WASHINGTON-At a meeting last week, the Federal Deposit Insurance Corporation Board approved a $1.1 billion Corporate Operating Budget for 2005. The agency also announced that it planned to cut 674 positions by the end of 2005, with substantial budget reductions for 2006. “I am very pleased that we will be maintaining a level budget for the third year in a row while undertaking some important strategic initiatives,” FDIC Chairman Don Powell said. “I believe we have been very successful in our efforts to become a more efficient and cost-conscious organization.” The budget will provide funds for the FDIC’s projected 2005 workload for insurance, supervision, and receivership management as well as its major program support functions. Funding was increased for Bank Secrecy Act examination specialists training, the Central Data Repository operation, and additional staff for the evolution of capital regulation and the changing risk profile of insured institutions.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.