III. Budget Results - First Quarter 2022
Approved Budget Modifications
The 2022 Budget Resolution delegated to the Chief Financial Officer (CFO) the authority to make certain modifications to the 2022 FDIC Operating Budget. The CFO did not approve any budget reallocations during the first quarter under the authority delegated by the Board of Directors.
Approved Staffing Modificatons
The 2022 Budget Resolution delegated to the CFO the authority to modify approved 2022 staffing authorizations for divisions and offices, as long as those modifications did not increase the total approved Ongoing Operations or Receivership Funding components of the 2022 FDIC Operating Budget.
- In January, the CFO approved an increase of three authorized permanent positions in the Division of Risk Management Supervision (RMS) to provide additional staffing for the new Office of Minority and Community Development Banking (OMCDB), which is administratively housed in RMS.
- In January, the CFO also approved the addition of an authorized non-permanent position in DCP to support the implementation of the Framework for Oversight of Compliance and CRA Activities User Suite (FOCUS) application. That brings to six the number of authorized non-permanent positions in DCP dedicated to the FOCUS project.
- In February, the CFO approved an increase of two authorized permanent positions in RMS to support the substantial growth in RMS’ workload in the policy and capital markets areas.
- In March, the CFO approved an increase of five authorized permanent and two non-permanent Supervisory Examiner (SE) positions in RMS and one authorized permanent and two non-permanent SE positions in DCP to maintain effective first-line supervision of field examination staff (including the large number of pre-commissioned examiners).
- In March, the CFO approved an increase of three permanent authorized positions in DCP to address the impact on consumer complaint workload that is expected to result from the shift of primary supervisory responsibility for a large insured depository institution from the Consumer Financial Protection Bureau to the FDIC.
Subsequent to these adjustments, authorized 2022 staffing for the Corporation totaled 5,916 positions (5,858 permanent and 58 non-permanent), a net increase of 19 positions.
Significant spending variances by major expense category and division/office are discussed below. Significant spending variances for the quarter ending March 31, 2022, are defined as those that either (1) exceeded the YTD budget for a major expense category or division/office by more than $5 million and represented more than three percent of the major expense category or total division/office budget; or (2) were under the YTD budget for a major expense category or division/office by more than $15 million and represented more than 15 percent of the major expense category or total division/office budget.
Significant Spending Variances by Major Expense Category
There were no significant spending variances in the first quarter in any major expense category of the Ongoing Operations budget component.
The Receivership Funding component of the 2022 FDIC Operating Budget includes funding for expenses that are incurred in conjunction with institution failures and the management and disposition of the assets and liabilities of the ensuing receiverships, except for salary and benefits expenses for permanent employees assigned to the receivership management function and other expenses required to ensure readiness without regard to whether failures occur.
There were no significant spending variances in the first quarter in any major expense category of the Receivership Funding budget component.
Office of Inspector General
There were no significant spending variances in the first quarter in any major expense category of the Office of Inspector General (OIG) budget component.
Significant Spending Variances by Division/Office
There were no significant spending variances for any division or office in its overall budget in the first quarter.