Ombudsman Report to the Industry
Message from Cottrell L. Webster, FDIC Ombudsman
I am pleased to present the latest in our series of online reports to
the financial services industry about issues and concerns raised to
the FDIC Office of the Ombudsman (OO). This report covers the period
1 through June 30, 2008.
During the first half of the year, 507 bankers contacted the OO requesting
assistance. In addition, OO staff spoke with 183 financial industry
representatives through outreach visits, telephone calls, and industry-sponsored
Bankers continue to express overall satisfaction with the FDIC, and
topics of concern communicated to the OO remain virtually unchanged
from previous OO reports. For example, bankers' fear of an overreaction
by Congress to the sub-prime lending issue has not abated. We welcome
institutions' suggestions and concerns about the FDIC in its supervisory
role. The OO summarizes these comments for FDIC senior
management's review without attribution to the institutions to eliminate
the possibility of retaliation. In addition to Regional Ombudsmen,
OO specialists in Washington, D.C., are available to assist on any
regardless of your location. Please visit our Web site for more information.
During this reporting period the FDIC experienced four bank failures
which elevated public concern about deposit insurance coverage. The
OO understands that while deposit insurance is a complex topic, financial
institutions want depositors to be informed about their coverage.
Unfortunately, customers of failed institutions occasionally complain
of being "misled" about
deposit insurance coverage. As a service to our readers the OO devotes
this report to resources available from the FDIC that may be used
as training and reference material for your staff and customers.
The OO's last report identified our Regional Ombudsmen, their assigned
regions and contact information. This summer, Regional Ombudsman Sandy
Jesberger became field supervisor for compliance in the Dallas Field
Office. The OO is in the process of filling the Regional Ombudsman position
created by Sandy's departure.
||Cottrell L. Webster
Office of the Ombudsman
The FDIC has a number of resources available to explain deposit insurance
coverage, and encourages bankers to use them to provide customers with accurate
deposit insurance information. For example, consumers with deposits governed
formal trust, whether revocable or irrevocable, may be directed to FDIC experts
who can evaluate the FDIC deposit insurance coverage for those trusts. Because
this evaluation would be limited to FDIC deposit insurance coverage, independent
legal counsel should be consulted for estate planning purposes. FDIC Deposit
Insurance experts may be reached toll-free at (877) 275-3342.
Another resource for customers is FDIC Consumer News. This publication
often addresses deposit insurance concerns from the consumer perspective.
For example, the Summer 2008 edition of FDIC Consumer News includes
answers to common questions about deposit insurance. FDIC Consumer News is
free and may be reprinted in whole or in part and distributed in lobbies and
branches without advance permission. The FDIC offers an electronic version
that looks like the printed publication and can easily be reproduced in any
quantity. The electronic version has space on the back page intentionally
left blank so an organization may add its name, logo, a special message and/or
mailing information. FDIC
Consumer News can be read or printed at FDIC
The following resources are available on the FDIC Web Site (www.fdic.gov)
under Quick Links for Bankers. These resources will help your staff
understand deposit insurance.
The following additional resources are available on the FDIC Web Site
under Quick Links for Consumers. These resources will help your customers
understand deposit insurance.
Two additional resources are located under the deposit insurance tab at the
hyperlink Are My Deposits Insured? on the fdic.gov home page.
NOTE: If you have comments or suggestions about this semiannual report, please contact
FDIC Ombudsman Cottrell Webster at (703) 562-6040, or by e-mail at firstname.lastname@example.org.
To receive e-mail notifications of future OO semiannual reports as soon as
they are posted to the FDIC's Web site, follow the instructions at E-Mail updates.