FDIC Centralizes Supervision and Resolution Activities of Large Banks
FDIC announced its intentions to centralize the supervision and resolution activities for the largest banks and complex financial institutions in a new division. The new division will be named the Division of Complex Institution Supervision and Resolution (CISR) and it will become operational on July 21, 2019. The FDIC Chair Jelena McWilliams said that centralizing the FDIC expertise of large, complex financial institutions into a single division will enable FDIC to take "a more holistic approach to the supervision and resolution of these institutions and the unique challenges they present."
The new division will be responsible for FDIC's supervision and monitoring of banks with assets greater than USD 100 billion, for which FDIC is not the primary federal regulator. On the resolution side, the new division will be responsible for planning and executing FDIC's resolution mandates for these institutions as well as for other financial companies, if called upon to protect the U.S. financial stability. At present, these activities are divided into three separate areas of FDIC. Rick Delfin, who is the director of the FDIC's Office of Complex Financial Institutions, will head CISR. John Conneely, the FDIC's Regional Director for Chicago, will serve as the division's Acting Senior Deputy Director to assist with the transition.
Related Link: Press Release
Keywords: Americas, US, Banking, Supervisory Activities, Resolution, CISR, Large Banks, FDIC
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