BANK RATE MONITOR'S INTERNET "SAFE AND SOUND BANK AND THRIFT RATING SYSTEM"
NOT AFFILIATED WITH FDIC
FOR IMMEDIATE RELEASE PR-4-99 (2-5-99)
Media Contact: David Barr (202) 898-6992
The Federal Deposit Insurance Corporation (FDIC) is alerting the public that Bank Rate Monitor's "Safe and Sound Bank and Thrift Rating System," posted on its Web site, is not affiliated with the FDIC. Bank Rate Monitor is an Internet publication.
Bank Rate Monitor's Web page indicates that the "system" assesses the financial condition of banks and thrifts based upon publicly available "Call Report" (report of condition and income) data. It specifies that the ratings "are based on tests of the institutions' Capitalization, Asset Quality, Earnings, and Liquidity (CAEL)." The acronym "CAEL" is used throughout the Web page.
CAEL is an official FDIC acronym and is closely associated with supervisory ratings. The FDIC is concerned that readers of Bank Rate Monitor's Internet site may mistakenly believe that Bank Rate Monitor's CAEL system reflects actual FDIC CAEL ratings.
Bankers and other members of the public should be aware that depository institution ratings in the "Safe and Sound Bank and Thrift Rating System" on Bank Rate Monitor's Internet site are not based on, and should not be confused with, the FDIC's CAEL system. The FDIC does not endorse the ratings of Bank Rate Monitor, nor does the FDIC necessarily agree with the ratings assigned by Bank Rate Monitor.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 10,623 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.
FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov
and may also be obtained through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).