Each depositor insured to at least $250,000 per insured bank
Home > About FDIC > The 2011 Chairman's Award for Excellence in Serving the Needs of Low- and Moderate-Income Consumers
2011 Chairman's LMI Award Nomination and Selection Process
On February 15, 2011, the FDIC announced that it would accept nominations for the 2011 Chairman's Award for Excellence in Serving the Needs of Low- and Moderate-Income (LMI) Consumers. The winners were announced on June 1, 2011. Information on the winners and the Notable Practices from the 2011 Chairman’s Award for Excellence in Serving the Needs of Low- and Moderate-Income Consumers can be found at http://www.fdic.gov/about/comein/lmipractices.pdf (PDF Help)
Nomination Process and Eligibility
The FDIC received many nominations for the Chairman's Award between February 15, 2011 and April 7, 2011. Individual employees from FDIC-insured institutions or a small group of such employees responsible for developing or implementing relevant programs could nominate themselves, or be nominated by someone at their institution or a third party, such as consumers or not-for-profit organizations with which the institution has partnered. Nominees and their institutions could not be the subject of an enforcement action and the nominee's institution must have had a CAMELS and Composite Compliance rating of "1" or "2." "3"-rated institutions with innovative products and programs were considered on a case-by-case basis. In addition, the nominee's institution must have had a Satisfactory or Outstanding rating on its last Community Reinvestment Act evaluation. Nominated individuals and their institutions could not be participants in the FDIC Model Safe Accounts Pilot or have participated in the Small-Dollar Loan Pilot.
Selection Process and Criteria
A Selection Committee with representatives from FDIC headquarters and regional offices reviewed the applications and made recommendations to FDIC Executive staff. The Selection Committee strove to recognize nominees involved in a diverse range of programs from different geographic regions and evaluated nominees in light of the performance context of the institution and community (e.g., institution size, resources and location, and community demographics such as population size and composition). The Selection Committee and FDIC Executive staff had complete discretion to recommend and select candidates to receive the Award for Excellence.
The FDIC sought to reward innovative programs with demonstrated and measurable success beyond program setup, outreach, and education. Success was measured from the perspective of the consumer who is looking for products and services that are:
Easy to use
Promote responsible spending and saving.
At the same time, the FDIC sought nominees who were involved in successful, socially responsible programs that are practical and workable for institutions from a business perspective. Applications were evaluated based on three criteria:
Innovation: Innovation was exhibited through developing a new, or refining an existing, strategy or product. For example, was it a creative or novel concept or application at the time it was implemented? Did it capture a new or non-traditional audience?
Results: Measurable results were used to demonstrate a positive consumer impact and practical business success. For example, consumer impact was measured by the number of new accounts opened, dollar volume of savings generated, or number of consumers using an affordable credit program. The business case for the program's operation also was considered. In other words, did the institution recoup the program's expenses?
Ability to be replicated: Does the program have the potential to be replicated by others? Has the program been replicated by others?
For questions about the award, contact Susan Burhouse (firstname.lastname@example.org or 202-898-3674).