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Chairman's
Message
I am pleased to present the Federal Deposit Insurance Corporation’s (FDIC’s)
2010 Annual Performance Plan. During these challenging times for the nation’s
banking industry, the FDIC’s mission of maintaining stability and public
confidence in the nation’s financial systems is as relevant and vital as
ever. In the pages that follow, we carefully lay out performance goals to ensure
that we will again accomplish our mission responsibilities in 2010.
The
plan includes goals and objectives for our three discrete, but related,
core program areas —insurance, supervision, and receivership management:
- Our insurance
program protects insured depositors from loss when a bank fails.
The FDIC insures over $5.3 trillion of deposits in almost 8,000
insured depository institutions throughout the U.S. As insurer, the
FDIC
carefully
monitors changes in the economy, the financial markets and the
banking system to assure the stability and safety of the banking
system and
the adequacy and viability of the Deposit Insurance Fund, so
that taxpayers are not placed at risk.
- Our supervision
program, in conjunction with state authorities, regulates about
4,900 state-chartered banks to ensure that they are properly
managing risks
and complying with consumer protection and other statutes. When
necessary, it also performs back-up supervision under our special
examination authority for more than 3,000 financial institutions for
which
we are
not the primary federal regulator.
- Our receivership
management program markets failed financial institutions and
their assets and distributes the proceeds to creditors in ways
that maximize
recoveries on receivership claims. This will be a high priority
in 2010. Since 2008, $600 billion of assets have passed through
FDIC receiverships
and back into the private sector. We are prepared for the pace
to continue in 2010, with bank failures at or above the 140 that
we saw in 2009.
As an integral part
of our core mission, the FDIC independently assesses the risks that each
insured institution poses to the DIF. In 2010, we will seek to implement
key lessons learned during the current financial crisis by improving
our access to the information needed to assess those risks and, where
appropriate, making use of our back-up examination authority for institutions
supervised by other federal bank regulatory agencies. We will also continue
to refine our risk-based premium system to ensure that insurance assessments
are based on the risks posed by each institution, particularly large
and complex insured institutions where most of our insurance risk is
concentrated.
Throughout our 76-year
history, depositors at FDIC-insured institutions have counted on quick
and complete access to their insured accounts, promoting stability and
public confidence in the nation’s financial system. The FDIC will
continue this record of achievement in 2010 through the continued hard
work and innovation of our dedicated and highly skilled workforce.
Sheila C. Bair
Chairman
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