Shearman & Sterling LLP | Financial Regulatory Developments Focus | <br > <span ><font >US FDIC Seeks to Improve Communication, Transparency and Accountability</font ></span >
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  • US FDIC Seeks to Improve Communication, Transparency and Accountability
    10/05/2018

    The U.S. Federal Deposit Insurance Corporation published a notice and request for comment seeking input on how to improve the efficacy, efficiency and transparency of the agency’s communication with insured depository institutions.  The notice outlines current forms of communication, including, regulations, policies, procedures and guidance; news and updates; industry data, educational materials and outreach; general communication; and direct communication.  The notice requests comment with respect to the efficiency, ease of access and content of communications with insured financial institutions.  Comments to the FDIC’s notice are due no later than December 4, 2018.

    Relatedly, on October 3, 2018, FDIC Chairman Jelena McWilliams discussed a transparency and accountability initiative, “Trust through Transparency,” being undertaken by the agency.  Chairman McWilliams noted that trust and transparency play central roles in the mission of the FDIC.  To further these central tenants, Chairman McWilliams highlighted that the FDIC will begin publishing performance metrics in areas such as turnaround time for examinations and applications, and will also include guidelines and decisions related to appeals of material supervisory determinations and deposit insurance assessments.  The FDIC will also publish policies and procedures, including with respect to how applications are processed and evaluated.

    Finally, Chairman McWilliams announced that the FDIC has begun a review of information that the agency has deemed confidential under the Freedom of Information Act, and is reviewing its FOIA process and how exemptions are applied.

    View full text of the FDIC notice.

    View full text of Chairman McWilliams’s remarks.