The transparency initiative recently unveiled by the chairman of the federal bank deposit insurer is in action, with key metrics – total bank receiverships, insurance applications, public requests and more – made now available via a single click from the agency’s home page at fdic.gov.
The initiative was announced the first week of October during a speech by Federal Deposit Insurance Corp. (FDIC) Chairman Jelena McWilliams during a community banking conference in St. Louis, Mo. In an online message, McWilliams says he initiative, “Truth through Transparency,” is aimed at “fostering a deeper culture of openness.”
The initiative, she says, isn’t just about metrics, though quite a few metrics are now presented on the agency’s website: times for completing bank examinations, for approving requests for insurance and responding to consumer complaints are among these.
Here are a few nuggets:
- The FDIC approved 255 out of 263 insurance applications from Jan. 1 through June 30; the agency returned one application, and seven others were withdrawn.
- Processing insurance applications took an average 181 days from the date of application; but an average 116 days were needed to process “substantially complete” applications (four days ahead of the target 120).
- It took an average 24 days to process bank safety-and-soundness examinations that produced favorable ratings; and an average 34.5 days to process those producing unfavorable ratings.
- Following the safety-and-soundness exams, two institutions (unnamed) requested reviews of material supervisory determinations. One of them was given an upgrade in the management component rating.
- It took an average 26 days to process joint consumer compliance and Community Reinvestment Act (CRA) examinations producing favorable ratings; and 28 days for those producing unfavorable ratings.