FDIC Announces organizational changes to help enable the latest regulatory reform, Congress

Press Releases
FDIC Announces organizational changes to help enable the latest regulatory reform, Congress

FDIC Board approved today a new Office, complex Financial institutions (Court) and Division, depositors and Consumer Protection (DCP) to assist in carrying out their duties Dodd-Frank Wall Street reform and Consumer Protection Act.

The "FDIC is planning to implement strong, submit the Dodd-Frank new law, which shall expire at the end of the ' too big to fail ' default of the largest and most complex for financial institutions in the FDIC Chairman Sheila" c. Bair said. "Our new Office, complex financial institutions market is an important first step in this process.

The Court of first instance made continuously and bank holding companies with more than 100 billion dollar surveillance resources as well as the Bank's financial stability Oversight of companies of the new financial regulation, the Council appointed by the systemically important. The Court of first instance shall be governed by the law of the new authority is FDIC realisoinnista bank holding companies of written measures, procedures and instructions and the Bank, which are not undertakings to carry out such maintenance has been carried out.Excluded are increasing the recent economic crisis, when such undertakings and AIG, Lehman Brothers and Bear Stearns became insolvent.

New Division, depositors and consumer protection, the establishment of a dedicated to give more visibility to the FDIC and checking the respect of the implementation of the programme.The program ensures that banks do not conform to the requirements of consumer protection and fair lending a myriad of statutes and regulations.When Congress set up a new Office, publish implementing consumer protection rules, the FDIC will host an administration site for the implementation of those rules, banks of EUR 10 billion or less in assets and the protection of the traditional depository operation can be performed also appears in the title of the new FDIC staff and resources of the House and to promote public understanding of the FDIC deposit insurance and bank accounts insured persons-use.

"Our depositor protection and compliance with the inspection and enforcement activities are an integral part of our unique responsibilities deposit insurer and community banks thousands of administrator" said Chairman Bair."This new Division stresses the importance of these tasks we can place and purpose of the new legislation is directly to the Congress have to adapt to the new DCP also complements. consumer Financial Protection Bureau, not established in the Federal Reserve activities.FDIC supports CFPB, and we are committed to our part of the Congress has entrusted to us consumers in carrying out their duties.

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Congress created the Federal Deposit Insurance Corporation to restore the public's confidence in the nation of the banking system of the 1933. deposits FDIC takaatte successful nation 7,932 banks and savings associations and it contributes to the stability and security by identifying, monitoring and deal with risks for which they are exposed to the FDIC may not. federal tax dollars – the insured financial institutions to finance their activities.

FDIC press releases and other information is electronically available on the Internet at www.fdic.gov order (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained from the FDIC's Public Information Center (877-275-3342 or 703-562-2200).PR-184-2010