2004 Annual Report
III. Performance Results Summary
Summary of 2004 Performance Results by Program
The FDIC successfully achieved 26 of the 31 annual performance targets established in its 2004 Annual Performance Plan. Three performance targets were not applicable and two were not met. The FDIC did not hold a Future of Banking Conference in 2004, as originally planned. Instead, it elected to disseminate the results of the study and solicit feedback from interested parties by publishing papers from the study on the FDIC Web site and discussion of the study results in FDIC publications and speeches by senior FDIC officials. Originally scheduled for implementation in October 2004, rollout of the Call Data Repository was postponed to address industry feedback and allow more time for system testing and enrollment of financial institutions.
Key accomplishments by program are highlighted below. There were no instances in which 2004 performance had a material adverse effect on successful achievement of the FDIC's mission or its strategic goals and objectives with respect to its major program responsibilities. In addition, consideration of 2004 performance results was an integral part of the development of the FDIC's 2005 Annual Performance Goals.
The Office of Inspector General (OIG) has shared its view of the most significant challenges the Corporation is confronting and has acknowledged actions underway to address these issues. (See Appendix C for a list of these challenges.) Management is committed to addressing each of the issues identified by the OIG.
- Resolved four failed insured institutions, providing depositors with access to insured deposits in each case. For three of the four failures, depositors had uninterrupted and continuous access to insured deposits as the deposits were assumed by an acquiring entity. One of the four failures was a payout.
- Completed implementation of enhancements to the reserving process and methodology in accordance with recommendations from a comprehensive study.
- Congress did not enact deposit insurance reform legislation. The FDIC will continue to press for reform.
- Completed risk assessments for all large insured depository institutions and followed up on all identified concerns referred for examination or other supervisory action.
- Improved the accuracy and efficiency of off-site risk identification models.
- Completed the development of a CD-ROM and Internet-based resource for bankers on the deposit insurance rules.
- Published economic and banking information and analysis:
- Four FDIC Outlook publications.
- Ten FYI electronic bulletins.
- Four editions of the FDIC Quarterly Banking Profile (QBP).
- Four editions of the FDIC State Profiles .
- Five articles authored or co-authored by FDIC staff accepted for publication in professional journals.
|Supervision and Consumer Protection
- Conducted 2,515 safety and soundness examinations. This included all statutorily required safety and soundness examinations, except for a small number deferred due to pending mergers.
- Conducted 2,136 compliance and Community Reinvestment Act examinations in accordance with FDIC policy.
- Participated in 125 Money Smart events and technical assistance activities related to the Community Reinvestment Act, fair lending and community development, and added 200 Money Smart Alliance members and distributed 20,000 copies of the Money Smart curriculum.
- Contacted all qualified potential bidders in three of the four institution failures in 2004. One failed institution was not offered for sale as a result of fraud allegations and little advance notice of the closing.
- Marketed 100 percent of marketable assets of five failed financial institutions within 90 days of failure (one of the institutions failed in late 2003).
- Terminated three receiverships, meeting the target to terminate 75 percent within three years of failure date.