FDIC ANNOUNCES CONSOLIDATION OF ACTIVITIES INTO DIVISION OF COMPLIANCE AND CONSUMER AFFAIRS
FOR IMMEDIATE RELEASE
The FDIC today announced the creation of a new Division of Compliance
and Consumer Affairs (DCA) that will combine functions now divided between
the Division of Supervision and the Office of Consumer Affairs.
The Director of the new Division is Paul L. Sachtleben, who has most
recently served as Deputy Director of the Division of Resolutions and
headed its Operations and Control Branch. Janice M. Smith, who has served
as Director of the Office of Consumer Affairs, will be the Associate
Director of the new Division.
FDIC Chairman Andrew C. Hove, Jr., said: "This new Division will allow
the FDIC to be more responsive to consumers and bankers and allow us to
broaden our outreach initiatives. We also will streamline and consolidate
the FDIC's efforts to ensure bank compliance with consumer, civil rights,
and fair housing laws and the Community Reinvestment Act. At the same time
it will provide a more prominent focus on the increasing number and
complexity of consumer laws and the heightened interest in consumerism."
The Division of Compliance and Consumer Affairs will have a staff of
about 500. Only 18 of those will be new positions. The remainder of the
staff will be made up of 437 involved in compliance examinations and
support staff, and 45 staffers of the Office of Consumer Affairs.
Sachtleben will report to John Stone, Executive Director for Supervision,
Resolutions and Compliance.
Sachtleben, in his most recent position in the Division of
Resolutions, directed the operations of the division and oversaw and
managed Bank Insurance Fund and FSLIC Resolutions Fund assistance
agreements. He began his FDIC career in 1969 as a bank examiner, and has
held various executive positions with the FDIC and the RTC.
Smith, who served as director of OCA since 1987, began her career with
the FDIC in 1970 as an examiner. She has also held various positions in
the former Division of Liquidation (now the Division of Depositor and
Asset Services) and in the Office of the Chairman.