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FEDERAL DEPOSIT INSURANCE CORPORATION550 Seventeenth Street NW., Washington, DC 20429Phone, 202-393-8400Board of Directors: ........Chairman ........Andrew C. Hove, Jr., ActingVice Chairman ........(vacancy)Directors ........(vacancy)(Comptroller of the Currency) ........Eugene A. Ludwig(Director, Office of Thrift Supervision) ........Jonathan L. Fiechter,ActingOfficials: ........Deputy to the Chairman ........Roger HoodDeputy to the Director (Comptroller of the Currency) ........Thomas E.ZemkeDeputy to the Director ........(vacancy)Executive Secretary ........(vacancy)General Counsel ........(vacancy)Executive Director, Division of Resolutions and Supervision ........JohnW. StoneDirector, Division of Resolutions ........Harrison YoungDirector, Division of Supervision ........Stanley J. PolingDirector, Division of Depositor and Asset Services ........John F. BovenziDirector, Division of Finance ........Steven A. SeeligDirector, Division of Information Resources Management ........Carmen SullivanDirector, Corporate Communications ........Alan J. WhitneyDirector, Legislative Affairs ........Alice C. GoodmanDirector, Research and Statistics ........William Roger WatsonInspector General ........James RenickDirector, Consumer Affairs ........Janice M. Smith
 
Director, Personnel Management ........Alfred P. SquerriniDirector, Equal Employment Opportunity ........(vacancy)Director, Training and Educational Services ........Jane SartoriDirector, Corporate Services ........James Watkins@U1[Insert Federal Deposit Insurance Corporation chart]@U0The Federal Deposit Insurance Corporation promotes and preserves publicconfidence in banks and protects the money supply by providing insurancecoverage for bank deposits and periodic examinations of insuredState-chartered banks that are not members of the Federal Reserve System.The Federal Deposit Insurance Corporation (FDIC) was establishedin 1933 as a mixed-ownership Government corporation by the Federal ReserveAct, as amended (12 U.S.C. 1811 et seq.). Management is vested in a Boardof Directors consisting of five members -- one of whom is the Comptrollerof the Currency; one of whom is the Director of the Office of ThriftSupervision; and three of whom are appointed by the President, with theadvice and consent of the Senate, with one designated as Chairman. Theheadquarters office is located in Washington, DC. The regional fieldoffices include the Division of Liquidation, the Division of Resolutions,and the Division of Supervision, each of which are headed by Directors.Most FDIC field employees are bank exami ners or liquidators.The Corporation does not operate on funds appropriated byCongress. Its income is derived from assessments on deposits held byinsured banks and from interest on the required investment of its surplusfunds in Government securities. It also has authority to borrow from theTreasury up to $30 billion for insurance purposes.The Corporation was organized under authority of section 12B ofthe Federal Reserve Act (12 U.S.C. 264), approved June 16, 1933. OnSeptember 21, 1950, section 12B of the Federal Reserve Act, as amended (12U.S.C. 1811-1831), was withdrawn as pa rt of the Federal Reserve Act andmade a separate law known as the Federal Deposit Insurance Act. The actalso made numerous amendments to the former deposit insurance statutes.The Corporation also administers the Savings AssociationInsurance Fund (SAIF), which was established on August 9, 1989, under theauthority of the Financial Institutions Reform, Recovery, and EnforcementAct of 1989. The SAIF replaces the Feder al Savings and Loan InsuranceCorporation (FSLIC) as the insurer of deposits in savings and loanassociations.ActivitiesThe Corporation insures, up to the statutory limitation, thedeposits in national banks, in State banks that are members of the FederalReserve System, State banks that apply for Federal deposit insurance andmeet certain prescribed qualificatio ns, and savings and loans which aremembers of the SAIF. In the event of a bank failure, the claim of each
 
depositor (up to $100,000) is promptly paid upon assignment to theCorporation of the depositor's rights to recoveries to the extent of hisor her i nsured deposits.The Corporation may make loans to or purchase assets frominsured depository institutions in order to facilitate mergers orconsolidations, when such action for the protection of depositors willreduce risks or avert threatened loss to the agenc y. It may reopen aclosed insured depository institution or prevent the closing of an insureddepository institution when it considers the continued operation of suchinstitution essential to providing adequate banking services in thecommunity.The Federal Deposit Insurance Act authorizes the Corporation toterminate the insured status of a depository institution that continues,after notice and hearing, to engage in unsafe and unsound bankingpractices or in violation of law or regula tions; publish notice of suchtermination; and regulate the manner in which the depository institutionshall give the required notice of such termination to depositors (whosedeposits in the bank at the time of termination continue to be insured for2 yea rs).The Corporation acts as receiver for all national banks placedin receivership and for State banks placed in receivership when it isappointed by State authorities.To inform the public that the deposits of certain depositoryinstitutions are insured, the Corporation prescribes rules and regulationsrelating to the use of its name and symbol in advertising.Other functions and activities performed in relation to insuredState banks that are not members of the Federal Reserve System, exceptbanks in the District of Columbia, are to:-- examine such banks periodically to determine their conditionfor insurance purposes;-- approve or disapprove mergers, consolidations, acquisitions,and assumption transactions between insured banks where the resultingbanks are to be insured nonmember State banks;-- approve or disapprove a proposal by a bank to establish andoperate a new branch or move its main office or any branch from onelocation to another;-- issue cease-and-desist orders to a bank or to a banker withrespect to specific violations or practices or, in situations involvingpersonal dishonesty, suspend or remove bank personnel responsible for suchactions, when corrective action is not obtainable by the State supervisoryauthority;-- require reports of changes in the ownership of outstandingvoting stock of a bank that will result in a change in control of thebank, and reports of any loan secured by 25 percent or more of the stock;-- require reports of condition, income, and other data ofbanks;
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