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Maintaining Confidence and Stability in the United States:
   The FDIC’s Role in Deposit Insurance and Bank Supervision


      Regulación E Impacto Del Sector Financiero Público En El
                    Desarrollo Socio-económico

                             Quito, Ecuador
                              Marzo 2012




                   Galo Cevallos, Senior International Advisor
                         Office of International Affairs
                    Federal Deposit Insurance Corporation
An independent agency of the United States government
 created to maintain stability and public confidence in the
nation's financial system by providing insurance protection
   for depositors, supervising financial institutions, and
                   managing receiverships
1933                                                   2007-
                          1934              1935                              Today
                                                             2012

• 4,000 Banks Fail,   • 9 Banks Fail    • 27 banks fail   • 426 bank       • Post Frank-Dodd
  $1.3 billion                                              failures YTD     Act FDIC
                      • Insurance:      • FDIC made
  depositor losses                                                         • Enhanced
                        Initially -       permanent       • Sweeping
• FDIC created in       $2,500                                               Supervision and
                                                            changes
  Banking Act of        Raised to                                            Responsibilities
  1933                  $5,000                            • Deposit
• FDIC Authorized     • FDIC opens                          Insurance
  to Regulate and       for business                        raised to
  Supervise Banks                                           $250,000
                      • FDIC pays
                        first insured
                        depositor
U.S. Banking System


                     FDIC
                     Insurer &
                     Regulator
                                                    Federal
                                                    Reserve
                                               Central Bank & Regulator



 Office of the
Comptroller of
 the Currency
                                                                       State
 National Banks                                                      Banking
                                                                    Supervisors

                             Banks & Thrifts
U.S. Banking System
Interagency Cooperation, Coordination, Communication

Risk Assessments
An interagency effort                       Total FDIC – Supervised                     4,641        2.31 Trillion
                                            Total OCC – Supervised                      1,969        9.65 Trillion
                                            Total FRB – Supervised                        826        1.85 Trillion
 Division of labor without duplication      Insured Foreign Branches                        9        35.5 Billion
                                            Total Insured Institutions                  7,445        13.84 Trillion
                                            *As of September 2011

                                                  As insurer, FDIC has access to examination records produced by
  Examination Sharing Arrangements                other federal and state banking agencies




                                                  Examination ratings and capital positions determined by agencies
   Critical for deposit insurance pricing         are used to price deposit insurance premiums and gauge adequacy
                                                  of deposit insurance fund.
Key Functions of the FDIC

                    • Supervise and enforce consumer protection laws at state-
Bank Supervision      chartered nonmember banks.

                       • Primary federal supervisor for 4,641 banks and thrifts;
                         examined every 12 – 18 months.


                    • Act as Receiver for failed banks and thrifts, reimburse
Resolutions and
                      depositors, and liquidate assets.
Receiverships
                        • February 2007 - First bank failure in almost three years; 426
                          failures from 2007 until today. No depositor has ever lost a
                          dollar of insured deposits.


Deposit Insurance   • Provide Federal deposit insurance for banks and Savings
                      associations in the United States.

                       • September 2011 - $6.8 trillion in deposits insured at 7,445
                         FDIC-insured institutions.
The Nexus:
Bank Supervision, Bank Receivership, and the Deposit Insurance Functions


                                                 Information gathered through onsite
                                                 examinations and off-site surveillance are shared
                                                 by all bank supervisors with the FDIC’s Deposit
                                                 Insurance and Resolution Departments. The
                                Deposit          result is effective coordination, communication,
                                                 and collaboration.
                  nk
                Ba rmati
                         on     Insurer
                   o
                Inf
                                                 Deposit Insurer:

                                                  •   Accurate and timely risk assessments result
                                                      accurate risk-based deposit insurance pricing;
  Bank                                                effective fund management, and capital and
                                                      liquidity planning; prompt identification of risk
Supervisor                                            build-up in banking system aiding in macro-
                                                      prudential supervision and risk monitoring

                                                 Receivership Manager:
             Inf Ban
                orm k
                   ati                            •   More accurate estimates of probability of bank
                       on                             default and potential losses.
                                                  •   Advanced notice results in better planning for
                                                      and responses to bank failures.
                                                  •
                              Receivership            Results in improved marketing which yields
                                                      betters least-cost resolution option
                               Manager
Primary Business Functions:
   Bank Supervision

        Responsibilities
     • Identify and proactively mitigate risks identified in banks and savings
       associations.
              • Prompt corrective action; enforcement; sanctions

         Coordinated Risk-Focused Supervision Throughout an Institution’s Life Cycle

                                     On-Site Activities




Application         Supervisory                              Supervisory
                     Follow-up                                Follow-up


                                                                              Exit
                                          Off-Site
                                        Surveillance
Primary Business Functions:
Bank Supervision


   Regular On-site Examinations and Off-site Reviews

• Maintain public confidence in the integrity of the banking system and in
  individual institutions.

• Provide the best means of determining the institution's adherence to laws
  and regulations.

• Help prevent problem situations from remaining uncorrected and
deteriorating to the point that resolution is required.

• Provide an understanding of the nature, relative seriousness and ultimate
  cause of an institution's problems, and thus provides a factual foundation
  to soundly base corrective measures, recommendations and instructions.
Primary Business Functions:
Bank Supervision


    Regular On-site Examinations and Off-site Reviews

• All banks are examined regularly: every 12-18 months.

• Off-site reviews are conducted quarterly or more frequently as a bank’s risk
  profile warrants.

• FDIC conducts on-site examinations and off-site analysis of state
  non-member banks.

• National banks and thrifts are assessed by the OCC.

• FDIC conducts off-site reviews of all banks and may under an
  established interagency protocol, join other bank supervisory agencies during
  examinations, particularly when institutions become “problem institutions.”
Primary Business Functions:
Bank Supervision


    Regular On-site Examinations and Off-site Reviews

Safety and soundness examinations assess a bank’s strength on a rating scale.

   • Institutions rated 1 or 2 are subject to “normal” or routine supervision.

   • Institutions rated 3, 4 & 5 are closely monitored and generally subject to
     corrective programs.

   • The scope and frequency of “Supervisory Follow-Up” based on the bank’s risk
     profile and bank management’s ability to favorably resolve any issues.

   • Follow-up may include: quarterly progress reports; unscheduled visits; and
     acceleration of exam interval.

   • Ratings are confidential and not publicly disclosed.
Primary Business Functions:
Bank Supervision

                                          As rating becomes more severe




                          1 2345
                                          Supervisory response intensifies


                                                                                         •   Exam frequency increased and scope
                                             •                                               deepened
                                                 Exam frequency may be increased and
                                                 scope broadened                         •   Targeted visits and reviews very likely
   •   Regular exam frequency and scope
                                             •   Increased off-site monitoring           •   Close and frequent off-site monitoring
   •   Routine off-site monitoring
                                             •   Quarterly, or more frequent, progress   •   Quarterly, or more frequent, progress
   •   Routine regulatory reporting              reports may be required                     reports required
   •   Enforcement action unlikely           •   Informal enforcement action likely      •   Formal enforcement action certain
Primary Business Functions:
Resolutions of Failing Institutions


    Responsibilities
    • Handle bank failures
        • Establish broad receivership alternatives
        • Exercise special receivership powers
        • Minimize costs to the deposit insurance fund.
    • Reimburse depositors
        • Reimburse promptly
        • Communicate clear reimbursement procedures and priority of
          claims.
Primary Business Functions:
Resolutions of Failing Institutions
4500


4000
                •   Prior to closing a bank, the FDIC works together
3500                with other regulators to resolve weak banks.
3000            •   Once an institution is closed, the FDIC performs
                    resolutions functions and also acts as receiver and
2500
                    liquidates the assets of the failed banks.
2000
                •   Problem Institutions: Up to 844 (2011) from 50
1500                (2006)
1000            •   Bank failures: 92 in 2011; 9 in 2012; 426 since 2007

 500


  0
Primary Business Functions:
 Resolutions of Failing Institutions

                 Typical Resolution Process
                      Least-Cost Test
                      or Systemic Risk    Sell the
                                         Whole Bank
                      Determination
                      Required
                                            Sell
                                          Deposits
             Failed       Receivership
                                         & Branches


             Bank                        Liquidate
                                           Assets


                                            Sell
                                           Asset
                                           Pools

Reimburses insured            FDIC
depositors                    Deposit
                              Insurer
Primary Business Functions:
Deposit Insurance


Responsibilities
• Protect small depositors, ensure prompt reimbursement of insured deposits, promote
  understanding of protections offered by US deposit insurance.
• Promote market discipline and guard against arbitrage, in part, by making FDIC membership
  compulsory to all deposit-taking financial institutions.
• Fund the deposit insurance system:
    • Ensure adequacy of the deposit insurance fund and contingency funding
    • Create and maintain ex-ante risk-sensitive insurance premium system
• Guard entry into deposit insurance system:
    • Develop and enforce admission criteria; coordinate with bank supervisors to limit risk-
      taking; coordinate with licensing authority.
         •   All banks must apply to the FDIC for deposit insurance coverage.
         •   Banks must also apply for to the Office of the Comptroller of the Currency or the State
             Banking Authority for a banking license.
Primary Business Functions:
Deposit Insurance
Primary Business Functions:
Deposit Insurance

DIF ratio (percent of insured deposits), quarter end
1.40
        1.2 1.21 1.22 1.22 1.19
1.20
                                  1.01                        Deposit Insurance Fund Reserve Ratio
1.00                                                           March 31, 2008 – September 30, 2011
                                         0.76
0.80
0.60
                                                0.36
0.40                                                   0.27
                                                              0.22
0.20                                                                                                                     0.06
                                                                                                                                0.12

0.00
                                                                                                                 -0.02
-0.20                                                                -0.16                         -0.15 -0.12
-0.40                                                                                      -0.28
                                                                             -0.39 -0.38
-0.60
        2007              2008                         2009                        2010                          2011
FDIC Response to the Banking Crisis

           Managing a Rise in Bank Failures while
Strengthening the US Deposit Insurance System for the Future
Preserving Financial Stability:
FDIC Response to the US Banking Crisis


Responding to the Crisis

• Immediate FDIC Actions & Managing a Rise in Bank Failures.

• Strengthening the US Deposit Insurance System for the Future.

• Regulatory Reform & the Dodd-Frank Wall Street Reform and
  Consumer Protection Act.

• FDIC: Impact and Implementation Challenges of the Dodd-Frank
  Wall Street Reform and Consumer Protection Act.
Preserving Financial Stability:
FDIC Response to the US Banking Crisis

Causes of the Crisis

• Gaps in Financial Regulation-allowed financial system risks to grow in a
  network outside of prudential supervision.

• Excessive reliance on debt and financial leverage-complex and opaque
  transactions embedded with substantial credit risk.

• Misaligned incentives in financial markets-focus on short-term profits
  versus long-term viability.

• Lack of market discipline-allowed large complex financial institutions to
  grow and diversify operations without adequate control.
    • Created “Too Big to Fail.”
Preserving Financial Stability:
FDIC Response to the US Banking Crisis

 Number of institutions on the FDIC's "Problem List," 2006 - 2011, quarter end

1000
                                                                                                                                                                                                      884 888 865
 900                                                                                                                                                                                        860                   844
                                                                                                                                                                                  829
                                                                                                                                                                        775
 800
                                                                                                                                                              702
 700
 600                                                                                                                                                552

 500                                                                                                                                      416
 400
                                                                                                                                305
 300                                                                                                                  252
                                                                                                            171
 200                                                                                              117
                                                                              76        90
 100    48        50        47        50        53        61        65

   0
        Q1 2006




                                      Q4 2006

                                                Q1 2007

                                                          Q2 2007

                                                                    Q3 2007

                                                                              Q4 2007

                                                                                        Q1 2008

                                                                                                  Q2 2008

                                                                                                            Q3 2008



                                                                                                                                Q1 2009

                                                                                                                                          Q2 2009




                                                                                                                                                                                  Q2 2010

                                                                                                                                                                                            Q3 2010

                                                                                                                                                                                                      Q4 2010

                                                                                                                                                                                                                Q1 2011

                                                                                                                                                                                                                          Q2 2011

                                                                                                                                                                                                                                    Q3 2011
                  Q2 2006

                            Q3 2006




                                                                                                                      Q4 2008




                                                                                                                                                    Q3 2009

                                                                                                                                                              Q4 2009

                                                                                                                                                                        Q1 2010
Preserving Financial Stability:
FDIC Response to the US Banking Crisis


$400                                                                                                                            180
                                                                                                       $372
                 This crisis has been characterized by a failure of                                              157
                                                                                                                                160
$350
                 many institutions, some very large and complex                                            140
                                                                                                                                140
$300
                                                                                                                                120
$250
                                                                                                                                100
$200
                                        Failed Banks                                                                       74   80
                                                                                                      $170
$150
            50
                                        Failed Assets (In Billions)                                                             60
$100                                                                                                                            40
                                                                                                              $92
                                                                                                      25
 $50              15
                                                                  11                                                            20
                        8     6                 8     7
                                          3                 4           3     4                 3                     $30
                                    1                                               0     0
  $0                                                                                                                            0




                                                                                                                       3
             94




                                     98




                                                                   03




                                                                                           07
       93



                   95

                         96

                               97



                                           99

                                                 00

                                                       01

                                                             02



                                                                         04

                                                                               05

                                                                                     06



                                                                                                 08

                                                                                                       09

                                                                                                              10

                                                                                                                      Q
   19

            19



                        19



                                    19



                                                20



                                                            20

                                                                  20

                                                                        20



                                                                                    20

                                                                                          20

                                                                                                20

                                                                                                      20
                  19



                              19



                                          19




                                                      20




                                                                              20




                                                                                                            20

                                                                                                                   11
                                                                                                                 20
Preserving Financial Stability:
FDIC Response to the US Banking Crisis


                              To Manage this Crisis – we have devoted more
                              resources to more intensive bank supervision and failed
                $4,500                                                                      9,252      10,000
                              bank management
                $4,000                                                                                 9,000

                $3,500                                                                 $3,880          8,000
                                                                           $3,422                      7,000
                $3,000
                                                                                                       6,000
  In Millions




                $2,500
                            4,476                                                                      5,000
                $2,000                                     $2,249
                                                                                                       4,000
                $1,500     $973       $1,107    $1,230                                                 3,000
                $1,000                                                                                 2,000
                 $500                                                                                  1,000
                   $0                                                                                  0
                           2006        2007         2008            2009            2010        2011

                    Staffing has more than doubled since the onset of the crisis; most will supervise
                     banks and resolve failures. The total operating budget for 2011 is $3.88 billion.
Preserving Financial Stability:
FDIC Response to the US Banking Crisis

 A key tool used to resolve bank failures has been the Purchase
 and Assumption Agreement with Loss Sharing Option
    Resolutions strategy first used in the early 1990s

    FDIC agrees to assume future losses, usually up to 80%

        Reduces FDIC’s immediate outlays
        Disposes of assets quickly, while preserving asset value
        Gives investors support who otherwise would not invest due to
         shortened due diligence period
        Aligns interests of FDIC and acquiring bank

                                                                         25
Preserving Financial Stability:
FDIC Response to the US Banking Crisis
                            As the Number of Problem Banks and Failed Bank have Grown, the Deposit Insurance
                            Fund has dropped below the 1.35* Percent Lower Bound Established by US Congress
                                                       *DIF Minimum Increased from 1.15 with passage of Reform legislation

                            900                                                                                                                                  844                     1.6

                            800                                                                                                                                                          1.4
                                                                                                                                                                                         1.2




                                                                                                                                                                                                Depoisit Insurance Fund %
                            700
 Problem and Failed Banks




                                                                                                                                                                                         1
                            600
                                                                                                                                                                                         0.8
                            500                                                                                                                                                          0.6

                            400
                                                                                          Failed Banks                                                                                   0.4
                                                                                          Problem Banks                                                                                  0.2
                            300
                                                                                                                                                                                  0.12
                                                                                          DIF                                                                                            0
                            200
                                                                                                                                                                                         -0.2
                            100                                                                                                                                                          -0.4
                                                                                                                                                                                   48
                              0                                                                                                                                                          -0.6




                                                                                                                                                                 September 2011
                                  1993

                                         1994

                                                1995

                                                       1996

                                                              1997

                                                                     1998

                                                                            1999

                                                                                   2000

                                                                                           2001

                                                                                                  2002

                                                                                                         2003

                                                                                                                2004

                                                                                                                       2005



                                                                                                                                     2007

                                                                                                                                            2008

                                                                                                                                                   2009

                                                                                                                                                          2010
                                                                                                                              2006
Preserving Financial Stability:
FDIC Response to the US Banking Crisis

     The banking industry – not taxpayers – are rebuilding the deposit
     insurance fund


        Rate Adjustment Recalibrated how assessment are calculated; adjusts for unsecured
         debt, secured liabilities and brokered deposits

        Special Assessment Imposed a one time fee of 5 basis points assessed against total
         assets minus Tier 1 Capital (May 2009)

        Pre-paid assessments Prepayment of estimated risk-based assessments for the fourth
         quarter of 2009 and for all of 2010, 2011, & 2012 (September 2009)

        Restoration Plan Implemented a Restoration Plan to return the Designated Reserve
         Ratio to the statutorily mandated level of 1.35 by September 30, 2020.
Preserving Financial Stability:
                                 FDIC Response to the US Banking Crisis

                                                     The FDIC Deposit Insurance Fund Ratio: 1934 - Present
                               2.5
                                                                          Bank Insurance Fund: 1934 - 1988



                                                                                                                                                         BIF + SAIF:1989 - 2005
                                 2


                                                                                                                                                                                                DIF: 2005 -…

                               1.5
Deposit Insurance Fund Ratio




                                                                                                                                                                                                          ---1.35% Goal by 2020---
                                 1



                               0.5




                                 0
                                                           1946




                                                                                                                      1974




                                                                                                                                                                                  2002
                                      1934

                                             1938

                                                    1942




                                                                  1950

                                                                         1954

                                                                                   1958

                                                                                             1962

                                                                                                        1966

                                                                                                               1970




                                                                                                                             1978

                                                                                                                                    1982

                                                                                                                                           1986

                                                                                                                                                  1990

                                                                                                                                                            1994

                                                                                                                                                                      1998




                                                                                                                                                                                         2006

                                                                                                                                                                                                2010
                               -0.5




                                -1
FDIC Response to the Banking Crisis

Overview: Dodd-Frank Wall Street Reform
     and Consumer Protection Act
U.S. Financial Regulatory Reform
 Overview: Dodd-Frank Wall Street Reform and Consumer Protection Act




 Manage systemic risk through     Manage Systemic Risk – With the goal of
  stronger oversight and           monitoring and managing the build up of
  regulation                       systemic risks, the Act establishes the
                                   Financial Stability Oversight Council (FSOC),
 Eliminate Too-Big-To-Fail        which in concert with the Federal Reserve and
                                   FDIC will have enhanced powers to regulate
 Protect Consumers                systemically important firms’ safety, size, and
                                   range of activities. The Act will also strengthen
 Fortify the U.S. deposit         oversight and regulation of all other financial
  insurance regime                 institutions and their holding companies by
                                   requiring holding companies to hold minimum
                                   levels of capital, restricting proprietary trading
                                   in the bank’s books, requiring capital buffers to
                                   mitigate pro-cyclicality, and creating tougher
                                   rules that limit transactions between affiliates.
U.S. Financial Regulatory Reform
  Overview: Dodd-Frank Wall Street Reform and Consumer Protection Act




 Manage systemic risk through    Financial Stability Oversight Council – The
  stronger oversight and          Council will serve as an early warning system
  regulation                      to identify and manage systemic risks,
                                  including companies, market activities, and
 Eliminate Too-Big-To-Fail       practices in the financial system. The Council
                                  will have the authority to identify banking and
 Protect Consumers               non-banking companies, which because of
                                  their potential systemic importance, should be
 Fortify the U.S. deposit        subject to more rigorous regulation and
  insurance regime                supervision, increased risk disclosure, higher
                                  capital, liquidity, and risk management
                                  requirements.
U.S. Financial Regulatory Reform
  Overview: Dodd-Frank Wall Street Reform and Consumer Protection Act




 Manage systemic risk through     Eliminate Too-Big-To-Fail – Ends the
  stronger oversight and           possibility that taxpayers will be asked to write
  regulation                       a check to bail out financial firms that threaten
                                   the economy by creating a safe way to liquidate
 Eliminate Too-Big-To-Fail        failed financial firms, imposing tough new
                                   capital and leverage requirements that make it
 Protect Consumers                undesirable to get too big, updating the Fed’s
                                   authority to allow system-wide support but no
 Fortify the U.S. deposit         longer prop up individual firms, and
  insurance regime                 establishing rigorous standards and
                                   supervision to protect the economy and
                                   American consumers, investors, and
                                   businesses.
U.S. Financial Regulatory Reform
  Overview: Dodd-Frank Wall Street Reform and Consumer Protection Act




 Manage systemic risk through     Consumer Financial Protection Bureau – A
  stronger oversight and           new independent agency, housed at the
  regulation                       Federal Reserve, with broad authority and a
                                   substantial budget to create and enforce rules
 Eliminate Too-Big-To-Fail        designed to protect consumers of a wide range
                                   of financial products and services. Bureau will
 Protect Consumers                have exclusive rulemaking responsibilities and
                                   will share supervision and enforcement with
 Fortify the U.S. deposit         FDIC and other federal regulators.
  insurance regime
U.S. Financial Regulatory Reform
  Overview: Dodd-Frank Wall Street Reform and Consumer Protection Act




 Manage systemic risk through     A stronger deposit insurance system - The
  stronger oversight and           new law makes changes in the FDIC’s
  regulation                       authorities to manage the Deposit Insurance
                                   Fund (DIF). The increase from $100,000 to
 Eliminate Too-Big-To-Fail        $250,000 in deposit insurance protection is
                                   made permanent and retroactive to January 1,
 Protect Consumers                2008. The Transaction Account Guarantee
                                   program, which provides full deposit insurance
 Fortify the U.S. deposit         protection for noninterest bearing accounts, is
  insurance regime                 extended until December 31, 2012. The FDIC
                                   is required to increase the DIF reserve ratio to
                                   1.35% by September 30, 2020.
U.S. Financial Regulatory Reform
    Dodd-Frank Wall Street Reform and Consumer Protection Act


What are the FDIC’s primary new
responsibilities under the new law?

• Strengthened Back-Up Authority

• Expanded Receivership Authorities

• Resolution Plans or Living Wills

• A Stronger Deposit Insurance Fund
U.S. Financial Regulatory Reform
Dodd-Frank Wall Street Reform and Consumer Protection Act

          Strengthened Back-Up Authority
  The new law gives the FDIC back-up examination authority for systemic
  nonbank financial companies and bank holding companies with at least $50
  billion in assets if the FDIC Board determines examination is necessary to
  implement the FDIC’s authority to provide for orderly liquidation of the
  company.

     Special Examinations                                 Coordination
     Orderly Resolutions                   Back-up Enforcement Actions
U.S. Financial Regulatory Reform
Dodd-Frank Wall Street Reform and Consumer Protection Act

              Orderly Liquidation Authority
For the first time, the federal government will have the power to wind
down troubled systemically important bank and non-bank financial
companies (SIFI) outside of normal bankruptcy proceedings. The new
law gives the FDIC broad authority to resolve failed non-bank
institutions in a manner substantially similar to the FDIC’s resolutions
process for insured banks. Importantly, the Act also expressly prohibits
the use of taxpayer funds.

    •   Orderly Liquidation of SIFI’s

    •   Designed to ensure that no institution is too big or too interconnected
        to fail, thereby subjecting every financial institution to the discipline of
        the marketplace.
U.S. Financial Regulatory Reform
Dodd-Frank Wall Street Reform and Consumer Protection Act


                          Living Wills
 The law requires systemic nonbank financial companies and large
 bank holding companies (assets >$50 billion) to demonstrate the
 ability to rapidly and orderly resolve during a crisis –known as a
 “Living Will.”

    • Living Wills submitted to a number of regulators, including
      the FDIC.

    • Failure to submit acceptable plans may result in changes to
      the structure or activities of the institutions to ensure that
      they meet the standard of being resolvable in a crisis.
U.S. Financial Regulatory Reform
Dodd-Frank Wall Street Reform and Consumer Protection Act

The Deposit Insurance Fund and Insurance
The new law makes positive changes in the FDIC’s authorities
to manage the Deposit Insurance Fund in order to have
increased resources on hand in the future.


    •   Minimum Reserve Ratio

    •   Eliminates the maximum limitation of the reserve ratio

    •   Permanent (Retroactive) Increase in Deposit Insurance Coverage

    •   Assessment Base

    •   Insurance of Transaction Accounts
Thank You

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Galo Cevallos.

  • 1. Maintaining Confidence and Stability in the United States: The FDIC’s Role in Deposit Insurance and Bank Supervision Regulación E Impacto Del Sector Financiero Público En El Desarrollo Socio-económico Quito, Ecuador Marzo 2012 Galo Cevallos, Senior International Advisor Office of International Affairs Federal Deposit Insurance Corporation
  • 2. An independent agency of the United States government created to maintain stability and public confidence in the nation's financial system by providing insurance protection for depositors, supervising financial institutions, and managing receiverships
  • 3. 1933 2007- 1934 1935 Today 2012 • 4,000 Banks Fail, • 9 Banks Fail • 27 banks fail • 426 bank • Post Frank-Dodd $1.3 billion failures YTD Act FDIC • Insurance: • FDIC made depositor losses • Enhanced Initially - permanent • Sweeping • FDIC created in $2,500 Supervision and changes Banking Act of Raised to Responsibilities 1933 $5,000 • Deposit • FDIC Authorized • FDIC opens Insurance to Regulate and for business raised to Supervise Banks $250,000 • FDIC pays first insured depositor
  • 4. U.S. Banking System FDIC Insurer & Regulator Federal Reserve Central Bank & Regulator Office of the Comptroller of the Currency State National Banks Banking Supervisors Banks & Thrifts
  • 5. U.S. Banking System Interagency Cooperation, Coordination, Communication Risk Assessments An interagency effort Total FDIC – Supervised 4,641 2.31 Trillion Total OCC – Supervised 1,969 9.65 Trillion Total FRB – Supervised 826 1.85 Trillion Division of labor without duplication Insured Foreign Branches 9 35.5 Billion Total Insured Institutions 7,445 13.84 Trillion *As of September 2011 As insurer, FDIC has access to examination records produced by Examination Sharing Arrangements other federal and state banking agencies Examination ratings and capital positions determined by agencies Critical for deposit insurance pricing are used to price deposit insurance premiums and gauge adequacy of deposit insurance fund.
  • 6. Key Functions of the FDIC • Supervise and enforce consumer protection laws at state- Bank Supervision chartered nonmember banks. • Primary federal supervisor for 4,641 banks and thrifts; examined every 12 – 18 months. • Act as Receiver for failed banks and thrifts, reimburse Resolutions and depositors, and liquidate assets. Receiverships • February 2007 - First bank failure in almost three years; 426 failures from 2007 until today. No depositor has ever lost a dollar of insured deposits. Deposit Insurance • Provide Federal deposit insurance for banks and Savings associations in the United States. • September 2011 - $6.8 trillion in deposits insured at 7,445 FDIC-insured institutions.
  • 7. The Nexus: Bank Supervision, Bank Receivership, and the Deposit Insurance Functions Information gathered through onsite examinations and off-site surveillance are shared by all bank supervisors with the FDIC’s Deposit Insurance and Resolution Departments. The Deposit result is effective coordination, communication, and collaboration. nk Ba rmati on Insurer o Inf Deposit Insurer: • Accurate and timely risk assessments result accurate risk-based deposit insurance pricing; Bank effective fund management, and capital and liquidity planning; prompt identification of risk Supervisor build-up in banking system aiding in macro- prudential supervision and risk monitoring Receivership Manager: Inf Ban orm k ati • More accurate estimates of probability of bank on default and potential losses. • Advanced notice results in better planning for and responses to bank failures. • Receivership Results in improved marketing which yields betters least-cost resolution option Manager
  • 8. Primary Business Functions: Bank Supervision Responsibilities • Identify and proactively mitigate risks identified in banks and savings associations. • Prompt corrective action; enforcement; sanctions Coordinated Risk-Focused Supervision Throughout an Institution’s Life Cycle On-Site Activities Application Supervisory Supervisory Follow-up Follow-up Exit Off-Site Surveillance
  • 9. Primary Business Functions: Bank Supervision Regular On-site Examinations and Off-site Reviews • Maintain public confidence in the integrity of the banking system and in individual institutions. • Provide the best means of determining the institution's adherence to laws and regulations. • Help prevent problem situations from remaining uncorrected and deteriorating to the point that resolution is required. • Provide an understanding of the nature, relative seriousness and ultimate cause of an institution's problems, and thus provides a factual foundation to soundly base corrective measures, recommendations and instructions.
  • 10. Primary Business Functions: Bank Supervision Regular On-site Examinations and Off-site Reviews • All banks are examined regularly: every 12-18 months. • Off-site reviews are conducted quarterly or more frequently as a bank’s risk profile warrants. • FDIC conducts on-site examinations and off-site analysis of state non-member banks. • National banks and thrifts are assessed by the OCC. • FDIC conducts off-site reviews of all banks and may under an established interagency protocol, join other bank supervisory agencies during examinations, particularly when institutions become “problem institutions.”
  • 11. Primary Business Functions: Bank Supervision Regular On-site Examinations and Off-site Reviews Safety and soundness examinations assess a bank’s strength on a rating scale. • Institutions rated 1 or 2 are subject to “normal” or routine supervision. • Institutions rated 3, 4 & 5 are closely monitored and generally subject to corrective programs. • The scope and frequency of “Supervisory Follow-Up” based on the bank’s risk profile and bank management’s ability to favorably resolve any issues. • Follow-up may include: quarterly progress reports; unscheduled visits; and acceleration of exam interval. • Ratings are confidential and not publicly disclosed.
  • 12. Primary Business Functions: Bank Supervision As rating becomes more severe 1 2345 Supervisory response intensifies • Exam frequency increased and scope • deepened Exam frequency may be increased and scope broadened • Targeted visits and reviews very likely • Regular exam frequency and scope • Increased off-site monitoring • Close and frequent off-site monitoring • Routine off-site monitoring • Quarterly, or more frequent, progress • Quarterly, or more frequent, progress • Routine regulatory reporting reports may be required reports required • Enforcement action unlikely • Informal enforcement action likely • Formal enforcement action certain
  • 13. Primary Business Functions: Resolutions of Failing Institutions Responsibilities • Handle bank failures • Establish broad receivership alternatives • Exercise special receivership powers • Minimize costs to the deposit insurance fund. • Reimburse depositors • Reimburse promptly • Communicate clear reimbursement procedures and priority of claims.
  • 14. Primary Business Functions: Resolutions of Failing Institutions 4500 4000 • Prior to closing a bank, the FDIC works together 3500 with other regulators to resolve weak banks. 3000 • Once an institution is closed, the FDIC performs resolutions functions and also acts as receiver and 2500 liquidates the assets of the failed banks. 2000 • Problem Institutions: Up to 844 (2011) from 50 1500 (2006) 1000 • Bank failures: 92 in 2011; 9 in 2012; 426 since 2007 500 0
  • 15. Primary Business Functions: Resolutions of Failing Institutions Typical Resolution Process Least-Cost Test or Systemic Risk Sell the Whole Bank Determination Required Sell Deposits Failed Receivership & Branches Bank Liquidate Assets Sell Asset Pools Reimburses insured FDIC depositors Deposit Insurer
  • 16. Primary Business Functions: Deposit Insurance Responsibilities • Protect small depositors, ensure prompt reimbursement of insured deposits, promote understanding of protections offered by US deposit insurance. • Promote market discipline and guard against arbitrage, in part, by making FDIC membership compulsory to all deposit-taking financial institutions. • Fund the deposit insurance system: • Ensure adequacy of the deposit insurance fund and contingency funding • Create and maintain ex-ante risk-sensitive insurance premium system • Guard entry into deposit insurance system: • Develop and enforce admission criteria; coordinate with bank supervisors to limit risk- taking; coordinate with licensing authority. • All banks must apply to the FDIC for deposit insurance coverage. • Banks must also apply for to the Office of the Comptroller of the Currency or the State Banking Authority for a banking license.
  • 18. Primary Business Functions: Deposit Insurance DIF ratio (percent of insured deposits), quarter end 1.40 1.2 1.21 1.22 1.22 1.19 1.20 1.01 Deposit Insurance Fund Reserve Ratio 1.00 March 31, 2008 – September 30, 2011 0.76 0.80 0.60 0.36 0.40 0.27 0.22 0.20 0.06 0.12 0.00 -0.02 -0.20 -0.16 -0.15 -0.12 -0.40 -0.28 -0.39 -0.38 -0.60 2007 2008 2009 2010 2011
  • 19. FDIC Response to the Banking Crisis Managing a Rise in Bank Failures while Strengthening the US Deposit Insurance System for the Future
  • 20. Preserving Financial Stability: FDIC Response to the US Banking Crisis Responding to the Crisis • Immediate FDIC Actions & Managing a Rise in Bank Failures. • Strengthening the US Deposit Insurance System for the Future. • Regulatory Reform & the Dodd-Frank Wall Street Reform and Consumer Protection Act. • FDIC: Impact and Implementation Challenges of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
  • 21. Preserving Financial Stability: FDIC Response to the US Banking Crisis Causes of the Crisis • Gaps in Financial Regulation-allowed financial system risks to grow in a network outside of prudential supervision. • Excessive reliance on debt and financial leverage-complex and opaque transactions embedded with substantial credit risk. • Misaligned incentives in financial markets-focus on short-term profits versus long-term viability. • Lack of market discipline-allowed large complex financial institutions to grow and diversify operations without adequate control. • Created “Too Big to Fail.”
  • 22. Preserving Financial Stability: FDIC Response to the US Banking Crisis Number of institutions on the FDIC's "Problem List," 2006 - 2011, quarter end 1000 884 888 865 900 860 844 829 775 800 702 700 600 552 500 416 400 305 300 252 171 200 117 76 90 100 48 50 47 50 53 61 65 0 Q1 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q1 2009 Q2 2009 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q2 2006 Q3 2006 Q4 2008 Q3 2009 Q4 2009 Q1 2010
  • 23. Preserving Financial Stability: FDIC Response to the US Banking Crisis $400 180 $372 This crisis has been characterized by a failure of 157 160 $350 many institutions, some very large and complex 140 140 $300 120 $250 100 $200 Failed Banks 74 80 $170 $150 50 Failed Assets (In Billions) 60 $100 40 $92 25 $50 15 11 20 8 6 8 7 3 4 3 4 3 $30 1 0 0 $0 0 3 94 98 03 07 93 95 96 97 99 00 01 02 04 05 06 08 09 10 Q 19 19 19 19 20 20 20 20 20 20 20 20 19 19 19 20 20 20 11 20
  • 24. Preserving Financial Stability: FDIC Response to the US Banking Crisis To Manage this Crisis – we have devoted more resources to more intensive bank supervision and failed $4,500 9,252 10,000 bank management $4,000 9,000 $3,500 $3,880 8,000 $3,422 7,000 $3,000 6,000 In Millions $2,500 4,476 5,000 $2,000 $2,249 4,000 $1,500 $973 $1,107 $1,230 3,000 $1,000 2,000 $500 1,000 $0 0 2006 2007 2008 2009 2010 2011 Staffing has more than doubled since the onset of the crisis; most will supervise banks and resolve failures. The total operating budget for 2011 is $3.88 billion.
  • 25. Preserving Financial Stability: FDIC Response to the US Banking Crisis A key tool used to resolve bank failures has been the Purchase and Assumption Agreement with Loss Sharing Option  Resolutions strategy first used in the early 1990s  FDIC agrees to assume future losses, usually up to 80%  Reduces FDIC’s immediate outlays  Disposes of assets quickly, while preserving asset value  Gives investors support who otherwise would not invest due to shortened due diligence period  Aligns interests of FDIC and acquiring bank 25
  • 26. Preserving Financial Stability: FDIC Response to the US Banking Crisis As the Number of Problem Banks and Failed Bank have Grown, the Deposit Insurance Fund has dropped below the 1.35* Percent Lower Bound Established by US Congress *DIF Minimum Increased from 1.15 with passage of Reform legislation 900 844 1.6 800 1.4 1.2 Depoisit Insurance Fund % 700 Problem and Failed Banks 1 600 0.8 500 0.6 400 Failed Banks 0.4 Problem Banks 0.2 300 0.12 DIF 0 200 -0.2 100 -0.4 48 0 -0.6 September 2011 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2007 2008 2009 2010 2006
  • 27. Preserving Financial Stability: FDIC Response to the US Banking Crisis The banking industry – not taxpayers – are rebuilding the deposit insurance fund  Rate Adjustment Recalibrated how assessment are calculated; adjusts for unsecured debt, secured liabilities and brokered deposits  Special Assessment Imposed a one time fee of 5 basis points assessed against total assets minus Tier 1 Capital (May 2009)  Pre-paid assessments Prepayment of estimated risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011, & 2012 (September 2009)  Restoration Plan Implemented a Restoration Plan to return the Designated Reserve Ratio to the statutorily mandated level of 1.35 by September 30, 2020.
  • 28. Preserving Financial Stability: FDIC Response to the US Banking Crisis The FDIC Deposit Insurance Fund Ratio: 1934 - Present 2.5 Bank Insurance Fund: 1934 - 1988 BIF + SAIF:1989 - 2005 2 DIF: 2005 -… 1.5 Deposit Insurance Fund Ratio ---1.35% Goal by 2020--- 1 0.5 0 1946 1974 2002 1934 1938 1942 1950 1954 1958 1962 1966 1970 1978 1982 1986 1990 1994 1998 2006 2010 -0.5 -1
  • 29. FDIC Response to the Banking Crisis Overview: Dodd-Frank Wall Street Reform and Consumer Protection Act
  • 30. U.S. Financial Regulatory Reform Overview: Dodd-Frank Wall Street Reform and Consumer Protection Act  Manage systemic risk through Manage Systemic Risk – With the goal of stronger oversight and monitoring and managing the build up of regulation systemic risks, the Act establishes the Financial Stability Oversight Council (FSOC),  Eliminate Too-Big-To-Fail which in concert with the Federal Reserve and FDIC will have enhanced powers to regulate  Protect Consumers systemically important firms’ safety, size, and range of activities. The Act will also strengthen  Fortify the U.S. deposit oversight and regulation of all other financial insurance regime institutions and their holding companies by requiring holding companies to hold minimum levels of capital, restricting proprietary trading in the bank’s books, requiring capital buffers to mitigate pro-cyclicality, and creating tougher rules that limit transactions between affiliates.
  • 31. U.S. Financial Regulatory Reform Overview: Dodd-Frank Wall Street Reform and Consumer Protection Act  Manage systemic risk through Financial Stability Oversight Council – The stronger oversight and Council will serve as an early warning system regulation to identify and manage systemic risks, including companies, market activities, and  Eliminate Too-Big-To-Fail practices in the financial system. The Council will have the authority to identify banking and  Protect Consumers non-banking companies, which because of their potential systemic importance, should be  Fortify the U.S. deposit subject to more rigorous regulation and insurance regime supervision, increased risk disclosure, higher capital, liquidity, and risk management requirements.
  • 32. U.S. Financial Regulatory Reform Overview: Dodd-Frank Wall Street Reform and Consumer Protection Act  Manage systemic risk through Eliminate Too-Big-To-Fail – Ends the stronger oversight and possibility that taxpayers will be asked to write regulation a check to bail out financial firms that threaten the economy by creating a safe way to liquidate  Eliminate Too-Big-To-Fail failed financial firms, imposing tough new capital and leverage requirements that make it  Protect Consumers undesirable to get too big, updating the Fed’s authority to allow system-wide support but no  Fortify the U.S. deposit longer prop up individual firms, and insurance regime establishing rigorous standards and supervision to protect the economy and American consumers, investors, and businesses.
  • 33. U.S. Financial Regulatory Reform Overview: Dodd-Frank Wall Street Reform and Consumer Protection Act  Manage systemic risk through Consumer Financial Protection Bureau – A stronger oversight and new independent agency, housed at the regulation Federal Reserve, with broad authority and a substantial budget to create and enforce rules  Eliminate Too-Big-To-Fail designed to protect consumers of a wide range of financial products and services. Bureau will  Protect Consumers have exclusive rulemaking responsibilities and will share supervision and enforcement with  Fortify the U.S. deposit FDIC and other federal regulators. insurance regime
  • 34. U.S. Financial Regulatory Reform Overview: Dodd-Frank Wall Street Reform and Consumer Protection Act  Manage systemic risk through A stronger deposit insurance system - The stronger oversight and new law makes changes in the FDIC’s regulation authorities to manage the Deposit Insurance Fund (DIF). The increase from $100,000 to  Eliminate Too-Big-To-Fail $250,000 in deposit insurance protection is made permanent and retroactive to January 1,  Protect Consumers 2008. The Transaction Account Guarantee program, which provides full deposit insurance  Fortify the U.S. deposit protection for noninterest bearing accounts, is insurance regime extended until December 31, 2012. The FDIC is required to increase the DIF reserve ratio to 1.35% by September 30, 2020.
  • 35. U.S. Financial Regulatory Reform Dodd-Frank Wall Street Reform and Consumer Protection Act What are the FDIC’s primary new responsibilities under the new law? • Strengthened Back-Up Authority • Expanded Receivership Authorities • Resolution Plans or Living Wills • A Stronger Deposit Insurance Fund
  • 36. U.S. Financial Regulatory Reform Dodd-Frank Wall Street Reform and Consumer Protection Act Strengthened Back-Up Authority The new law gives the FDIC back-up examination authority for systemic nonbank financial companies and bank holding companies with at least $50 billion in assets if the FDIC Board determines examination is necessary to implement the FDIC’s authority to provide for orderly liquidation of the company.  Special Examinations  Coordination  Orderly Resolutions  Back-up Enforcement Actions
  • 37. U.S. Financial Regulatory Reform Dodd-Frank Wall Street Reform and Consumer Protection Act Orderly Liquidation Authority For the first time, the federal government will have the power to wind down troubled systemically important bank and non-bank financial companies (SIFI) outside of normal bankruptcy proceedings. The new law gives the FDIC broad authority to resolve failed non-bank institutions in a manner substantially similar to the FDIC’s resolutions process for insured banks. Importantly, the Act also expressly prohibits the use of taxpayer funds. • Orderly Liquidation of SIFI’s • Designed to ensure that no institution is too big or too interconnected to fail, thereby subjecting every financial institution to the discipline of the marketplace.
  • 38. U.S. Financial Regulatory Reform Dodd-Frank Wall Street Reform and Consumer Protection Act Living Wills The law requires systemic nonbank financial companies and large bank holding companies (assets >$50 billion) to demonstrate the ability to rapidly and orderly resolve during a crisis –known as a “Living Will.” • Living Wills submitted to a number of regulators, including the FDIC. • Failure to submit acceptable plans may result in changes to the structure or activities of the institutions to ensure that they meet the standard of being resolvable in a crisis.
  • 39. U.S. Financial Regulatory Reform Dodd-Frank Wall Street Reform and Consumer Protection Act The Deposit Insurance Fund and Insurance The new law makes positive changes in the FDIC’s authorities to manage the Deposit Insurance Fund in order to have increased resources on hand in the future. • Minimum Reserve Ratio • Eliminates the maximum limitation of the reserve ratio • Permanent (Retroactive) Increase in Deposit Insurance Coverage • Assessment Base • Insurance of Transaction Accounts