How many institutions are currently reporting to the fdic

The household survey results show that more than one in four households The first household survey was conducted in January , and the results were released to the public in December According to revised data, an estimated 7.

The results provide insight into the cost and availability of basic checking and savings accounts, as well as auxiliary products and services offered by banks that are used by underserved consumers. The report also identifies educational, outreach and marketing activities targeted to unbanked and underbanked consumers as well as retail strategies used by banks to be more welcoming or convenient to customers in general.

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Skip to content We're sorry, but some features of our site require JavaScript. FDIC Insurance. What exactly does it cover? Develop and improve products. List of Partners vendors. The Federal Deposit Insurance Corporation FDIC is an independent agency that provides deposit insurance for bank accounts and other assets in the United States if financial institutions fail.

The FDIC was created to help boost confidence in consumers about the health and well-being of the nation's financial system. Although most people realize that the funds in their checking and savings accounts are insured by the FDIC, few are aware of its history, its function, or why it was developed. Initiated in after the stock market crash of , the FDIC continues to evolve as it finds alternative ways to protect deposit holders against potential bank insolvency. Keep reading to find out more about the federal agency and some of its achievements over the years.

America's financial markets lay in ruin by the early s. More than 9, banks failed by March of because of the financial chaos triggered by the stock market crash of October , signaling the worst economic depression in modern history. In March , President Franklin D. Roosevelt addressed Congress, saying:. The FDIC's purpose was to provide economic stability and the failing banking system.

Officially created by the Glass-Steagall Act of and modeled after the deposit insurance program initially enacted in Massachusetts, the FDIC guaranteed a specific amount of checking and savings deposits for its member banks. The period from to was characterized by increased lending without a proportionate increase in loan losses, resulting in a significant increase in bank assets.

But the FDIC didn't come without criticism. It was originally denounced by the American Bankers Association ABA as too expensive, which called it an artificial way to support bad business activity. Despite this, the FDIC was a success when only nine additional banks closed in Due to the conservative behavior of banking institutions and the zeal of bank regulators through World War II and the subsequent period, deposit insurance was regarded by some as less important.

These financial experts concluded that the system became too guarded and was therefore impeding the natural effects of a free market economy. Nevertheless, the system continued. Here are some notable items and milestones for the FDIC from its inception to Banking operations started to change in the s. Financial institutions began taking nontraditional risks and expanding the branch networks into new territory with the relaxation of branching laws.

This expansion favored the banking industry throughout the s, as generally favorable economic development allowed even marginal borrowers to meet their financial obligations.

But this trend caught up to the banking industry, resulting in the need for deposit insurance during the s. Inflation , high interest rates, deregulation, and recession created an economic and banking environment in the s that led to the most bank failures in the post-World War II period. During the '80s, inflation and a change in the Federal Reserve's monetary policy led to increased interest rates. We are having success in this area, as evidenced by the recent charging of the former Chief Executive Officer of Sunbelt Savings in a count indictment, which included seven counts of concealing assets from the FDIC.

We meet quarterly with corporate representatives to discuss developments in these cases of mutual interest. We are currently working with the Corporation on a project to establish a common methodology for preservation of records, including electronic records, at bank closings. Through our Electronic Crimes Team, we share data we have imaged at bank closings and provide advice on technology that could be useful to the FDIC at bank closings.

Corporate Management and Operational Challenges I now will speak to more internal management and operational challenges facing the Corporation. The President called for a government that is active but limited, that focuses on priorities and does them well. The FDIC, to its credit, has given priority attention to improving operational efficiency and effectiveness, consistent with the principles set forth in the PMA.

That being said, the Corporation faces several continuing challenges, most notably in the areas of human capital, management and security of information technology resources, and stewardship of resources. The Corporation also needs to continue to focus on performance measures to track progress on all of its corporate goals and objectives. Human capital issues pose significant elements of risk that interweave all the management and performance challenges facing the FDIC.

The FDIC has been in a downsizing mode for the past 10 years as the workload from the banking and thrift crises has been accomplished. As a result, FDIC executives and managers must be diligent and continually assess the goals and objectives, workload, and staffing of their organizations and take appropriate steps to ensure that the workforce has the right experience and skills to fulfill its mission.

The Corporation has created the Corporate University to address skill levels and preserve institutional knowledge in its five main lines of business. The Corporation is also in the process of revamping its compensation program to place greater emphasis on performance-based incentives. General Accounting Office consider vital to successful human capital management.

We did, however, recommend and the FDIC agreed to strengthen its human capital program by institutionalizing the Human Resources Committee, an element of its human capital framework, and developing a human capital blueprint. Our work required under the Federal Information Security Management Act of has shown that the Corporation has worked hard to implement many sound information system controls to help ensure adequate security. However, daunting challenges remain due to the ever-increasing threat posed by hackers and other illegal activity.

Additionally, we have emphasized completing system certification and accreditation processes to test the security of deployed IT assets. We have completed and ongoing assignments covering the IT capital planning and investment control process to assist the Corporation in this area.

Finally, we are pleased that the Corporation has appointed a permanent Chief Information Officer to guide its IT efforts, particularly from a strategic standpoint, but many key IT security positions remain to be filled, and the Corporation is in the midst of an internal assessment aimed at improving the skill mix of its IT personnel and business processes.

As steward for the insurance funds, the Chairman has embarked on a campaign to identify and implement measures to contain and reduce costs, either through more careful spending or assessing and making changes to business processes to increase efficiency. We are initiating a number of audits in the near future to assist the Chairman in his efforts.

A key challenge to containing costs relates to the contracting area. The Corporation has taken a number of steps to strengthen controls and oversight of contracts. However, our work in this area continues to show further improvement is needed to reduce risks, such as consideration of contractor security in acquisition planning and oversight of contractor security practices.

We also have a contract audit program that looks at the reasonableness and support for billings on significant Corporation contracts and, as needed, evaluates contract award processes. An emerging risk that we have identified is project management. We have done several reviews of these projects, and each pointed to the need for improved defining, planning, scheduling, and controlling of resources and tasks to reach goals and milestones.

The Corporation has included a project management initiative in its performance goals and established a program management office to address the risks and challenges that these kinds of projects pose. Assessment of corporate performance is a key challenge because good intentions and good beginnings are not the measure of success.

What matters in the end is completion: performance and results. To that end, the Government Performance and Results Act Results Act of was enacted to improve the efficiency, effectiveness, and accountability of federal programs by establishing a system for setting goals, measuring performance, and reporting on accomplishments.

The current administration has raised the bar further in this area. Specifically, OMB is using an Executive Branch Management Scorecard to track how well departments and agencies are executing the management initiatives, and where they stand at a given point in time against the overall standards for success.

OMB has also introduced the Program Assessment Rating Tool PART to evaluate program performance, determine the causes for strong or weak performance, and take action to remedy deficiencies and achieve better results. The Corporation has made significant progress in implementing the Results Act, with which it is required to comply.