Summary of 2007 Performance Results by Program
The FDIC successfully achieved 41 of the 46 annual performance targets established in its 2007 Annual Performance Plan. Two performance targets were partially achieved. One related to implementation of the provisions of the FSRRA of 2006, and the other related to state anti-money laundering assessments. Two performance targets were not applicable. One related to rulemaking for Basel IA and the other related to making a decision on pursuit of potential professional liability claims within 18 months of failure of a financial institution. One target, related to a pilot project on small-dollar loans, was not achieved. There were no instances in which 2007 performance had a material adverse effect on successful achievement of the FDIC's mission or its strategic goals and objectives regarding its major program responsibilities.
Key accomplishments by program are highlighted in the table below.
Completed substantial modifications to the agency's information systems in order to implement statutory and regulatory changes to risk-based premiums and to track insurance assessment credit use and availability for each insured institution.
Issued proposed and final guidance on how the FDIC will determine the need for limited adjustments to risk-based assessment rates for large institutions.
Completed three studies required by the Federal Deposit Insurance Reform Conforming Amendments Act of 2005:
An evaluation of further possible changes to the deposit insurance system;
An evaluation of the feasibility of using alternatives to estimated insured deposits for designating and calculating the insurance fund reserve ratio; and
A review of the Corporation's policies and practices in establishing contingent loss reserves.
Completed reviews of the recent accuracy of the contingent loss reserves.
Established a Designated Reserve Ratio of 1.25 percent for 2008, in accordance with the provisions of the deposit insurance reform legislation.
Issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comments on alternative methods for allocating dividends in order to develop a permanent final rule to implement the dividend requirements of the Reform Act.
Provided seminars for bankers, developed a guide on deposit insurance of revocable and irrevocable trust accounts and disseminated educational information and tools to consumers and bankers on FDIC 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 the FDIC Quarterly and the Center for Financial Research Working Papers.
Successfully managed the three financial institution failures that occurred during 2007.
Supervision and Consumer Protection
Conducted 2,258 safety and soundness examinations, including required follow-up examinations of problem institutions, within prescribed time frames.
Conducted 1,773 compliance and Community Reinvestment Act examinations, including required follow-up examinations of problem institutions, within prescribed time frames.
Performed off-site reviews of 1,350 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 over 179 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 90 Money Smart Alliance members; contacting over 330 schools, school systems and government entities regarding the availability of curriculum; reaching approximately 72,765 individuals through train-the-trainer sessions and the self-paced computer based instruction.
Terminated 12 of the 55 (22 percent) failed financial institution receiverships existing at the beginning of the year.
Began work on a new Claims Administration System (to be fully implemented in 2009).
No institution reached the 18-month milestone for professional liability claims investigation in 2007.