2006 Annual Report
III. Performance Results Summary
of 2006 Performance Results by Program
The FDIC successfully achieved 27 of the 32 annual performance targets established in its 2006 Annual Performance Plan. Five performance targets related to the resolution of failed institutions were not applicable, because there were no insured institution failures in 2006. There were no instances in which 2006 performance had a material adverse effect on successful achievement of the FDICís mission or its strategic goals and objectives regarding its major program responsibilities.
Key accomplishments by program are highlighted in the table on the following page.
- Successfully implemented deposit insurance reform legislation.
- Established new deposit insurance assessment rates, effective January 1, 2007, and a target Designated Reserve Ratio of 1.25, in accordance with the provisions of deposit insurance reform legislation.
- Implemented new assessment credit and dividend systems, in accordance with the provisions of deposit insurance reform legislation.
- Disseminated updated educational information and tools to consumers and bankers on changes in deposit insurance coverage limits.
- Completed risk assessments for all large insured depository institutions and followed up on all identified concerns through off-site review and analysis.
- Conducted and published analysis on the effects of Hurricanes Katrina and Rita.
- Published economic and banking information and analyses, through FDIC Outlook, FYI electronic bulletins, and Center for Financial Research Working Papers.
- Completed reviews of the effectiveness of the reserving methodology.
- No financial institution failures occurred during 2006.
|Supervision and Consumer Protection
- Conducted 2,388 safety and soundness examinations, including required follow-up examinations of problem institutions, within prescribed time frames.
- Conducted 1,959 compliance and Community Reinvestment Act examinations, including prescribed follow-up examination of problem institutions, within prescribed time frames.
- Performed off-site reviews of 925 institutions.
- Published Notices of Proposed Rulemaking for Basel II and IA, and continued other analytical and preparatory activities related to the implementation of these new capital regulations.
- Completed advanced certification requirements for more than 10 percent of BSA/AML subject-matter experts.
- Conducted 370 outreach and technical assistance events for bankers and community groups to promote awareness of community investment opportunities, access to capital, knowledge-sharing between the public and private sectors, and wealth building opportunities for families.
- Continued to disseminate the award-winning Money Smart financial education curriculum in multiple languages, adding 157 Money Smart Alliance members; distributing an additional 121,768 copies of the curriculum; and training approximately 207,000 more individuals with the curriculum.
- Terminated 10 of the 65 (15.4 percent) failed financial institution receiverships existing at the beginning of the year.
- Secured approval for and began work on a new Claims Administration System (to be implemented in 2008).
- No institution reached the 18-month milestone for professional liability claim investigation in 2006.