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Chairman's
Message
I am pleased to present the Federal Deposit Insurance Corporation’s (FDIC’s)
2008 Annual Performance Plan. As the FDIC celebrates its 75th Anniversary, the
current turmoil in the financial services sector reminds us again that our mission
is ongoing and that we play a crucial role in protecting depositors and maintaining
public confidence in the nation’s financial system
In
carrying out this role, the Corporation will place its primary
emphasis in 2008
on its core mission responsibilities. We will maintain a strong
examination program to ensure that insured financial institutions
are appropriately
managing risk, operating in a safe and sound manner, and fulfilling
their statutory and other responsibilities to depositors and other
consumers, and we will promptly address problems when they are detected.
We
will
identify and analyze both current risks and potential new risk
areas within the banking industry and the broader economy and will
respond quickly to issues as they arise. And, we will enhance our contingency
planning to ensure that we are ready to effectively address all
failures
of insured institutions that may occur during the year, regardless
of their number and size.
In addition to these
core mission responsibilities, we will pursue a number of other
priority initiatives in 2008 to enhance our longer-term organizational
capabilities:
- We will
finalize improvements to the claims process for large/complex
bank failures (including development of a new automated system to support
this process) and ensure that this process is clearly communicated
to insured financial institutions and the public .
- We will
closely monitor the initial results of parallel runs under the
Basel II Advanced Approach by large and multinational insured institutions
as we begin the phased, three-year transition to the new Basel
II capital
framework, and we will continue our other efforts to promote
sound, stable banking systems abroad .
- In partnership
with numerous community-based organizations, we will continue
to expand the FDIC’s leadership on consumer protection issues,
including active support for foreclosure prevention programs,
expanded participation
and inclusion within the nation’s banking system, and improved
financial literacy.
We will review the
effectiveness of the new deposit insurance pricing regulations
adopted in 2006 and will make changes, if necessary, and we will adopt
a permanent
dividend system as required by statute.
- We will
put in place human resources programs to ensure that the FDIC
continues to be regarded as an outstanding employer and that,
as we transition
to a new generation of employees over the next several years,
the FDIC has the advanced technical and analytical skills it
needs within its
workforce to effectively carry out the Corporation’s mission
in an increasingly complex and global financial services industry.
I invite you to read
further to learn more about the FDIC’s specific annual performance
goals and targets for its three major business lines in 2008.
Sheila C. Bair
Chairman
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