104 95% ($31,320)

 Resolutions & Receiverships 437,511 437,511 375,882 86% (61,629)

 Administration 268,572 268,572 248,151 92% (20,421)

 Legal 253,978 253,978 236,844 93% (17,134)

 Information Technology 227,189 227,189 221,625 98% (5,564)

 Depositor & Consumer Protection 172,111 172,111 167,165 97% (4,946)

 CIO Council 52,553 52,553 50,800 97% (1,753)

 Insurance & Research 51,146 51,146 48,376 95% (2,770)

 Finance 39,833 39,833 37,240 93% (2,593)

 Information Security & Privacy Staff 33,856 33,856 32,938 97% (918)

 Inspector General 33,715 33,715 30,238 90% (3,477)

 Corporate University - Corporate 25,681 25,681 23,820 93% (1,861)

 Executive Support 1 26,248 26,248 23,114 88% (3,134)

 Corporate University - CEP 18,270 18,270 17,834 98% (436)

 Complex Financial Institutions 21,863 21,863 16,846 77% (5,017)

 Executive Offices 2 12,118 12,118 9,483 78% (2,635)

 Corporate Unassigned 69,629 69,629 0 0% (69,629)

 Total, Corporate Operating Budget $2,318,697 $2,318,697 $2,083,460 90% ($235,237)

Executive Summary of 2015 Budget and Expenditures

by Division/Office

Through December 31, 2015

(Dollars in Thousands)