Excerpted from the 2004 Annual Report. Note: Page numbers refer to the 2004 report.
Insurance Program Results
Strategic Goal: Insured depositors are protected from loss without recourse to taxpayer funding.
Annual Performance Goal
Respond promptly to all financial institution closings and emerging issues.
Number of business days after institution failure by which depositors will have access to insured funds either through transfer of deposits to successor insured depository institution or depositor payout.
If the failure occurs on a Friday the target is one business day.
When deposit insurance reform is enacted, implement legislation in accordance with statutorily prescribed time frames.
Not Applicable. Legislation not enacted in 2004
Make appropriate changes to the current methodology for projecting losses in failing financial institutions and establishing related loss reserves for the deposit insurance funds.
Review discrepancies between projected failed assets and actual failed assets by applying sophisticated analytical techniques to examine the effectiveness of the loss projection model and adjust the methodology for projecting losses accordingly.
If deposit insurance reform legislation becomes law in 2004, promulgate rules and regulations establishing criteria for replenishing the deposit insurance fund when it falls below the low end of the range.
Not Applicable. Legislation enacted in 2004.
Develop a working prototype of a new, integrated fund model for financial risk management.
Supervision and Consumer Protection Program Results
Strategic Goal: FDIC-supervised institutions are safe and sound.
Annual Performance Goal
Conduct on-site risk management examinations to assess an FDIC-supervised insured depository institution's overall financial condition, management practices and policies, and compliance with applicable laws and regulations.
Percentage of required examinations in accordance with statutory requirements and FDIC policy.
One hundred percent of required examinations are conducted on time.
Take prompt supervisory actions to address problems found during the FDIC examination of FDIC-supervised institutions identified as problem insured depository institutions. Monitor FDIC-supervised insured depository institutions' compliance with formal and informal enforcement actions.
Follow -up examination of problem banks.
Follow -up examination is conducted within 12 months of completion of the prior examination.
Conduct investigations into all potential professional liability claim areas in all failed insured depository institutions and decide as promptly as possible to close or pursue each claim, considering the size and complexity of the institution.
Percentage of investigated claim areas for which a decision has been made to close or pursue the claim.
For 80 percent of all claim areas, a decision is made to close or pursue the claim within 18 months after the failure date.