Executive Summary - Third Quarter 2021
The attached report highlights the FDIC’s financial activities and results for the quarter ended September 30, 2021.
- During the third quarter of 2021, the Deposit Insurance Fund (DIF) balance rose to a record $121.9 billion as of September 30, 2021, up $1.4 billion from the June 30, 2021 balance of $120.5 billion. The quarterly increase was primarily due to a $1.7 billion increase in assessment revenue.
- The 3rd Qtr. 2021 DIF Reserve Ratio (RR) remained at 1.27 percent at September 30, due to modest growth in the DIF balance and insured deposits.
- There were no FDIC-insured financial institution failures during the third quarter of 2021; the last failure occurred on October 23, 2020.
- Through September 30, 2021, overall FDIC Operating Budget expenditures were below the year-to-date budget by about $187.2 million, or 12 percent. This variance was primarily the result of underspending of $178 million in the Ongoing Operations budget component. The largest variances were in three expense categories:
- Salaries and Compensation ($57.4 million, or 6 percent) due to unfilled vacancies in authorized positions;
- Outside Services – Personnel ($44.5 million, or 13 percent) due to underspending for planned initiatives in DIT, FDITECH, DOA, and other organizations; and
- Travel ($38.1 million, or 85 percent) due to the continuation of travel restrictions and mandatory telework during the COVID-19 pandemic.
- It is unlikely that the unspent budget will be used by the end of the year.