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(iii) Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) was created under the Banking Act of 1933 The main purpose for its creation was to insure bank deposits in order to maintain economic stability in the event of bank failures FIRREA restructured the FDIC during 1989 to carry out broadened functions by insuring thrift institutions as well as banks The FDIC now insures all depository institutions except credit unions The FDIC is an independent agency of the US government, managed by a ve-member board of directors, consisting of the Comptroller of the Currency, the Director of the OTS, and three other members, including a chairman, appointed by the president, subject to Senate con rmation The FDIC insures deposits under two separate funds: the Bank Insurance Fund (BIF) and the SAIF From its BIF, the FDIC insures national and state banks that are members of the FRB These institutions are required to be insured Also insured from this fund are state nonmember banks and a limited number of insured branches of foreign banks (after 1991 foreign bank branches could no longer apply for FDIC insurance) From its SAIF, the FDIC insures all federal savings and loan associations and federal savings banks These institutions are required to be insured State thrift institutions are also insured from this fund Currently, each account, subject to certain FDIC rules, in an insured depository institution is insured to a maximum of $100,000 Other responsibilities of the FDIC include:
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Supervising the liquidation of insolvent insured depository institutions Providing nancial support and additional measures to prevent insured depository institution
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failures
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Supervising state nonmember insured banks by conducting bank examinations, regulating
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bank mergers, consolidations and establishment of branches, and establishing other regulatory controls Administering the registration and reporting requirements of the 1934 Act as applied to state nonmember banks (iv) Of ce of Thrift Supervision In 1989, FIRREA created the Of ce of Thrift Supervision (OTS) under the Department of the Treasury The OTS regulates federal and state thrift institutions and thrift holding companies As a principal rule maker, examiner, and enforcement agency, OTS exercises primary regulatory authority to grant federal thrift institution charters, approve branching applications, and allow mutual-to-thrift charter conversions OTS is headed by a presidentially appointed director The 12 district Federal Home Loan Banks (FHLBs) continue to be the primary source of credit for thrift institutions (d) REGULATORY ENVIRONMENT The early 1980s were marked by the removal of interestrate ceilings, the applications of reserve requirements to all depository institutions, expanded thrift powers, and related deregulatory actions However, the failures of a large number of thrift institutions and commercial banks caused legislators in 1989 and 1991 to increase regulatory oversight Both FIRREA and the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) were directed toward protection of federal deposit insurance funds through early detection of an intervention in problem institutions with an emphasis on capital adequacy FIRREA also established the Resolution Trust Corporation (RTC), which took over the conservatorship and liquidation of a large number of failed thrift institutions due to the bankruptcy of the FSLIC The RTC completed its mission in 1996 at a net cost of approximately $150 billion to the federal government In addition to safety and soundness considerations, current banking regulations recognize economic issues, such as the desire for banks and savings institutions to successfully compete with other, less regulated nancial services providers, as well as to address social issues, such as community reinvestment, nondiscrimination, and fair treatment in consumer credit, including residential
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FINANCIAL INSTITUTIONS
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lending Costs and bene ts of regulations are weighed as the approach to regulation of the industry is rede ned (e) FEDERAL DEPOSIT INSURANCE CORPORATION IMPROVEMENT ACT SECTION 112 Regulations implementing Section 36 of the Federal Deposit Insurance Act (FDI Act), as added by Section 112 of FDICIA, became effective July 2, 1993 These regulations imposed additional audit, reporting, and attestation responsibilities on management, directors (especially the audit committee), internal auditors, and independent accountants of banks and savings institutions with $500 million or more in total assets The reporting requirements were effective for scal years ending on or after December 31, 1993 Congress amended the law in 1996 to eliminate attestation reports concerning compliance with certain banking laws; however, management is still required to report on compliance with such laws (i) The Regulation and Guidelines The regulation itself is short, only about 1,000 words However, it is accompanied by Appendix A to Part 363 Guidelines and Interpretations that contain 36 guidelines, providing an explanation to its meaning and operation The guidelines often leave discretion with an institution or its board, while simultaneously providing guidance that, if followed, would provide a safe harbor from examiner criticism (ii) Basic Requirements Each FDIC-insured depository institution with assets in excess of $500 million at the beginning of its scal year ( covered institutions ) is subject to the following requirements:
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Annual Report Covered institutions must le an annual report, within 90 days of its scal year end, with the FDIC and its other appropriate state or federal bank regulator The annual report must include:
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(a) Audited nancial statements prepared in accordance with generally accepted accounting principles (GAAP) and audited by an Independent Public Accountant (IPA) meeting the quali cations (b) A management report signed by its chief executive and chief nancial of cer or chief accounting of cer containing: A statement of management s responsibilities for: Preparing the annual nancial statements Establishing and maintaining an adequate internal control structure and procedures for nancial reporting Complying with particular laws designated by the FDIC as affecting the safety and soundness of insured depositories Assessment by management of: The effectiveness of the institution s internal control structure and procedures for nancial reporting as of the end of the scal year The institution s compliance, during the scal year, with the designated safety and soundness laws The FDIC designated only two kinds of safety and soundness laws to be addressed in the compliance report: (1) federal statutes and regulations concerning transactions with insiders and (2) federal and state statutes and regulations restricting the payment of dividends (c) An attestation report, by an IPA, on internal control structure and procedures for nancial reporting The institution s IPA must examine, attest to, and report separately on management s assertions about internal controls and about compliance The attestations are to be made in accordance with generally accepted standards for attestation engagements
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