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2011 Annual Report

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3. Performance Results Summary

Summary of 2011 Performance Results by Program

The FDIC successfully achieved 38 of the 43 annual performance targets established in its 2011 Annual Performance Plan. Five targets were deferred to a future date. There were no instances in which 2011 performance had a material adverse effect on the successful achievement of the FDIC’s mission or its strategic goals and objectives regarding its major program responsibilities.

Additional key accomplishments are noted below.

Program Area: Insurance

Performance Results

  • Updated the FDIC Board of Directors on loss, income, and reserve ratio projections for the Deposit Insurance Fund at the April and October meetings.
  • Briefed the FDIC Board of Directors in April and October on progress in meeting the goals of the Restoration Plan. Based upon current fund projections, no changes to assessment rate schedules were necessary.
  • Completed reviews of the recent accuracy of the contingent loss reserves.
  • Hosted a risk management symposium, “Don’t Bet the Farm: Assessing the Boom in U.S. Farmland Prices” for agricultural lenders and other experts in agricultural finance to discuss risks associated with the escalating price of U.S. farmland during the past decade.
  • Researched and analyzed emerging risks and trends in the banking sector, financial markets, and the overall economy to identify issues affecting the banking industry and the deposit insurance fund.
  • Provided policy research and analysis to FDIC leadership in support of the implementation of financial industry regulation, as well as support for testimony and speeches.
  • Published economic and banking information and analyses through the FDIC Quarterly, FDIC Quarterly Banking Profile (QBP), FDIC State Profiles, and the Center for Financial Research Working Papers.
  • Answered 99 percent of written inquiries from consumers and bankers about FDIC deposit insurance coverage within 14 days.
  • Operated the Electronic Deposit Insurance Estimator (EDIE), which had 277,000 user sessions in 2011.
  • Amended FDIC’s deposit insurance resource materials for consumers and bankers to reflect the changes implemented by Section 627 of Dodd-Frank repealing Federal Reserve Regulation Q by updating:
    • FDIC’s EDIE to reflect the Dodd-Frank Act changes and updated the English and Spanish tutorial for EDIE,
    • FDIC Overview Video on Deposit Insurance Coverage for consumers and new bank employees, and
    • FDIC’s consumer and banker brochures on deposit insurance coverage.

These resources are available on the FDIC’s website with the video also available on the FDIC’s YouTube channel and downloadable for multimedia applications.

Program Area: Supervision and Consumer Protection

Performance Results

  • Conducted 2,734 Bank Secrecy Act examinations, including required follow-up examinations and visitations.
  • Worked with other federal banking regulators and the Basel Committee on Banking Supervision to develop proposals to strengthen capital and liquidity requirements.
  • Published the Supervisory Insights journal to contribute to and promote sound principles and best practices for bank supervision; including a Special Foreclosure Edition that discussed lessons learned from the review of foreclosure practices.
  • Among other releases, issued Financial Institution Letters (FILs) on (1) registering as a municipal advisor under the Securities and Exchange Commission’s new rule. In addition, 23 disaster relief FILs were issued; (2) supervisory guidance on the Advanced Measurement Approach; and (3) proposed guidance on stress testing for banking organizations with more than $10 billion in total consolidated assets.
  • Issued an Interim Final Rule regarding resolution plans required for IDIs with $50 billion or more in total assets.
  • Adopted a final rule on resolution plan requirements per section 165 of Dodd-Frank.
  • Began formulating resource plans for resolution of large insured depository institutions in conjunction with the other banking regulatory agencies.
  • Revised the HMDA fair lending screening procedures to provide a broader set of information in support of efforts to identify institutions with significant compliance risks.
  • Developed an award that recognized financial institutions that were instrumental in the development of bank products that provide financial services to low- and moderate income individuals.
  • Among other releases, issued FILs providing guidance on (1) registration of residential mortgage loan originators; (2) the FDIC’s new address for filing consumer complaints; and (3) retail foreign exchange transactions.
  • Conducted a teleconference call for the industry to review and discuss the FDIC’s 2010 Overdraft Payment Program Supervisory Guidance, and participated in several industry outreach events to discuss the guidance.
  • Completed the transfer of supervisory responsibility for state-chartered thrifts on July 21, 2011.
  • Transferred ninety-five OTS employees to FDIC on July 21, 2011.
  • Issued the revised Circular 1431.1, “Preparing and Issuing Financial Institution Letters”, on March 31, 2011.
  • Completed a review of all recurring questionnaires and information requests to the industry and delivered a written report to the Office of the Chairman on June 30, 2011. Reorganized the external website so that bankers can locate Application, Notices & Filings more easily on the website as well as identify which forms can be completed through FDICconnect. The Notification of Performance of Bank Services form is scheduled to be released on FDICconnect on December 30, 2011.

Program Area: Receivership Management

Performance Results

  • Completed on-site field work for reviews of 100 percent of the loss share and LLC agreements active as of December 31, 2010, to ensure full compliance with the terms and conditions of the agreements. Reviewed the final review reports and implemented an action plan to address the reports’ findings and recommendations for 75 percent of the loss-share reviews and 50 percent of the LLC reviews, including all reviews of agreements totaling more than $1.0 billion (gross book value).
  • Terminated at least 75 percent of new receiverships that are not subject to loss-share agreements, structured sales, or other legal impediments within three years of the date of failure.
  • Made final decisions for 82 percent of all investigated claim areas that were within 18 months of the institution’s failure date.
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