In accordance with Section 232.8 of the Office of Management and Budget's Circular No. A-11, Part 2, the FDIC is pleased to report that there were no situations in 2002 where performance had an adverse effect on the FDIC's activities or programs. In addition, 2002 performance was considered in the development of the FDIC's 2003 Annual Performance Goals. The Office of Inspector General (OIG) has shared its view of the challenges the Corporation is confronting and has acknowledged the numerous actions under way to address these issues. See Appendix C for a list of these challenges. Management is committed to addressing issues identified by the OIG, as evidenced by the initiatives discussed in the operations section of the report.
Resolved 11 insured institution failures, providing depositors with timely access to insured deposits in each case. For seven of the failures, depositors had uninterrupted and continuous access to insured deposits as the deposits were assumed by an acquiring entity. For the remaining four failures, a deposit payout was conducted where a check in the amount of the insured deposit was mailed to each depositor within required time frames.
The House of Representatives voted to approve deposit insurance reform legislation. Although the Senate failed to act on the legislation before adjournment, the Corporation will continue to pursue deposit insurance reform in the 108th Congress.
Completed risk assessments for all large insured depository institutions.
Improved the accuracy and efficiency of off-site risk identification models.
Published economic and banking information and analysis:
Quarterly editions of Regional Outlook,
68 Briefing Notes,
Semiannual FDIC Report on Underwriting Practices,
Semiannual Report on Underwriting Practices by Region,
Six Bank Trends,
Quarterly editions of the Real Estate Data System, and
Semiannual Survey of Real Estate Trends.
Created a new electronic communications tool (FYI) to disseminate pertinent, timely analysis on risk-related issues to key stakeholders; published 36 FYIs.
Conducted 2,534 safety and soundness examinations. This included all statutorily required safety and soundness examinations, except for a small number deferred due to pending mergers.
Conducted 1,820 compliance and Community Reinvestment Act examinations in accordance with FDIC policy.
Contacted all known and qualified potential bidders in each of the 11 institution failures in 2002.
Marketed at least 85 percent of all marketable assets within a 90-day time frame for nine of the 11 institutions that failed in 2002. (For the remaining two institutions, the 90-day time frame had not expired at year-end.)