InfoBytes Blog
FDIC announces transparency initiative, publication of performance metrics
On October 3, the FDIC announced the “Trust through Transparency” initiative, an agency-wide program designed to “strengthen the trust between the agency, other regulators, the public, and banks.” The FDIC chairman’s remarks at the 2018 Community Banking in the 21st Century Research and Policy Conference emphasized the importance of trust through transparency to the FDIC’s core mission of “maintaining stability and public confidence in the nation's financial system.”
According to the announcement, the FDIC has launched a new section of its website, which will publish and regularly update key performance metrics such as (i) examination turnaround times; (ii) application processing times, including for de novo banks; and (iii) call center usage and response rates. Within the same section of the website, users will be able to access (i) FDIC policies and procedures; (ii) decisions and guidance related to material supervisory determination and deposit insurance assessment appeals; and (iii) information related to the process for implementing the risk-focused supervision program. As part of this initiative, the chairman noted, the agency is undertaking a review of information it has deemed confidential and its FOIA process, including, specifically, the application of exemptions.
As previously covered in InfoBytes, the FDIC issued a request for information seeking comments and information on how the agency can more effectively streamline its communications and transparency efforts.